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Directions: Post each journal entry to its corresponding ledger. Write your answers on a separate sheet of paper. 1. The owner purchased supplies worth P10,000. GENERAL JOURNAL Page 1 Date Account Titles and Explanation P.R. Debit Credit 2019 Jul- 02 Supplies 103 P 10,000 Cash 101 P 10,000

Directions: Post each journal entry to its corresponding ledger. Write your answers on a separate sheet of paper. 1. The owner purchased supplies worth P10,000. GENERAL JOURNAL Page 1 Date Account Titles and Explanation P.R. Debit Credit 2019 Jul- 02 Supplies 103 P 10,000 Cash 101 P 10,000

FINANCIAL ACCOUNTING
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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Account titles and explanation. 

1. Invested cash

2. obtained loan

3. Purchased Supplies

4. Paid salary

5. Paid business permits

6. Collected fees

7. Paid business permits

8. Withdrew cash

9. Collected accounts 

10. Paid rent

 

Directions: Post each journal entry to its corresponding ledger. Write your answers on a separate sheet of paper. 1. The owner purchased supplies worth P10,000. GENERAL JOURNAL Page 1 Date Account Titles and Explanation P.R. Debit Credit 2019 Jul- 02 Supplies 103 P 10,000 Cash 101 P 10,000 To record purchase of supplies Account Name: Account No. Account Titles and Explanations Date J.R. Debit Credit Balance Account Name: Account No. Date Account Titles and J.R. Debit Credit Balance Explanations 2. The business received P8,0o00 for services rendered. GENERAL JOURNAL Page 2 Date Account Titles and Explanation P.R. Debit Credit 2019 Jul- 16 Cash 101 P 8,000 Service Revenue 401 P 8,000 To record cash received for services rendered
Transcribed Image Text:Directions: Post each journal entry to its corresponding ledger. Write your answers on a separate sheet of paper. 1. The owner purchased supplies worth P10,000. GENERAL JOURNAL Page 1 Date Account Titles and Explanation P.R. Debit Credit 2019 Jul- 02 Supplies 103 P 10,000 Cash 101 P 10,000 To record purchase of supplies Account Name: Account No. Account Titles and Explanations Date J.R. Debit Credit Balance Account Name: Account No. Date Account Titles and J.R. Debit Credit Balance Explanations 2. The business received P8,0o00 for services rendered. GENERAL JOURNAL Page 2 Date Account Titles and Explanation P.R. Debit Credit 2019 Jul- 16 Cash 101 P 8,000 Service Revenue 401 P 8,000 To record cash received for services rendered
Account Name: Account No. Account Titles and Explanations Date J.R. Debit Credit Balance Account Name: Account No. Date Account Titles and J.R. Debit Credit Balance Explanations 3. The owner paid P1,000 for the weekly salary of the employee. GENERAL JOURNAL Page 2 Date Account Titles and Explanation P.R. Debit Credit 2019 Jul- 17 Salaries Expense 502 P 1,000 Cash 101 P 1,000 To record payment of salaries Account Name: Account No. Date Account Titles and J.R. Debit Credit Balance Explanations Account Name: Account No. Date Account Titles and J.R. Debit Credit Balance Explanations
Transcribed Image Text:Account Name: Account No. Account Titles and Explanations Date J.R. Debit Credit Balance Account Name: Account No. Date Account Titles and J.R. Debit Credit Balance Explanations 3. The owner paid P1,000 for the weekly salary of the employee. GENERAL JOURNAL Page 2 Date Account Titles and Explanation P.R. Debit Credit 2019 Jul- 17 Salaries Expense 502 P 1,000 Cash 101 P 1,000 To record payment of salaries Account Name: Account No. Date Account Titles and J.R. Debit Credit Balance Explanations Account Name: Account No. Date Account Titles and J.R. Debit Credit Balance Explanations
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