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Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions occurred during the month of July. July 1 Mhay contributed P150,000 cash. After which, she then purchased office desks and chairs amounting to P10,000 to be used in the business. Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance Bought two sets of computer for 10,000 pesos each using the business' money. After buying the computers, Ms. Mhay brought one set to their home for her son's personal use. (Use the business entity concept in interpreting this 2 3 transaction) 3 Paid P15,000 for office rent for the month 4 Paid Phasign P2,500 for banners in promoting the business.

Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions occurred during the month of July. July 1 Mhay contributed P150,000 cash. After which, she then purchased office desks and chairs amounting to P10,000 to be used in the business. Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance Bought two sets of computer for 10,000 pesos each using the business' money. After buying the computers, Ms. Mhay brought one set to their home for her son's personal use. (Use the business entity concept in interpreting this 2 3 transaction) 3 Paid P15,000 for office rent for the month 4 Paid Phasign P2,500 for banners in promoting the business.

FINANCIAL ACCOUNTING
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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Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions occurred during the month of July. July 1 Mhay contributed P150,000 cash. After which, she then purchased office desks and chairs amounting to P10,000 to be used in the business. Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance Bought two sets of computer for 10,000 pesos each using the business' money. After buying the computers, Ms. Mhay brought one set to their home for her son's personal use. (Use the business entity concept in interpreting this 2 3 transaction) 3 Paid P15,000 for office rent for the month 4 Paid Phasign P2,500 for banners in promoting the business. Delivery services amounted to P44,000, half on account. Cash of P2,000 withdrawn by Mhay 9 12 Purchased supplies for P1,500 on account Received cash of P12,500 for services provided on June 5. Purchased gasoline for P7,500 on account. Received P15,000 from customers for delivery services rendered. Made a cash payment of P25,000 on notes payable 15 17 20 23 26 Paid P2,500 for utilities 29 Paid partial payment of P2,500 for the gasoline purchased on account July 17. Paid P30,000 for employee salaries. 30 Requirement 1. Journalize the transactions occurred for the month of July 2020 for Mhay Deliveries. Use the chart of accounts at the next page. (Be mindful of the indentation and alignment.)
Transcribed Image Text:Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions occurred during the month of July. July 1 Mhay contributed P150,000 cash. After which, she then purchased office desks and chairs amounting to P10,000 to be used in the business. Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance Bought two sets of computer for 10,000 pesos each using the business' money. After buying the computers, Ms. Mhay brought one set to their home for her son's personal use. (Use the business entity concept in interpreting this 2 3 transaction) 3 Paid P15,000 for office rent for the month 4 Paid Phasign P2,500 for banners in promoting the business. Delivery services amounted to P44,000, half on account. Cash of P2,000 withdrawn by Mhay 9 12 Purchased supplies for P1,500 on account Received cash of P12,500 for services provided on June 5. Purchased gasoline for P7,500 on account. Received P15,000 from customers for delivery services rendered. Made a cash payment of P25,000 on notes payable 15 17 20 23 26 Paid P2,500 for utilities 29 Paid partial payment of P2,500 for the gasoline purchased on account July 17. Paid P30,000 for employee salaries. 30 Requirement 1. Journalize the transactions occurred for the month of July 2020 for Mhay Deliveries. Use the chart of accounts at the next page. (Be mindful of the indentation and alignment.)
ASSETS REVENUE Cash 101 Delivery Services 401 Accounts Receivable 102 Office Supplies 103 Office Equipment 104 EXPENSES Furniture and Fixtures 105 Gasoline Expense 501 Motor Vehicle 106 Advertising Expense 502 Utilities Expense 503 LIABILITIES Rent Expense 504 Accounts Payable 201 Salaries Expense 505 Notes Payable 202 Utilities Payable 203 OWNER'S EQUITY M. Faraan, Capital 301 M. Faraan, Withdrawals 302
Transcribed Image Text:ASSETS REVENUE Cash 101 Delivery Services 401 Accounts Receivable 102 Office Supplies 103 Office Equipment 104 EXPENSES Furniture and Fixtures 105 Gasoline Expense 501 Motor Vehicle 106 Advertising Expense 502 Utilities Expense 503 LIABILITIES Rent Expense 504 Accounts Payable 201 Salaries Expense 505 Notes Payable 202 Utilities Payable 203 OWNER'S EQUITY M. Faraan, Capital 301 M. Faraan, Withdrawals 302
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