Answered: J. Ilagan invested Php150,000 in a real…

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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PA5. LO 8.5 Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies S200, Maintenance Expense S140, Miscellaneous Expense S65. Cash on Hand $93. Check #106. J. Increased Petty Cash by S100, check #107.
Purchasing a building for $120,000 by paying cash of $35,000 and signing a note payable for $85,000 will OA. increase both total assets and total liabilities by $120,000. B. decrease total assets and increase total liabilities by $35,000. O C. decrease both total assets and total liabilities by $35,000. OD. increase both total assets and total liabilities by $85,000. ...

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J. Ilagan invested Php150,000 in a real estate agency. A.Debit land, Credit cash B.Debit cash, Credit J. Ilagan, Capital C.Debit land, Credit Accounts Payable D.None of the above