Aug. 2 5 9 14 15 19 22 25 26 The owner, Jason Young, invested $42,700 in the business. Purchased supplies on account for $670. Purchased equipment for $12,200 by signing a note payable due in three months. Provided services for $18,300. Of this amount, $9,200 was received in cash. The balance was Paid salaries of $1,500. Paid Jason Young $5,200 for his personal use. A customer paid $3,000 in advance for services to be provided next month. Paid the balance owing for the supplies purchased on August 2. Collected the remaining $9,100 of the amount owing from the August 9 transaction. Paid office expense of $3,900.

Aug. 2 5 9 14 15 19 22 25 26 The owner, Jason Young, invested $42,700 in the business. Purchased supplies on account for $670. Purchased equipment for $12,200 by signing a note payable due in three months. Provided services for $18,300. Of this amount, $9,200 was received in cash. The balance was Paid salaries of $1,500. Paid Jason Young $5,200 for his personal use. A customer paid $3,000 in advance for services to be provided next month. Paid the balance owing for the supplies purchased on August 2. Collected the remaining $9,100 of the amount owing from the August 9 transaction. Paid office expense of $3,900.

Name: DateAccount Titles(Invested cash in the business)(Purchased supplies
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Description: DateAccount Titles(Invested cash in the business)(Purchased supplies on account)Debit10Credit You are presented with the following transactions for J. Young, a sole proprietorship established in the month of August:Aug.225914151922252630The owner, J

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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Winnie Villanueva is a painting contractor. During the month of April, she completed the following transactions: April 2 Invested in the business painting equipment valued at P12, 300 and placed P71, 000 in abusiness checking account.3 Acquired a service vehicle costing P80, 000. Paid P50, 000 cash and signed a note for thebalance.4 Purchased painting supplies on account for P3, 200.5 Completed a painting job and billed the customer P4, 800.7 Received P1, 500 cash for painting an apartment room.10 Purchased painting supplies for P1, 600 cash.11 Received a P4, 800 check from the customer billed on April 5.12 Paid P4, 000 for an insurance policy for a one-year coverage.13 Billed customer P6, 200 for a painting job.14 Paid the assistant P1, 500 for twenty-five hours’ work.15 Paid P400 for a tune-up of the service vehicle.18 Paid for the painting supplies purchased on April 4.20 Purchased a new ladder for P6, 000 and painting supplies for P2, 900, on account.22 Received a telephone bill…
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REQUIREMENT: JOURNAL ENTRIES
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