Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions completed by Mr Tomas Flores, owner of the Studio, during October of 2019. 10/1 Received cash, P3,000 from the proprietor as additional

image text in transcribed

The following transactions completed by Mr Tomas Flores, owner of the Studio, during October of 2019. 10/1 Received cash, P3,000 from the proprietor as additional capital 10/2 Bought on account one (1) photographic equipment from Kodak Philippines Inc, P4,000.The equipment will be used in the studio 10/3 Received cash P 750 from a client for the services rendered 10/4 Paid in cash, P 1000 to Kodak Philippines Inc to apply on our account with them 10/5 Bought for cash one sala set from Nicolas Furniture Inc P 1250.00, which will be used in the studio 10/6 Collected P740 from the Tru-Copy Printing Press inc for the service rendered 10/7 Received one car worth P45,000 from the proprietor to increase his investment 10/8 Purchased on account three screens (equipment) from the Manalang Advertising Co P1500 10/9 Cash of P1500 was received from Bernardo as part payment of his account 10/10 Paid cash, P1600 to William Equipment Co as partial payment of our account with them 10/11 A typewriter was purchased on account from Smith, Bell & Co Ltd P850 to be used in the office 10/12 Paid cash, P1000 to Kodak Philippines to apply on our account 10/13 Received cash P 690 from Lolita Banez as partial payment of her account with us 10/14 Paid cash P500 to Manalang Advertising Co to apply on our account 10/15 Paid cash P 200 to Smith, Bell & CO as partial payment to our account. 10/16 Mr Flores withdrawal, P500 for personal use 10/17 Purchased supplies worth P300 for the studio 10/18 Rendered service to Mr Angelo Reyes amounting P3000 and he promised to pay after 20 days Required: a) Journalize the following transaction

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing

Authors: Michael C. Knapp

10th edition

978-1285066608, 128506660X, 978-1305445161, 1305445163, 978-1305970816

More Books

Students also viewed these Accounting questions

Question

How reliable is this existing information?

Answered: 1 week ago