DOGGO has a security service business and completed the following transactionsduring October 2021 :October1 DOGGO Inc. transferred cash from a personal account to an accountto be used for the business, P243,000.3 DOGGO Inc. invested in the business personal weaponshaving a fair market value of P34,000.4 Bought communication equipment on account fromPesa Electronics, P13,740.5 Paid rent for the month, P7,650.6 Bought a used service vehicle car for P93,000, paying P45,000 down,with the balance due in thirty days.9 Received invoice and paid insurance premium to Cacawa FidelityCompany for bonding employees, P7,710.12 Performed security services for Loreta Galleries. Billed Loreta forservices rendered, P8,250.16 Received bill from Marcos Printers for office stationery, P1,75717 Billed Pascua Construction for services rendered, P14,790.22 Paid Regal Shell Service for gasoline for service vehicle, P720.24 Performed security services at a fasion jewelry fair. Billedorganizers for service rendered, P17,500.27 Paid Pesa Electronics P4,500 to apply on an account.31 DOGGO withdrew cash for personal treats, P18,000.Requirements :Prepare the journal entries for the month of October transactions and use thefollowing accounts: Cash; Accounts Receivable; Prepaid Insurance; Armsand Communication Equipment; Service Vehicle; Accounts Payable;DOGGO, Capital; DOGGO, Withdrawals; Service Revenue; Rent Expense;1Supplies Expense; Prepaid Expense and Gasoline Expense.2Prepare a trial balance.

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

Answered: GO has a security service business and…

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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