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III. Direction:a. Journalize the transactionsbelow. b. Post to ledger using the T-account format On April 1, 2019, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: Apr 1 Apr 1 Apr 1 Apr 5 Apr 8 Apr 10 Paid salaries of drivers, Php10,000 Apr 15 Rented the vehicle to Joshua for Php35,000, Joshua paid Php20,000 on that date and the Nels Ferrer deposited Php500,000 cash in a bank account in the name of the business. Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2019 Paid rental for the month of April, Php 5,000 Earned and collected trucking income from Ryan, Php8,000 Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2019 balance on April 20 Apr 18 Paid electric bills for the month, Php2,000 Apr 20 Collected from Joshua the balance of his April 15 account Apr 25 Purchased office supplies, Php2,300 Apr 29 Earned and collected trucking income from Jay, Php 18,000

III. Direction:a. Journalize the transactionsbelow. b. Post to ledger using the T-account format On April 1, 2019, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: Apr 1 Apr 1 Apr 1 Apr 5 Apr 8 Apr 10 Paid salaries of drivers, Php10,000 Apr 15 Rented the vehicle to Joshua for Php35,000, Joshua paid Php20,000 on that date and the Nels Ferrer deposited Php500,000 cash in a bank account in the name of the business. Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2019 Paid rental for the month of April, Php 5,000 Earned and collected trucking income from Ryan, Php8,000 Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2019 balance on April 20 Apr 18 Paid electric bills for the month, Php2,000 Apr 20 Collected from Joshua the balance of his April 15 account Apr 25 Purchased office supplies, Php2,300 Apr 29 Earned and collected trucking income from Jay, Php 18,000

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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Direction:
A. Journalize the transactions below.
B. Post a ledger using the T account format.
(Please refer to the pictures.)

