To practice how the use of debits, credits, and double entryaccounting affect individual T accounts and thus TheAccounting Formula, consider the following situations.Prepare T accounts as required and write the correspondingaccounting formula.Kimchi purchased a small cafe' in a town withP600,000 of her own money. Help her prepare her T accountsfor her first month of operations using the following1.information.a.Kimchi invested P600,000 cash in the cafe'.CashOwners' Equityb.Kimchi purchased P3,500 in food, all of which is to bepaid next month (accounts payable).Food InventoryAccounts PayableС.Kimchi generated P10,000 in revenue, all received incash.CashRevenued.Kimchi paid her employees P3,600 thismonth with payroll checks (cash account).

Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

а. Kimchi invested P600,000 cash in the cafe'. Cash Owners' Equity b. Kimchi purchased P3,500 in food, all of which is to be paid next month (accounts payable). Food Inventory Accounts Payable C. Kimchi generated P10,000 in revenue, all received in cash. Cash Revenue d. Kimchi paid her employees P3,600 this month with payroll checks (cash account).

а. Kimchi invested P600,000 cash in the cafe'. Cash Owners' Equity b. Kimchi purchased P3,500 in food, all of which is to be paid next month (accounts payable). Food Inventory Accounts Payable C. Kimchi generated P10,000 in revenue, all received in cash. Cash Revenue d. Kimchi paid her employees P3,600 this month with payroll checks (cash account).

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter1: Starting A Proprietorship: Changes That Affect The Accounting Equation

Section: Chapter Questions

Problem 1AP

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