Activity 1-4 Journalizing Transactions The transactions for March 2021 of Lightning Package Delivery Company, owned by Lelong Rosales, are as follow: March 1 Opened the company with initial investment of P536,000 Cash. 2 Paid P6,000 rent for March on a completely furnished building. 5 Paid cash for delivery trucks, P220,000. 9 Paid P2,200 for supplies received. 12 Performed delivery services for customers P27,000 on account. 15 Invested additional cash P105,200 20 Collected cash of P14,500 from customers on account (see March 12 entry). 21 Received a bill and paid for P1,200 for advertising in the local newspaper 27 Paid cash for gas and oil consumed in March, P450. 31 Paid P2,400 salaries to employees for March. Requirement: Journalize the transactions using the ff. accounts: Cash; Accounts Receivable; Equipment; Furniture and Fixtures, Accounts Payable; L. Rosales, Capital; Delivery Revenue; Gas and Oil Expense; Advertising Expense, Rent Expense, Salaries Expenses. Record the journal entries in journal sheets in proper format.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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11:14 - O M
Fundamentals of Accountancy, Business and Managemen2020 Edition
For DMMCIHS use only
Activity 1-4 Journalizing Transactions
The transactions for March 2021 of Lightning Package Delivery Company, owned by
Lelong Rosales, are as follow:
March 1 Opened the company with initial investment of P536,000 Cash.
2 Paid P6,000 rent for March on a completely furnished building.
5 Paid cash for delivery trucks, P220,000.
9 Paid P2,200 for supplies received.
12 Performed delivery services for customers P27,000 on account.
15 Invested additional cash P105,200
20 Collected cash of P14,500 from customers on account (see March 12
entry). 21 Received a bill and paid for P1,200 for advertising in the local
newspaper 27 Paid cash for gas and oil consumed in March, P450. 31 Paid
P2,400 salaries to employees for March.
Requirement:
Journalize the transactions using the ff. accounts: Cash; Accounts Receivable;
Equipment; Furniture and Fixtures, Accounts Payable; L. Rosales, Capital; Delivery
Revenue; Gas and Oil Expense; Advertising Expense, Rent Expense, Salaries
Expenses. Record the journal entries in journal sheets in proper format.
Fundamentals of Accountancy, Business and Managemer2020 Edition
For DMMCIHS use only
Enrichment Activity 1-1 Journalizing Transactions
RR Claro, a public relation man, opened his business on May 1, 2020. Below are the
transactions completed by the RC Communication Company during the month of May.
May 1
RR Claro invested cash, P80,000 to start the business.
Paid taxes and licenses to the City Treasurer, P1,500.
Purchased office furniture from Acme Furniture, P15,000 paying P5,000
down, balance in 10 days.
Received P25,000 for services rendered from various clients.
7
8
15
Transcribed Image Text:11:14 - O M Fundamentals of Accountancy, Business and Managemen2020 Edition For DMMCIHS use only Activity 1-4 Journalizing Transactions The transactions for March 2021 of Lightning Package Delivery Company, owned by Lelong Rosales, are as follow: March 1 Opened the company with initial investment of P536,000 Cash. 2 Paid P6,000 rent for March on a completely furnished building. 5 Paid cash for delivery trucks, P220,000. 9 Paid P2,200 for supplies received. 12 Performed delivery services for customers P27,000 on account. 15 Invested additional cash P105,200 20 Collected cash of P14,500 from customers on account (see March 12 entry). 21 Received a bill and paid for P1,200 for advertising in the local newspaper 27 Paid cash for gas and oil consumed in March, P450. 31 Paid P2,400 salaries to employees for March. Requirement: Journalize the transactions using the ff. accounts: Cash; Accounts Receivable; Equipment; Furniture and Fixtures, Accounts Payable; L. Rosales, Capital; Delivery Revenue; Gas and Oil Expense; Advertising Expense, Rent Expense, Salaries Expenses. Record the journal entries in journal sheets in proper format. Fundamentals of Accountancy, Business and Managemer2020 Edition For DMMCIHS use only Enrichment Activity 1-1 Journalizing Transactions RR Claro, a public relation man, opened his business on May 1, 2020. Below are the transactions completed by the RC Communication Company during the month of May. May 1 RR Claro invested cash, P80,000 to start the business. Paid taxes and licenses to the City Treasurer, P1,500. Purchased office furniture from Acme Furniture, P15,000 paying P5,000 down, balance in 10 days. Received P25,000 for services rendered from various clients. 7 8 15
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