ACCOUNT TITLE (Ex. Cash) Left Side or Debit Side Right Side or Credit side AT-Account for each of the account titles listed on the said chart is prepared to determine the balance at the end of the period of each accoUnt. ACCOUNT CODE Statement of Financial Position Accounts CLASSIFIED BY THE TYPE OF MAJOR ACCOUNTS ACCOUNT TITLE 1000 1200 1 ס2 Cash Accounts Receivable Allowanoe of Bad Detts ASSETS CLASSIFIED BY THE TYPE OF MAJOR ACCOUNTS ACCOUNT TITLE ACCOUNT CODE Statement of Financial Position Accounts 1300 nventory Prepaid Expenses Supplies Office Equipment AccumDepm- Off Eapt Store Equipment AccumDeprm - Store Eapt Transportation Equipment AccumDepm - Trans Eqp: Building AccumDepn - Building Land intangible s:ssets Accounts Payabie Notes Payable Accrued Expenses Salares Payable Utilities Payable Income Taxes Payable Owner's, Capital 1400 1500 1800 1601 1650 ASSETS 1851 1880 1681 1750 1751 1800 1900 2000 2100 LIABLITIES 2200 2201 2202 2300 3000 3100 EQUITY Owner's, Wthdrawa CLASSIFIED BY TYPE OF MAJOR ACCOUNTS ACCOUNT TITLE ACCOUNT CODE Income Statement Accounts Service Revenue 4000 4100 4101 INCOME Sales Sales Retums and Ailowanpes 4102 Sales Discounts 4150 5000 Interest Income Cost of Sales 5100 5101 Purchases Purchase Allowances Retums Purchase Discounts Freight in Salaries Expense Supplies Expense Utiities Expense 5102 5103 e100 e150 EXPENSES e200 Communication Expense Travei Expense Rental Expense Fuel Expenses Advertising Expense Delivery Expense Commission Expense Depreciation Expense 8220 8250 8300 8350 8400 PA 10 8450 e500 Taxes and Licenses Interes: Experse 6700
Transcribed Image Text:ACCOUNT TITLE (Ex. Cash) Left Side or Debit Side Right Side or Credit side AT-Account for each of the account titles listed on the said chart is prepared to determine the balance at the end of the period of each accoUnt. ACCOUNT CODE Statement of Financial Position Accounts CLASSIFIED BY THE TYPE OF MAJOR ACCOUNTS ACCOUNT TITLE 1000 1200 1 ס2 Cash Accounts Receivable Allowanoe of Bad Detts ASSETS CLASSIFIED BY THE TYPE OF MAJOR ACCOUNTS ACCOUNT TITLE ACCOUNT CODE Statement of Financial Position Accounts 1300 nventory Prepaid Expenses Supplies Office Equipment AccumDepm- Off Eapt Store Equipment AccumDeprm - Store Eapt Transportation Equipment AccumDepm - Trans Eqp: Building AccumDepn - Building Land intangible s:ssets Accounts Payabie Notes Payable Accrued Expenses Salares Payable Utilities Payable Income Taxes Payable Owner's, Capital 1400 1500 1800 1601 1650 ASSETS 1851 1880 1681 1750 1751 1800 1900 2000 2100 LIABLITIES 2200 2201 2202 2300 3000 3100 EQUITY Owner's, Wthdrawa CLASSIFIED BY TYPE OF MAJOR ACCOUNTS ACCOUNT TITLE ACCOUNT CODE Income Statement Accounts Service Revenue 4000 4100 4101 INCOME Sales Sales Retums and Ailowanpes 4102 Sales Discounts 4150 5000 Interest Income Cost of Sales 5100 5101 Purchases Purchase Allowances Retums Purchase Discounts Freight in Salaries Expense Supplies Expense Utiities Expense 5102 5103 e100 e150 EXPENSES e200 Communication Expense Travei Expense Rental Expense Fuel Expenses Advertising Expense Delivery Expense Commission Expense Depreciation Expense 8220 8250 8300 8350 8400 PA 10 8450 e500 Taxes and Licenses Interes: Experse 6700
1. OBJECTIVES: 1. prepare journal entries to record basic business transaction (ABM FABM12-Illa-b3) II. TOPIC: ACCOUNTING BOOKS-Journal and Ledgers III. Direction:a. Journalize the transactionsbelow. b. Post to ledger using the T-account format On April 1, 2019, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: Nels Ferrer deposited Php500,000 cash in a bank account in the name of the business. Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2019 Paid rental for the month of April, Php 5,000 Earned and collected trucking income from Ryan, Php8,000 Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2019 Apr 1 Apr 1 Apr 1 Apr 5 Apr 8 Apr 10 Paid salaries of drivers, Php10,000 Apr 15 Rented the vehicle to Joshua for Php35,000, Joshua paid Php20,000 on that date and the balance on April 20 Apr 18 Paid electric bills for the month, Php2,000 Apr 20 Collected from Joshua the balance of his April 15 account Apr 25 Purchased office supplies, Php2,300 Apr 29 Earned and collected trucking income from Jay, Php 18,000
Transcribed Image Text:1. OBJECTIVES: 1. prepare journal entries to record basic business transaction (ABM FABM12-Illa-b3) II. TOPIC: ACCOUNTING BOOKS-Journal and Ledgers III. Direction:a. Journalize the transactionsbelow. b. Post to ledger using the T-account format On April 1, 2019, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: Nels Ferrer deposited Php500,000 cash in a bank account in the name of the business. Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2019 Paid rental for the month of April, Php 5,000 Earned and collected trucking income from Ryan, Php8,000 Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2019 Apr 1 Apr 1 Apr 1 Apr 5 Apr 8 Apr 10 Paid salaries of drivers, Php10,000 Apr 15 Rented the vehicle to Joshua for Php35,000, Joshua paid Php20,000 on that date and the balance on April 20 Apr 18 Paid electric bills for the month, Php2,000 Apr 20 Collected from Joshua the balance of his April 15 account Apr 25 Purchased office supplies, Php2,300 Apr 29 Earned and collected trucking income from Jay, Php 18,000
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