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II. Prepare journal entry for each transaction using the following account titles: Cash Tria, Drawing Accounts Receivable Service Income Prepaid Rent Electricity Expenses Office Equipment Salaries Expenses Furniture and Fixtures Telephone Expenses Tria, Capital The accounts and transactions of Evelyn Tria, Systems Consultant, are shown below: Example: a. Cash a. Invested P150,000 in cash to start the business. b. Paid in advance, P7,500 for one month's rent. c. Bought office furniture for P26,000 in cash. d. Performed services for P10,500 in cash. e. Performed services for P12,750 on credit. f. Bought a desktop computer for P55,000; paid 50% down, balance in 30 days. g. Received P7,000 from credit clients. h. Bought additional office chairs for P8,000 on credit. i. Issued a check for P32,500 to pay for salaries. j. Performed services for P10,250 in cash. k. Performed services for P11,500 on credit. 1. Collected P6,000 on accounts receivable. m. Issued a check for P4,000 in partial payment of the amount owed for office chairs. n. Paid P2,250 for the monthly telephone bill. o. Paid P2,500 for the monthly electric bill. p. Tria withdrew P10,000 in cash for personal expenses. Tria, Capital To record Tria's initial investment to the 150,000 150,000 business I. Identify if the account title is an Asset, Liability, Equity, Income or Expense. Then, identify which side (Debit or Credit) will be used to record its increase and decrease. Example: Account Title Classification Increase Decrease Cash Asset Debit Credit Account Title Classification Increase Decrease Inventories Service Income Property, Plant and Equipment Insurance Expense Sales Accounts Payable Cost of Sales Withdrawals Notes Payable Unearned Revenues Salaries or Wages Expense Income Summary Accumulated Depreciation Cash Equivalents Mortgage Payable Supplies Expenses Bonds Payable Prepaid Expenses Notes Receivable Accrued Liabilities Capital Telecommunications, Electricity, Fuel and Water Expenses Depreciation Expense Uncollectible Accounts Expense Allowance for Uncollectible Accounts Rent Expense Interest Expense Intangible Assets

II. Prepare journal entry for each transaction using the following account titles: Cash Tria, Drawing Accounts Receivable Service Income Prepaid Rent Electricity Expenses Office Equipment Salaries Expenses Furniture and Fixtures Telephone Expenses Tria, Capital The accounts and transactions of Evelyn Tria, Systems Consultant, are shown below: Example: a. Cash a. Invested P150,000 in cash to start the business. b. Paid in advance, P7,500 for one month's rent. c. Bought office furniture for P26,000 in cash. d. Performed services for P10,500 in cash. e. Performed services for P12,750 on credit. f. Bought a desktop computer for P55,000; paid 50% down, balance in 30 days. g. Received P7,000 from credit clients. h. Bought additional office chairs for P8,000 on credit. i. Issued a check for P32,500 to pay for salaries. j. Performed services for P10,250 in cash. k. Performed services for P11,500 on credit. 1. Collected P6,000 on accounts receivable. m. Issued a check for P4,000 in partial payment of the amount owed for office chairs. n. Paid P2,250 for the monthly telephone bill. o. Paid P2,500 for the monthly electric bill. p. Tria withdrew P10,000 in cash for personal expenses. Tria, Capital To record Tria's initial investment to the 150,000 150,000 business I. Identify if the account title is an Asset, Liability, Equity, Income or Expense. Then, identify which side (Debit or Credit) will be used to record its increase and decrease. Example: Account Title Classification Increase Decrease Cash Asset Debit Credit Account Title Classification Increase Decrease Inventories Service Income Property, Plant and Equipment Insurance Expense Sales Accounts Payable Cost of Sales Withdrawals Notes Payable Unearned Revenues Salaries or Wages Expense Income Summary Accumulated Depreciation Cash Equivalents Mortgage Payable Supplies Expenses Bonds Payable Prepaid Expenses Notes Receivable Accrued Liabilities Capital Telecommunications, Electricity, Fuel and Water Expenses Depreciation Expense Uncollectible Accounts Expense Allowance for Uncollectible Accounts Rent Expense Interest Expense Intangible Assets

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 2EB: Consider the following accounts and determine if the account is an asset (A), a liability (L), or...
