Account titles and explanation. 1. Invested cash2. obtained loan3. Purchased Supplies4. Paid salary5. Paid business permits6. Collected fees7. Paid business permits8. Withdrew cash9. Collected accounts 10. Paid rent Directions: Post each journal entry to its corresponding ledger. Write your answerson a separate sheet of paper.1. The owner purchased supplies worth P10,000.GENERAL JOURNALPage 1DateAccount Titles and ExplanationP.R.DebitCredit2019Jul-02 Supplies103P 10,000Cash101P 10,000To record purchase of suppliesAccount Name:Account No.Account Titles andExplanationsDateJ.R.DebitCreditBalanceAccount Name:Account No.DateAccount Titles andJ.R.DebitCreditBalanceExplanations2. The business received P8,0o00 for services rendered.GENERAL JOURNALPage 2DateAccount Titles and ExplanationP.R.DebitCredit2019Jul-16 Cash101P 8,000Service Revenue401P 8,000To record cash received forservices rendered Account Name:Account No.Account Titles andExplanationsDateJ.R.DebitCreditBalanceAccount Name:Account No.DateAccount Titles andJ.R.DebitCreditBalanceExplanations3. The owner paid P1,000 for the weekly salary of the employee.GENERAL JOURNALPage 2DateAccount Titles and ExplanationP.R.DebitCredit2019Jul-17 Salaries Expense502 P 1,000Cash101P 1,000To record payment of salariesAccount Name:Account No.DateAccount Titles andJ.R.DebitCreditBalanceExplanationsAccount Name:Account No.DateAccount Titles andJ.R.DebitCreditBalanceExplanations

The T-accounts are prepared to post the transactions to their specific accounts from the journal…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject:accounting
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In which of the following transaction, bank account will be debited? O a. Purchased goods on cash O b. Sold goods on credit O c. Cash paid to supplier O d. Cash deposited into bank
TOPIC: Rules of Debit and Credit Instruction: Identify the normal balance of accounts. Choose the letter of the correct answer. Choices: A. Debit B. Credit Questions: 1. Machinery 2. Estimated Uncollectible Account 3. Inventories 4. Amora, Drawing 5. Vehicle 6. Office Supplies Expense 7. Allowance for Doubtful Accounts 8. Service Revenue 9. Communication Expense 10. Miscellaneous Expense 11. Bad Debts 12. Mortgage Payable 13. Notes Payable 14. Prepaid Insurance 15. Unused Supplies 16. Allowance for Bad Debts 17. VAT Payable 18. Accumulated Depreciation 19. Taxes and Licenses 20. Retained Earnings
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The sales journal is used to record______. cash sales on account debit transactions credit cards
Transactions involved in the purchases and cash disbursements cycle include: A Debit inventory, credit cash B Debit inventory, credit accounts payable C Debit accounts payable, credit cash D All of these
Business makes payment of Bank loan. Which of the following is the correct journal entry? a. Dr Bank Loan account Cr Cash account b. Dr Cash account Cr Loan c. Dr Cash account. Cr Capital d. Dr Bank Cr Cash account
26. This is used to record cash payments. A. cash disbursement journal B. cash receipts journal C. purchase journal D. sales journal 27. This contains the details supporting the balance in the general ledger account. A. general ledger B. subsidiary ledger C. ledger D. none of the above 28. This is also known as the controlling account. A. cash receipts journal B. notes payable C. accounts receivable D. general ledger 29. This type of entry involves only two accounts: one debit and one credit. * A. compound entry B. dual entry C. simple entry D. jumbled entry 30.It is an entry that requires three or more accounts. A. compound entry B. dual entry C. simple entry D. jumbled entry 31.This type of special journal makes use of official receipts issued by companies. A. cash disbursement B. cash receipts C.…