DIRECTIONS: 1. Prepare the journal entry for each transaction. Use the following account numbers for posting reference 2. Post to the Ledger 3. Prepare Trial Balance ASSETS 101 Cash 102 Accounts Receivable 103 Supplies 104 Service Vehicle EXPENSES 501 Salaries 502 Rent Expense 503 Utilities Expense 504 Advertising Expense REVENUE 401 Service Revenue LIABILITY 201 Accounts Payable OWNER'S EQUITY 301 Queen Jhaigne, Capital 302 Queen Jhaigne, Drawings Queen Jhaigne established NJ's Advertising Business. The following are the transactions for the whole month of October 2021. Oct. 1 Queen Jhaigne deposited P250,000 under the name of the business. 2 She acquired a service vehicle in the amount of P195,000 on account. 3 She acquired supplies for cash worth P57,000. 9 She received P87,500 cash for painted signs. 10 She paid the month's rent amounting to P25,000. 11 She painted signs for Nhoru Mobile on account for P170,000. 12 She paid P55,000 on account from October 2. 16 She withdrew P25,000 for personal use. 23 She collected P35,000 from Nhoru Mobile. 27 She paid salaries amounting to P57,000 for the month. 30 She paid PH Telecom P7,500 for communication services for the month. 31 She paid the bill amounting to P5,500 to FaiBontu for advertising for the month.
DIRECTIONS: 1. Prepare the journal entry for each transaction. Use the following account numbers for posting reference 2. Post to the Ledger 3. Prepare Trial Balance ASSETS 101 Cash 102 Accounts Receivable 103 Supplies 104 Service Vehicle EXPENSES 501 Salaries 502 Rent Expense 503 Utilities Expense 504 Advertising Expense REVENUE 401 Service Revenue LIABILITY 201 Accounts Payable OWNER'S EQUITY 301 Queen Jhaigne, Capital 302 Queen Jhaigne, Drawings Queen Jhaigne established NJ's Advertising Business. The following are the transactions for the whole month of October 2021. Oct. 1 Queen Jhaigne deposited P250,000 under the name of the business. 2 She acquired a service vehicle in the amount of P195,000 on account. 3 She acquired supplies for cash worth P57,000. 9 She received P87,500 cash for painted signs. 10 She paid the month's rent amounting to P25,000. 11 She painted signs for Nhoru Mobile on account for P170,000. 12 She paid P55,000 on account from October 2. 16 She withdrew P25,000 for personal use. 23 She collected P35,000 from Nhoru Mobile. 27 She paid salaries amounting to P57,000 for the month. 30 She paid PH Telecom P7,500 for communication services for the month. 31 She paid the bill amounting to P5,500 to FaiBontu for advertising for the month.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:DIRECTIONS:
1. Prepare the journal entry for each transaction. Use the following account
numbers for posting reference
2. Post to the Ledger
3. Prepare Trial Balance
ASSETS
101 Cash
102 Accounts Receivable
103 Supplies
104 Service Vehicle
EXPENSES
501 Salaries
502 Rent Expense
503 Utilities Expense
504 Advertising Expense
REVENUE
401 Service Revenue
LIABILITY
201 Accounts Payable
OWNER'S EQUITY
301 Queen Jhaigne, Capital
302 Queen Jhaigne, Drawings
Queen Jhaigne established NJ's Advertising Business. The following are
the transactions for the whole month of October 2021.
Oct. 1 Queen Jhaigne deposited P250,000 under the name of the business.
2 She acquired a service vehicle in the amount of P195,000 on account.
3 She acquired supplies for cash worth P57,000.
9 She received P87,500 cash for painted signs.
10 She paid the month's rent amounting to P25,000.
11 She painted signs for Nhoru Mobile on account for P170,000.
12 She paid P55,000 on account from October 2.
16 She withdrew P25,000 for personal use.
23 She collected P35,000 from Nhoru Mobile.
27 She paid salaries amounting to P57,000 for the month.
30 She paid PH Telecom P7,500 for communication services for the month.
31 She paid the bill amounting to P5,500 to FaiBontu for advertising for the month.
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