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II. Prepare journal entry for each transaction using the following account titles: Cash Tria, Drawing Accounts Receivable Service Income Prepaid Rent Electricity Expenses Office Equipment Salaries Expenses Furniture and Fixtures Telephone Expenses Tria, Capital The accounts and transactions of Evelyn Tria, Systems Consultant, are shown below: Example: a. Cash a. Invested P150,000 in cash to start the business. b. Paid in advance, P7,500 for one month's rent. c. Bought office furniture for P26,000 in cash. d. Performed services for P10,500 in cash. e. Performed services for P12,750 on credit. f. Bought a desktop computer for P55,000; paid 50% down, balance in 30 days. g. Received P7,000 from credit clients. h. Bought additional office chairs for P8,000 on credit. i. Issued a check for P32,500 to pay for salaries. j. Performed services for P10,250 in cash. k. Performed services for P11,500 on credit. 1. Collected P6,000 on accounts receivable. m. Issued a check for P4,000 in partial payment of the amount owed for office chairs. n. Paid P2,250 for the monthly telephone bill. o. Paid P2,500 for the monthly electric bill. p. Tria withdrew P10,000 in cash for personal expenses. Tria, Capital To record Tria's initial investment to the 150,000 150,000 business
Transcribed Image Text:II. Prepare journal entry for each transaction using the following account titles: Cash Tria, Drawing Accounts Receivable Service Income Prepaid Rent Electricity Expenses Office Equipment Salaries Expenses Furniture and Fixtures Telephone Expenses Tria, Capital The accounts and transactions of Evelyn Tria, Systems Consultant, are shown below: Example: a. Cash a. Invested P150,000 in cash to start the business. b. Paid in advance, P7,500 for one month's rent. c. Bought office furniture for P26,000 in cash. d. Performed services for P10,500 in cash. e. Performed services for P12,750 on credit. f. Bought a desktop computer for P55,000; paid 50% down, balance in 30 days. g. Received P7,000 from credit clients. h. Bought additional office chairs for P8,000 on credit. i. Issued a check for P32,500 to pay for salaries. j. Performed services for P10,250 in cash. k. Performed services for P11,500 on credit. 1. Collected P6,000 on accounts receivable. m. Issued a check for P4,000 in partial payment of the amount owed for office chairs. n. Paid P2,250 for the monthly telephone bill. o. Paid P2,500 for the monthly electric bill. p. Tria withdrew P10,000 in cash for personal expenses. Tria, Capital To record Tria's initial investment to the 150,000 150,000 business
I. Identify if the account title is an Asset, Liability, Equity, Income or Expense. Then, identify which side (Debit or Credit) will be used to record its increase and decrease. Example: Account Title Classification Increase Decrease Cash Asset Debit Credit Account Title Classification Increase Decrease Inventories Service Income Property, Plant and Equipment Insurance Expense Sales Accounts Payable Cost of Sales Withdrawals Notes Payable Unearned Revenues Salaries or Wages Expense Income Summary Accumulated Depreciation Cash Equivalents Mortgage Payable Supplies Expenses Bonds Payable Prepaid Expenses Notes Receivable Accrued Liabilities Capital Telecommunications, Electricity, Fuel and Water Expenses Depreciation Expense Uncollectible Accounts Expense Allowance for Uncollectible Accounts Rent Expense Interest Expense Intangible Assets
Transcribed Image Text:I. Identify if the account title is an Asset, Liability, Equity, Income or Expense. Then, identify which side (Debit or Credit) will be used to record its increase and decrease. Example: Account Title Classification Increase Decrease Cash Asset Debit Credit Account Title Classification Increase Decrease Inventories Service Income Property, Plant and Equipment Insurance Expense Sales Accounts Payable Cost of Sales Withdrawals Notes Payable Unearned Revenues Salaries or Wages Expense Income Summary Accumulated Depreciation Cash Equivalents Mortgage Payable Supplies Expenses Bonds Payable Prepaid Expenses Notes Receivable Accrued Liabilities Capital Telecommunications, Electricity, Fuel and Water Expenses Depreciation Expense Uncollectible Accounts Expense Allowance for Uncollectible Accounts Rent Expense Interest Expense Intangible Assets
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