What is the journal entry of the transactions? July 1 He invested P50,000 in cash to start his business3 Purchased for cash shop supplies costing P3,5005 Brite bought from A & G Company repair equipment costing P20,000 on credit8 Customers paid P12,000 cash for repair services rendered10 Brite made a partial payment A & G Company, P15,00012 Customers were billed on account P14,000 for repair services rendered14 Rental for the month of July was paid, P6,00017 Collected P8,000 from customers as payment of their accounts19 Paid wages of assistant helper for the month of July, P4,00022 Bought additional shop supplies costing P7,500. A down payment of P3,000 was made and thebalance is payable at the end of the month.25 Repair services rendered, P9,000. Received P4,500 as partial payment28 Repair supplies bought for cash and used for repairs amounted to P6,50031 Brite withdrew P10,000 for his personal useUse the following accounts:Cash, Accounts Receivable, Shop supplies, Equipment, Accounts Payable, P. Brite Capital, P. BriteDrawing, Repair income, Salary Expense, Ren Expense and Supplies Expense

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Description: What is the journal entry of the transactions? July 1 He invested P50,000 in cash to start his business3 Purchased for cash shop supplies costing P3,5005 Brite bought from A & G Company repair equipment costing P20,000 on credit8 Customers paid P12,0

Journal entry is the primary entry to record a transaction.

Answered: journal entry of the transaction

Business

Accounting

journal entry of the transaction

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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