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Preparation of Journal Entries. Analyze each transaction and prepare the necessary journal entries. TRANSACTION DEBIT CREDIT Ex. Mode an additional investment in the Cash J
Preparation of Journal Entries. Analyze each transaction and prepare the necessary journal entries.
TRANSACTION | DEBIT | CREDIT | ||
Ex. | Mode an additional investment in the Cash J Company amounting to P10,000. | Cash J. Capital 10,000 | 10.000 | 10.000 |
A | Bought equipment paying cash of P75,000. | |||
B | Paid the monthly rent expense amounting to P25,000 | |||
C | Purchased office supplies of P5,000 on credit | |||
D | Purchased building for P55 000, paying P35,000 in cash and issuing a notes payable for the remaining balance | |||
E | Charged customers for services provided on account for P25.000 | |||
F | Paid creditor on account amounting to P60,000 | |||
G | Paid the following operating expenses: PI5, 000 for salaries: P25 000 for utilities and P5, 000 for insurance | |||
H | Borrowed P150,000 from a bank by issuing a promissory note, | |||
I | Mr. A permanently reduced his investment in the business by taking cut cash amounting to P10.000 | |||
J | Purchased inventory on account for P65.000 |
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