August, the entity completed the following transactions: Aug.2 Paid rent for August, P6,500 3 Received cash from customers on account, P23,000 Ordered supplies P3,800 10 Billed customers for services rendered, P28,000 7 12 Made a payment on accounts payable, P11,000. Received the supplies ordered on August 7 and agreed to pay in thirty days, P3,800 15 Paid salaries for the first half of August, P19,000 Discovered some of the supplies were not as ordered and returned them in full credit, P800. 14 17 19 Received cash from a customer for services rendered, P48,000 24 Paid the electric and water bill for August, P1,600 25 Paid the telephone bill for August, P1,200. 26 Received a bill, to be paid in September, for advertisement placed in a national newspaper during the month of August to promote Joel Feliciano Communications, P7,000 29 Billed a customer for services rendered, P27,000 30 Paid salaries for the second half of August, P19,000 31 Withdrew cash for personal use, P12,000 Required: Prepare the journal entries for the August transactions using General Journal page 22 and 23 Open the following accounts in the ledger: Cash (111), P102,000; Accounts Receivable (113), P55,000.00; Supplies (115), P6,100; Office Equipment (141), P42,000; Accounts Payable (211), P26,000; Feliciano, Capital (311), P179,100; Feliciano, Withdrawals (312); Public Relations Revenues (411); Salaries Expense (511); Rent Expense (521); Utilities Expense (513); and 1. 2. Advertisine Exnense (514)
August, the entity completed the following transactions: Aug.2 Paid rent for August, P6,500 3 Received cash from customers on account, P23,000 Ordered supplies P3,800 10 Billed customers for services rendered, P28,000 7 12 Made a payment on accounts payable, P11,000. Received the supplies ordered on August 7 and agreed to pay in thirty days, P3,800 15 Paid salaries for the first half of August, P19,000 Discovered some of the supplies were not as ordered and returned them in full credit, P800. 14 17 19 Received cash from a customer for services rendered, P48,000 24 Paid the electric and water bill for August, P1,600 25 Paid the telephone bill for August, P1,200. 26 Received a bill, to be paid in September, for advertisement placed in a national newspaper during the month of August to promote Joel Feliciano Communications, P7,000 29 Billed a customer for services rendered, P27,000 30 Paid salaries for the second half of August, P19,000 31 Withdrew cash for personal use, P12,000 Required: Prepare the journal entries for the August transactions using General Journal page 22 and 23 Open the following accounts in the ledger: Cash (111), P102,000; Accounts Receivable (113), P55,000.00; Supplies (115), P6,100; Office Equipment (141), P42,000; Accounts Payable (211), P26,000; Feliciano, Capital (311), P179,100; Feliciano, Withdrawals (312); Public Relations Revenues (411); Salaries Expense (511); Rent Expense (521); Utilities Expense (513); and 1. 2. Advertisine Exnense (514)
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter22: Providing And Obtaining Credit
Section: Chapter Questions
Problem 8P: Monitoring of Receivables
The Russ Fogler Company, a small manufacturer of cordless telephones,...
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