1 Cutie made additional investment of PS0,000 in the business. 2 Bought liability insurance for one year, P14,500. 3 Received a bill for advertising from SouthMin News, P3,200. 4 Paid rent for the month, P8,900. 7 Received a bil for equipment repair from E. Hipolito, P2,880. 10 Recelved and deposited tuition from students, P62,500. 11 Received and paid the telephone bill, P2,300. 15 Bought chairs from E. Awayan Furniture Company, P18,800 paying P8,800 in cash and the balance on account. 18 Paid accounts to SouthMin News, P3,200. 21 Cutie withdrew P8,000 for personal use. 24 Received a bill for gas and oil from Mindanao Oil Company, P1,800. 25 Received and deposited tuition from students, P61,400. 27 Paid Salaries of the office assistants, P12,000. 28 Bought a photocopier on account from Dadiangas Office Machines, P7,500. 29 Received P7,000 tultion from a student who had charged the tuition on account last month 30 Received and paid the water utilities bill, P3,600. 31 Paid for flower arrangements for front office, P620. 31 Java invested personal computer, with a fair market value of P12.300, in the business
1 Cutie made additional investment of PS0,000 in the business. 2 Bought liability insurance for one year, P14,500. 3 Received a bill for advertising from SouthMin News, P3,200. 4 Paid rent for the month, P8,900. 7 Received a bil for equipment repair from E. Hipolito, P2,880. 10 Recelved and deposited tuition from students, P62,500. 11 Received and paid the telephone bill, P2,300. 15 Bought chairs from E. Awayan Furniture Company, P18,800 paying P8,800 in cash and the balance on account. 18 Paid accounts to SouthMin News, P3,200. 21 Cutie withdrew P8,000 for personal use. 24 Received a bill for gas and oil from Mindanao Oil Company, P1,800. 25 Received and deposited tuition from students, P61,400. 27 Paid Salaries of the office assistants, P12,000. 28 Bought a photocopier on account from Dadiangas Office Machines, P7,500. 29 Received P7,000 tultion from a student who had charged the tuition on account last month 30 Received and paid the water utilities bill, P3,600. 31 Paid for flower arrangements for front office, P620. 31 Java invested personal computer, with a fair market value of P12.300, in the business
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Instruction : Prepare the journal entries for the month of May transactions.
Use the following accounts:
Equity:
Cutie, Capital
Assets :
Expenses:
Rent Expense
Gas and Oil Expense
Advertising Expense
Cash
Accounts Receivable
Cutie, Withdrawals
Prepaid Insurance
Income:
Repair Expense
Supplies Expense
Utilities Expense
Equipment
Furniture
School Fees
Liabilities:
Telecommunication Expense
Accounts Payable
Miscellaneous Expense
Asian Cutie, owner of SEED CUTIE Review School entered into the
following transactions during May 2022:
May
1 Cutie made additional investment of P50,000 in the business.
2 Bought liability insurance for one year, P14,500.
3 Recelved a bill for advertising from SouthMin News, P3,200.
4 Paid rent for the month, P8,900.
7 Received a bill for equipment repair from E. Hipolito, P2,880.
10 Recelved and deposited tuition from students, P62,500.
11 Received and paid the telephone bill, P2,300.
15 Bought chairs from E. Awayan Furniture Company, P18,800 paying
P8,800 in cash and the balance on account.
18 Paid accounts to SouthMin News, P3,200.
21 Cutie withdrew P8,000 for personal use.
24 Received a bill for gas and oil from Mindanao Oil Company, P1,800.
25 Received and deposited tuition from students, P61,400.
27 Paid Salaries of the office assistants, P12,000.
28 Bought a photocopier on account from Dadiangas Office
Machines, P7,500.
29 Received P7,000 tultion from a student who had charged the
tuition on account last month
30 Received and paid the water utilities bill, P3,600.
31 Paid for flower arrangements for front office, P620.
31 Java invested personal computer, with a fair market value of
P12,300, in the business
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