Directions: Record the following transactions in the general journal. Use the followingnumbers for posting reference. Write your answers on a separate answersheet.201 Accounts Payable301 Makabayan, Capital302 Makabayan, DrawingsFurniture and Fixtures 401 Service Revenue101Cash102Accounts Receivable103Supplies104December 1, 2019Rey Makabayan invested P100,000 cash in the business.GENERAL JOURNALPageDateAccount Titles and ExplanationP.R.DebitCreditHe bought office supplies worth P2,500.GENERAL JOURNALDecember 7, 2019PageDateAccount Titles and ExplanationP.R.DebitCreditHe purchased furniture and fixtures onamounting to P25,000.December 10, 2019accountGENERAL JOURNALPageDateAccount Titles and ExplanationP.R.DebitCredit PAGE 2December 18, 2019He billed eustomers P40,000 for services rendered.GENERAL JOURNALPageDateAccount Titles and ExplanationP.R. DebitCreditDecember 23, 2019He withdrew P10,000 cash in the business.GENERAL JOURNALPageDateAccount Titles and ExplanationP.R. DebitCreditDecember 25, 2019He received P5,000 for services rendered.GENERAL JOURNALPageDateAccount Titles and ExplanationP.R.DebitCreditDecember 28, 2019He made additional investment of P15,000 cash.GENERAL JOURNALPageDateAccount Titles and ExplanationP.R.DebitCredit

Only Makabayan is used instead of Ray Makabayan .

Directions: Record the following transactions in the general journal. Use the following numbers for posting reference. Write your answers on a separate answer sheet. 201 Accounts Payable 301 Makabayan, Capital 302 Makabayan, Drawings Service Revenue 101 102 Cash Accounts Receivable 103 Supplies 104 Furniture and Fixtures 401

Directions: Record the following transactions in the general journal. Use the following numbers for posting reference. Write your answers on a separate answer sheet. 201 Accounts Payable 301 Makabayan, Capital 302 Makabayan, Drawings Service Revenue 101 102 Cash Accounts Receivable 103 Supplies 104 Furniture and Fixtures 401

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: [The following information applies to the questions displayed below.] At the beginning of Year 1, a…

A: Allowance Method refers to the method which involves keeping aside a sum of money considered as a…

Q: CUSTOMER Central School District Account's Receivable DATE Aug 24rd Balance Aug Sales CUSTOMER DATE…

A: Refer Eleven column journal for preparing a schedule of accounts receivable for Southside building…

Q: Use T-accounts to record all business transactions: The accounts and transactions of Conner…

A: Journal Entries is the primary step to record the transaction in the books of accounts. The entries…

Q: For the past several years, Steffy Lopez has operated a part-time consulting business from his home.…

A: A journal entry is made to record the financial transaction in the books of accounts.

Q: ACCOUNTS SALES TAX SALE POST. RECEIVABLE SALES PAYABLE DATE ACCOUNT DEBITED NO. REF. DEBIT CREDIT…

A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

Q: Posting the following journal entries to the T- accounts and balance each of the accounts. T-…

A: Ledger account: It is used to record the business transactions that were made during a financial…

Q: Please see below. Please be sure to use exact terms and dates for this. Need asap please and thank…

A: T-accounts are also called the general ledger account. Left side of a T-Account, is the debit and…

Q: The following selected transactions for Lily Bryce Company are presented in journal form. Date May 5…

A: T-account :— It is the general ledger account which is prepared to post journal entries. It is the…

Q: 513 Gas & Oil Expense 221 Accounts Payable 514 Utilities Expense Owner's Equity 311 J. Lara, Capital…

A: Journal entries are made to record all business transactions in a systematic way by debiting one…

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

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

Q: Could some one help me fill in the rest of the eleven column journal? Need help as soon as possible…

A: Journal entry is the basic or initial step into the accounting cycle and it helps in preparing the…

Q: Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared…

A: Given that, Cash collected from customer on account = $7,500 Customer on account are those…

Q: Special Journals Instructions: Moss Company maintains four special journals and a general journal…

