ACTIVITY I. Below are transactions of Lea Beauty Salon for the month of July 2020. 2020 5 Lea invested Php 120,000 cash and an equipment in the amount of Php 80,000. 7 Purchased salon equipment on account, Php 7,500. 8 Received Php 25,500 from various customers as salon income. 12 Purchased salon supplies paying Php 3,000 on cash. 25 Received Php 500 bill from Maynilad 30 Paid painter's salary for the month Php 4,500. July

ACTIVITY I. Below are transactions of Lea Beauty Salon for the month of July 2020. 2020 5 Lea invested Php 120,000 cash and an equipment in the amount of Php 80,000. 7 Purchased salon equipment on account, Php 7,500. 8 Received Php 25,500 from various customers as salon income. 12 Purchased salon supplies paying Php 3,000 on cash. 25 Received Php 500 bill from Maynilad 30 Paid painter's salary for the month Php 4,500. July

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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Question

Prepare journal entries for the month of July 2020.

LESSON 8: REVIEW OF JOURNAL ENTRIES, T-ACCOUNTS, GENERAL
LEDGER, AND TRIAL BALANCE
ACTIVITY I. Below are transactions of Lea Beauty Salon for the month of July 2020.
2020
5 Lea invested Php 120,000 cash and an equipment in the amount of Php 80,000.
7 Purchased salon equipment on account, Php 7,500.
8 Received Php 25,500 from various customers as salon income.
12 Purchased salon supplies paying Php 3,000 on cash.
25 Received Php 500 bill from Maynilad
30 Paid painter's salary for the month Php 4,500.
July
LEA BEAUTY SALON
CHART OF ACCOUNTS
Owner's Equity
Lea, Capital
Lea, Drawing
Assets
101
Cash
301
102
Accounts Receivable
302
Prepaid Rent
Supplies
Equipment
103
104
Income
105
401
Service Income
Liabilities
Accounts Payable
Notes Payable
Utilities Payable
Unearned Service Fees
Expenses
Salaries Expense
Utilities Expense
201
202
501
203
502
204

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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