Jared Hawk established an insurance agency on July 1 of the current year and completed the following transactions during July: a. Opened a business bank account with a deposit of P50,000 from personal funds. b. Purchased supplies on account, P1,600. c. Paid creditors on account, P500 d. Received cash from fees earned on insurance commissions, P9,250. e. Paid rent on office and equipment for the month, P2,500. 1. Paid automobile expenses for the month, P900, and miscellaneous expenses, P300. 8 Paid office salaries, P1,900. h. Determined that the cost of supplies on hand was PS50, therefore, the cost of supplies used was P1,050. . Billed insurance companies for sales commission earned P11,150. I Withdrew cash for personal use, P2,700. Seatwork: 1. Prepare the following: a. Journal Entry b. T-account c. Unadjusted Trial Balance
Jared Hawk established an insurance agency on July 1 of the current year and completed the following transactions during July: a. Opened a business bank account with a deposit of P50,000 from personal funds. b. Purchased supplies on account, P1,600. c. Paid creditors on account, P500 d. Received cash from fees earned on insurance commissions, P9,250. e. Paid rent on office and equipment for the month, P2,500. 1. Paid automobile expenses for the month, P900, and miscellaneous expenses, P300. 8 Paid office salaries, P1,900. h. Determined that the cost of supplies on hand was PS50, therefore, the cost of supplies used was P1,050. . Billed insurance companies for sales commission earned P11,150. I Withdrew cash for personal use, P2,700. Seatwork: 1. Prepare the following: a. Journal Entry b. T-account c. Unadjusted Trial Balance
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter5: Adjusting Entries And The Work Sheet
Section: Chapter Questions
Problem 6CE
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Transcribed Image Text:10:08
4 64%
+ FAR PROBLEM 2..
FAR PROBLEM 2
Jared Hawk established an insurance agency on July 1 of the current year and completed the following
transactions during July:
a. Opened a business bank account with a deposit of P50.000 from personal funds.
b. Purchased supplies on account, P1.600.
c. Paid creditors on account, P500
d. Received cash from fees earned on insurance commissions, P9,250.
e. Paid rent on office and equipment for the month, P2,50.
f. Paid automobile expenses for the month, P900, and miscellaneous expenses, P300.
8. Paid office salaries, P1,900.
h. Determined that the cost of supplies on hand was P550, therefore, the cost of supplies used was
P1,050.
I. Billed insurance companies for sales commission earned P11,150.
J. Withdrew cash for personal use, P2,700.
Seatwork:
1. Prepare the following
a. Journal Entry
b. T-account
C. Unadjusted Trial Balance
d. Balance sheet
e.
Income Statement
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