A: Special journals: Special journal allows a company to record the particular types of repeated and…

Q: The transactions of the Sarasota Store are recorded in the general journal below. Date 2025 Aug. 5…

A: Ledgers - A ledger is a book that has several accounts in it that are used to hold transaction…

Q: Part Three-Posting to a General Ledger Directions: 1. Open a general ledger account for each of the…

A: Posting the recorded journal entries into appropriate general ledger accounts is the second step of…

Q: 1. Total each column of the sales journal. 2. The following four-column accounts in the accounts…

A: The sales journal is the journal which is used by the company over which the transaction of the…

Q: Use the journals and ledgers that follow. Total the journals. Post the transactions to the…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS Subsidiary Ledgers…

Q: Required information [The following information.applies to the questions displayed below.] At the…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Question

Directions: Record the following transactions in the general journal. Use the following
numbers for posting reference. Write your answers on a separate answer
sheet.
201 Accounts Payable
301 Makabayan, Capital
302 Makabayan, Drawings
Furniture and Fixtures 401 Service Revenue
101
Cash
102
Accounts Receivable
103
Supplies
104
December 1, 2019
Rey Makabayan invested P100,000 cash in the business.
GENERAL JOURNAL
Page
Date
Account Titles and Explanation
P.R.
Debit
Credit
He bought office supplies worth P2,500.
GENERAL JOURNAL
December 7, 2019
Page
Date
Account Titles and Explanation
P.R.
Debit
Credit
He purchased furniture and fixtures on
amounting to P25,000.
December 10, 2019
account
GENERAL JOURNAL
Page
Date
Account Titles and Explanation
P.R.
Debit
Credit

PAGE 2
December 18, 2019
He billed eustomers P40,000 for services rendered.
GENERAL JOURNAL
Page
Date
Account Titles and Explanation
P.R. Debit
Credit
December 23, 2019
He withdrew P10,000 cash in the business.
GENERAL JOURNAL
Page
Date
Account Titles and Explanation
P.R. Debit
Credit
December 25, 2019
He received P5,000 for services rendered.
GENERAL JOURNAL
Page
Date
Account Titles and Explanation
P.R.
Debit
Credit
December 28, 2019
He made additional investment of P15,000 cash.
GENERAL JOURNAL
Page
Date
Account Titles and Explanation
P.R.
Debit
Credit

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Important Note:

VIEW

Solution

VIEW

Continued

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A book keeper recorded the purchase of office supplies on accounts as follows: Dr. Supplies expense 34000 Cr. Accounts receivable 34000 How much are total assets over or under stated? show workings
ADDITIONAL PRACTICE PROBELM: TRANSACTION JOURNAL ENTRIES Do you know your Left from your Right? Debits and Credits as you shop Instructions: Below are some examples of transactions that college students might engage in. For each transaction record the proper journal entry. Transaction Journal entry 1. You buy a computer for $1,500.00 on credit DR: $1,500.00 CR: $1,500.00 | 2. You purchase for cash ($2.00) and consume a DR: $2.00 St. Pauli Girl at the local pub. CR: $2.00 3. You purchase for future consumption a case DR: $35.00 of St. Pauli Girl for $35.00 cash CR: $35.00 4. You work a part-time job and receive $500 in DR: $500.00 monthly compensation CR: $500.00 5. You pay $1,000 toward the computer purchased DR: $1.000.00 in (1) above. CR: $1,000.00
How do I record the current transaction?
ABC Company has the following T Account at the end of the year: Post to T-Acct (aka Ledger) Asset Cash Liability + C/ stock - Dividend + Acct Payable Commonstah Dividend Revenue 30,000 1,000 500 Common stah Dividend Service Revenue 30,000 480 Expense Rent expense 41000 500 15,000 4,000 5,000 15,000 480 Travel expense 1,000 Insurance expense 5,000
How do I record the current transaction?
Post the following general journal entries to the general ledger?
Can you please help me with this ? 1-7 Enter it in the boxes and show me how to