ABCWhat's MoreActivity 1.1 Where to record the transaction?Answer the following by identifying which book to record the each transactions, follow theexample provided!TransactionsWhere to record?1. You opened Kikay Kit Store and This transaction involves the receipt of cash;therefore, it is recorded in cash receipts journal.invested P50,000 cash.2. Paid P12,500 for the accessoryThisstand you bought for Kikay Kittransactioninvolves_therefore, it is recorded injournal.Store3. You purchased P 10,000 worth ofaccessories from Buting-thing ThisShops for resale and you therefore, it is recorded inpromised to pay after 2 weekstransactioninvolves.journal.4. A regular client bought 5 pcs ofaccessories from Kikay Kit Store Thisand promised to pay the next therefore, it is recorded intransactioninvolves.journal.week.5. Collectedfromcustomer in payment of her therefore, it is recorded inP150.00Thistransactioninvolvesjournal.асcount6.Received P500.00 cash paymentThistransactioninvolves.from customer for 20 pcs oftherefore, it is recorded in_journal.accessories.7. Paid utilities expense of the Thistransactioninvolvesstore.therefore, it is recorded injournal.Thistransactioninvolves8. Paid salary of store staff, P6,000.therefore, it is recorded in_journal.Although this transaction involves purchase onfrom account, it does not qualify to be recordedWoodcrafts Shop costing P5,000 purchase journal since the item purchased is nota merchandise; therefore, it is recorded in general9. Acquiredfurnitureand issued a promissory note.journal.15Although this transaction involvesit10. You sold old store cabinet ofdoes not qualify to be recorded --_Kikay Kit Store to a friendamountingpromised to pay the next month.since the itemis not a merchandise:P2.000.00,shetherefore,itrecordedinAotivity 12 Tru or Folee

2. Paid P12,500 for the accessory This transaction involves stand you bought for Kikay Kit therefore, it is recorded in. journal. Store 3. You purchased P 10,000 worth of accessories from Buting-thing This transaction involves_ Shops for resale and you therefore, it is recorded in promised to pay after 2 weeks journal. 4. A regular client bought 5 pcs of accessories from Kikay Kit Store This transaction involves_ and promised to pay the next therefore, it is recorded in. week. journal.

2. Paid P12,500 for the accessory This transaction involves stand you bought for Kikay Kit therefore, it is recorded in. journal. Store 3. You purchased P 10,000 worth of accessories from Buting-thing This transaction involves_ Shops for resale and you therefore, it is recorded in promised to pay after 2 weeks journal. 4. A regular client bought 5 pcs of accessories from Kikay Kit Store This transaction involves_ and promised to pay the next therefore, it is recorded in. week. journal.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Restaurants do a large volume of business by credit and debit cards. Suppose Chocolate Passion restaurant had these transactions on January 28: View the transactions. Read the requirements. ☑ Requirement 1. Suppose Chocolate Passion's processor charges a 6% fee and deposits sales net of the fee. Journalize these sale transactions for the restaurant. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the credit sales net of the fee, first. Date Accounts and Explanation Transactions Debit Credit National Express credit card sales $ 10,700 ValueCard debit card sales 8,000 Print Done ☑ Requirements - Suppose Chocolate Passion's processor charges a 6% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant. 2. Suppose Chocolate Passion's processor charges a 6% fee and deposits sales using the gross method. Assume that on January 28, the company pays the fees assessed by the credit card…
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Strictly follow the table’s format
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Directions: .Journalize the following transactions of Jenbert’s Hair Salon for the month of October 2020, then post the transaction in T- Account. Prepare T-Posting. October 2 Jenbert withdrew Php 500,000 from her personal account in Union Bank and deposited the account to BPI under the account of Jenbert’s Hair Salon. 5 PurchasedSalon Equipment amounting Php 400,000 from Ceneta’s Electronics, Based on agreed transaction Php 100,000 will be paid on credit account. 7 Bought Salon Supplies from Landmark Php 10,000 on account. 8 Purchased Office Supplies Php 2,500. 9 Purchased Furniture from Wilcon Depot Php 15,000. 10 Initial Payment to Ceneta’s Electronics Php 20,000. 12 Rendered salon services to Beauty Essentials on account Php 70,000. 14 Received cash from customer Php 2,000. 17 Salon service rendered for cash to client Adeline Php 3,000 20 Collection of account from Beauty Essentials. 25 Paid worker’s salaries Php 15,000. 26 Jenbert withdraw Php 2,000 for personal use. 28 Paid…
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