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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd81b90f2-b101-4e09-ba3d-9f6138aa8b40%2F6eb28fbd-5a40-40ab-a6c6-9c6d2634f358%2Fgilldwo_processed.jpeg&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd81b90f2-b101-4e09-ba3d-9f6138aa8b40%2F6eb28fbd-5a40-40ab-a6c6-9c6d2634f358%2Fcmycver_processed.jpeg&w=3840&q=75)
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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