Journalize the transactions for July 2020 in a two-column journal (general journal) page1. Just omit the explanations in making your journal entries. Juan de la Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions. July 1. Owner invested Php 500,000 cash along with computer equipment that had a market value of Php 120,000 two years ago but was now worth Php 100,000 only. July 2. Paid Php 15,000 cash for the rent of office space for the month. July 4. Purchased Php 12,000 of office furniture on credit (due within 30 days). July 8. Completed a work for a client and immediately collected the Php 32,000 cash. July 10. Completed work for a client and sent a bill for Php 27,000 to be paid within 30 days. July 12. Purchased supplies for Php 4,000 in cash. July 15. Paid an assistant Php 6,200 cash as salaries for 15 days. July 18. Collected Php 15,000 on the amount owed by the client. July 25. Paid Php 6,000 cash to settle partially the liability on the furnitures purchased. July 28. Owner withdrew Php 500 cash for personal use. July 30. Completed work for another client who paid only Php 40,000 for 50% of the system design. July 31. Paid salary of assistant Php 7,000. July 31. Juan de la Cruz determined that the cost of supplies on hand by July 31 was 2,700. July 31. Received PLDT bill, Php 1,800 and Meralco bill Php 3,800. For account titles, the chart of accounts are listed below: ASSETS REVENUES 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies 16 Office Furniture 18 Computer Equipment EXPENSES 51 Rent Expense LIABILITIES 52 |Supplies Expense 21 Accounts Payable 53 Utilities Expense 54 Salaries Expense OWNER’S EQUITY 31 Juan de la Cruz, Capital 32 Juan de la Cruz, Drawing
Journalize the transactions for July 2020 in a two-column journal (general journal) page1. Just omit the explanations in making your
Juan de la Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions.
July 1. Owner invested Php 500,000 cash along with computer equipment that had a market value of Php 120,000 two years ago but was now worth Php 100,000 only.
July 2. Paid Php 15,000 cash for the rent of office space for the month.
July 4. Purchased Php 12,000 of office furniture on credit (due within 30 days).
July 8. Completed a work for a client and immediately collected the Php 32,000 cash.
July 10. Completed work for a client and sent a bill for Php 27,000 to be paid within 30 days.
July 12. Purchased supplies for Php 4,000 in cash.
July 15. Paid an assistant Php 6,200 cash as salaries for 15 days.
July 18. Collected Php 15,000 on the amount owed by the client.
July 25. Paid Php 6,000 cash to settle partially the liability on the furnitures purchased.
July 28. Owner withdrew Php 500 cash for personal use.
July 30. Completed work for another client who paid only Php 40,000 for 50% of the system design.
July 31. Paid salary of assistant Php 7,000.
July 31. Juan de la Cruz determined that the cost of supplies on hand by July 31 was 2,700.
July 31. Received PLDT bill, Php 1,800 and Meralco bill Php 3,800.
For account titles, the chart of accounts are listed below:
ASSETS REVENUES
11 Cash 41 Fees Earned
12
13 Supplies
16 Office Furniture
18 Computer Equipment EXPENSES
51 Rent Expense
LIABILITIES 52 |Supplies Expense
21 Accounts Payable 53 Utilities Expense
54 Salaries Expense
OWNER’S EQUITY
31 Juan de la Cruz, Capital
32 Juan de la Cruz, Drawing
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
