NOTE: Prepare a Journal not an income statement, strictly follow the given format. Thank you. JOURNALDATEPARTICULARSDR.CR.July 1, 2019PHPCASHDELIVERY EQUIPMENT800,000200,000PAOLO REYES CAPITALPHP1,000,000# To record Paolo Reyes' Cash and Delivery equipment investmentJuly 2, 2019CASHPHP100,000LOANS PAYABLEPHP100,000# To recofd borrowings from PNBJuly 7, 2019FURNITURES & FIXTURESPHP45,000CASHPHP45,000# To record purchase of Tables and ChairsJuly 15, 2019 EQUIPMENTPHP55,000ACCOUNTS PAYABLEPHP55,000# To recofd purchase on account from FortuneJule 18, 2019PAOLO REYES DRAWINGSPHP5,000CASHPHP5,000# To record Paolo Reyes drawingsJuly 20, 2019ACCOUNTS PAYABLEPHP55,000CASHPHP55,000# To record payment of purchased on account last July 15FORMAT CLASS EXERCISE – recording of transactions (Income Statement Accounts)Mar 16, Sales for the day @ P 3,000Mar 17, Zee paid for the following: Meals @ P500 & Transportation Cost @ P200.Mar 18, Yee customer purchased on account @ P 10,000.Mar 19, Walk in sales for the day P 2,000Mar 20, Zee paid rent @ P 5,000CLASS EXERCISE – recording of transactions (Income Statement Accounts)Mar 21, Zee paid Electricity Consumption @ P 2,000Mar 22, Sales for the day @ P4,000Mar 23, Xee a regular customer purchased groceries @ 60% cash and the rest are on account. Total groceries costis P 20,000Mar 24, The customer on Mar 18, paid 40% of his account in cash.Mar 25, Xee paid in full

The journal entries are prepared to keep the record of day to day transactions of the business.

CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 16, Sales for the day @ P 3,000 Mar 17, Zee paid for the following: Meals @ P500 & Transportation Cost @ P200. Mar 18, Yee customer purchased on account @ P 10,000. Mar 19, Walk in sales for the day P 2,000 Mar 20, Zee paid rent @ P 5,000 CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 21, Zee paid Electricity Consumption @ P 2,000

CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 16, Sales for the day @ P 3,000 Mar 17, Zee paid for the following: Meals @ P500 & Transportation Cost @ P200. Mar 18, Yee customer purchased on account @ P 10,000. Mar 19, Walk in sales for the day P 2,000 Mar 20, Zee paid rent @ P 5,000 CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 21, Zee paid Electricity Consumption @ P 2,000

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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