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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
NOTE: Prepare a Journal not an income statement, strictly follow the given format. Thank you.
Transcribed Image Text:JOURNAL
DATE
PARTICULARS
DR.
CR.
July 1, 2019
PHP
CASH
DELIVERY EQUIPMENT
800,000
200,000
PAOLO REYES CAPITAL
PHP
1,000,000
# To record Paolo Reyes' Cash and Delivery equipment investment
July 2, 2019
CASH
PHP
100,000
LOANS PAYABLE
PHP
100,000
# To recofd borrowings from PNB
July 7, 2019
FURNITURES & FIXTURES
PHP
45,000
CASH
PHP
45,000
# To record purchase of Tables and Chairs
July 15, 2019 EQUIPMENT
PHP
55,000
ACCOUNTS PAYABLE
PHP
55,000
# To recofd purchase on account from Fortune
Jule 18, 2019
PAOLO REYES DRAWINGS
PHP
5,000
CASH
PHP
5,000
# To record Paolo Reyes drawings
July 20, 2019
ACCOUNTS PAYABLE
PHP
55,000
CASH
PHP
55,000
# To record payment of purchased on account last July 15
FORMAT
Transcribed Image Text: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
Mar 22, Sales for the day @ P4,000
Mar 23, Xee a regular customer purchased groceries @ 60% cash and the rest are on account. Total groceries cost
is P 20,000
Mar 24, The customer on Mar 18, paid 40% of his account in cash.
Mar 25, Xee paid in full
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