Journalize the following transactions from the books of Arts and Styles. The owner wants to see the result of its operation after a month of existence December, 2020. December 1 Chon Loo invested 1,500,000 and equipment worth 500,000. 3 Paid Permits and licenses to operate 12,000. 5 Bought tables, chairs, on account from SM Malls, 250,000. 8 Rendered services for cash worth 50,000. 9 Rendered services on account with a promissory note from Aces worth 30,000. 10 Bought canvas and paints worth 20,000. 15 Paid salaries of artist for 6 months, worth 300,000. 20 The owner withdraw 10,000 for personal use. 25 Borrowed money from Metro Bank 1,000,000 giving a promissory payable in a year with Interest of 8% per annum. 27 Collected from Aces ½ of the account. 30 Paid SM Malls ¼ of the account.
Journalize the following transactions from the books of Arts and Styles. The owner wants to see the result of its operation after a month of existence December, 2020.
December 1 Chon Loo invested 1,500,000 and equipment worth 500,000.
3 Paid Permits and licenses to operate 12,000.
5 Bought tables, chairs, on account from SM Malls, 250,000.
8 Rendered services for cash worth 50,000.
9 Rendered services on account with a promissory note from Aces worth 30,000.
10 Bought canvas and paints worth 20,000.
15 Paid salaries of artist for 6 months, worth 300,000.
20 The owner withdraw 10,000 for personal use.
25 Borrowed money from Metro Bank 1,000,000 giving a promissory payable in a year with
Interest of 8% per annum.
27 Collected from Aces ½ of the account.
30 Paid SM Malls ¼ of the account.
LEDGER FORMAT IS ON THE ATTACHED PHOTO
![Account No.:
302
Account Title: Chon Loo, Drawing
DATE
DESCRIPTION
Account No.:
303
Account Title: Income Summary Account
DATE
DESCRIPTION
Account No.: 401
Account Title: Service Income
DATE
Page Break
DESCRIPTION
LEDGER
P/R
LEDGER
P/R
LEDGER
P/R
DEBIT
DEBIT
DEBIT
CREDIT
CREDIT
CREDIT
BALANCE
BALANCE
BALANCE](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F819789cb-9b2c-4c13-9a3e-be8e5bdf233e%2Fc59afcd3-bc9e-444f-bd65-092c9ec7e664%2F3uh5ld_processed.jpeg&w=3840&q=75)
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