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prepare a journal entries. please answer all the questions immediately thankyou 1. On April 5, Timothy established an interior decorating business, Tim's Design, with a
prepare a journal entries. please answer all the questions immediately thankyou
1. On April 5, Timothy established an interior decorating business, Tim's Design, with a cash investment of P200,000. Timothy completed the following transactions for April: 6 7 8 10 12 20 23 Paid rent for the month, P8,000. Purchased from Delta Co Office equipment, P55,000, using his credit card. Purchased a used car for P180.000, paying P80,000 cash and taking a bank loan For the remainder Purchased supplies and materials for cash, P11.315. Received cash from Miss Laura for a job completed in her condo, P57,500. Supplies were used amounting to P8,250. Purchased materials and supplies on credit, P15,000 Recorded job completed for Mr. Ferrer. Term: on account 10 days, P14,950. Supplies were used up amounting to P3,500. Received an invoice for repairs on the car and paid P4,500. Paid utilities expense, P1,750. Paid P20,000 on the bank loan. Received cash from Mr. Ferrer, P10,000. Paid Salary of worker, P5,000. Paid Delta a portion of the amount owed for equipment, P5,000. Withdrew cash for personal use, P3,500. 24 25 26 27 28 29 30 Required: a. Record each transaction in a journal. Refer to the following chart of accounts in selecting the accounts to be debited and credited. 11 12 13 14 16 18 21 22 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Truck Bank Bank Loan Payable Accounts Payable 31 32 41 51 53 54 55 59 Timothy, Capital Timothy, Drawing Service Fees Eamed Salaries Expense Rent Expense Repairs Expense Supplies Expense Utilities ExpenseStep by Step Solution
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