Make a general journal. Jerome Garcia started a new business and completed these transactions during August: Aug. 1 Garcia invested ₱48,000 cash in the business. Aug. 1 Rented office space and paid ₱800 cash for the August rent. Aug. 3 Purchased exploration equipment for ₱22,000 by paying ₱12,000 cash and agreeing to pay the balance in 3 months. Aug. 5 Purchased office supplies by paying ₱1,500 cash. Aug. 6 Completed exploration work and immediately collected ₱420 cash for the work. Aug. 8 Purchased ₱1,350 of office equipment on credit. Aug. 15 Completed exploration work on credit in the amount of ₱8,000. Aug. 18 Purchased ₱700 of office supplies on credit. Aug. 20 Paid cash for the office equipment purchased on August 8. Aug. 24 Billed a client ₱2,400 for work completed; the balance is due in 30 days. Aug. 28 Received ₱5,000 cash for the work completed on August 15. Aug. 30 Paid the assistant's salary of ₱1,100 cash for this month. Aug. 30 Paid ₱340 cash for this month's utility bill. Aug. 30 Garcia withdrew ₱1,050 cash from the business for personal use. Required 1. Arrange the following asset, liability, and equity titles in a table: Cash; Accounts Receivable; Office Supplies; Office Equipment; Exploration Equipment; Accounts Payable; Jerome Garcia, Capital; Jerome Garcia, Withdrawals; Revenues; and Expenses. 2. Use additions and subtractions to show the effects of each transaction on the accounts in the accounting equation. Show new balances after each transaction.
Make a general journal. Jerome Garcia started a new business and completed these transactions during August: Aug. 1 Garcia invested ₱48,000 cash in the business. Aug. 1 Rented office space and paid ₱800 cash for the August rent. Aug. 3 Purchased exploration equipment for ₱22,000 by paying ₱12,000 cash and agreeing to pay the balance in 3 months. Aug. 5 Purchased office supplies by paying ₱1,500 cash. Aug. 6 Completed exploration work and immediately collected ₱420 cash for the work. Aug. 8 Purchased ₱1,350 of office equipment on credit. Aug. 15 Completed exploration work on credit in the amount of ₱8,000. Aug. 18 Purchased ₱700 of office supplies on credit. Aug. 20 Paid cash for the office equipment purchased on August 8. Aug. 24 Billed a client ₱2,400 for work completed; the balance is due in 30 days. Aug. 28 Received ₱5,000 cash for the work completed on August 15. Aug. 30 Paid the assistant's salary of ₱1,100 cash for this month. Aug. 30 Paid ₱340 cash for this month's utility bill. Aug. 30 Garcia withdrew ₱1,050 cash from the business for personal use. Required 1. Arrange the following asset, liability, and equity titles in a table: Cash; Accounts Receivable; Office Supplies; Office Equipment; Exploration Equipment; Accounts Payable; Jerome Garcia, Capital; Jerome Garcia, Withdrawals; Revenues; and Expenses. 2. Use additions and subtractions to show the effects of each transaction on the accounts in the accounting equation. Show new balances after each transaction.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Make a general journal.
Jerome Garcia started a new business and completed these transactions during August:
Aug. 1 Garcia invested ₱48,000 cash in the business.
Aug. 1 Rented office space and paid ₱800 cash for the August rent.
Aug. 3 Purchased exploration equipment for ₱22,000 by paying ₱12,000 cash and agreeing to pay the balance in 3 months.
Aug. 5 Purchased office supplies by paying ₱1,500 cash.
Aug. 6 Completed exploration work and immediately collected ₱420 cash for the work.
Aug. 8 Purchased ₱1,350 of office equipment on credit.
Aug. 15 Completed exploration work on credit in the amount of ₱8,000.
Aug. 18 Purchased ₱700 of office supplies on credit.
Aug. 20 Paid cash for the office equipment purchased on August 8.
Aug. 24 Billed a client ₱2,400 for work completed; the balance is due in 30 days.
Aug. 28 Received ₱5,000 cash for the work completed on August 15.
Aug. 30 Paid the assistant's salary of ₱1,100 cash for this month.
Aug. 30 Paid ₱340 cash for this month's utility bill.
Aug. 30 Garcia withdrew ₱1,050 cash from the business for personal use.
Required
1. Arrange the following asset, liability, and equity titles in a table: Cash; Accounts Receivable ; Office Supplies; Office Equipment; Exploration
Equipment; Accounts Payable; Jerome Garcia, Capital; Jerome Garcia, Withdrawals; Revenues; and Expenses.
2. Use additions and subtractions to show the effects of each transaction on the accounts in the accounting equation. Show new balances after each transaction.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education