olem toi iid bovionon wOM 0 Journalize the following transactions of Till A Lok Consultancy for the month olu of January: upe 2018 Jan. 1 Mr. Lok deposited P 880,000 in the account of the company. He also invested a computer valued at P67,000. 2 Consultancy services rendered to Mongolia Corp. on account, P75,000 Bought P700,000 worth of transportation equipment from Mitsubishi on account bavieoo Consultancy services rendered to various clients for cash, P 190,000 15 Consultancy services rendered to Codak Co. on account, P 32,000 16 Paid Mitsubishi Motors in full 18 Collected P 15,000 from Codak Co. 20 Received water bill, P980 26 Paid electricity for the month, P2,540
olem toi iid bovionon wOM 0 Journalize the following transactions of Till A Lok Consultancy for the month olu of January: upe 2018 Jan. 1 Mr. Lok deposited P 880,000 in the account of the company. He also invested a computer valued at P67,000. 2 Consultancy services rendered to Mongolia Corp. on account, P75,000 Bought P700,000 worth of transportation equipment from Mitsubishi on account bavieoo Consultancy services rendered to various clients for cash, P 190,000 15 Consultancy services rendered to Codak Co. on account, P 32,000 16 Paid Mitsubishi Motors in full 18 Collected P 15,000 from Codak Co. 20 Received water bill, P980 26 Paid electricity for the month, P2,540
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:mpsLk
THE T-ACCO
DRILL 1
006o or doles llid bovlooa y0 M 08
LESSON 4-3
Journalize the following transactions of Till A Lok Consultancy for the month
of January:
Fn
2018
upe
bem
Lesson Objective
Jan. 1
Mr. Lok deposited P 880,000 in the account of the company. He also invested a
computer valued at P67,000.
• analyze transactions with the use
Consultancy services rendered to Mongolia Corp. on account, P75,000
3
Bought P700,000 worth of transportation equipment from Mitsubishi on
account
wios
Consultancy services rendered to various clients for cash, P190,000
USE OF T-ACCOUNTS
7
15
Consultancy services rendered to Codak Co. on account, P32,000
An account is a form of record that
specific accounting value. The simplest
accounting equation resembles the capit
the effect of a transaction in the assets, E
16
Paid Mitsubishi Motors in full
nibnotebnU TUOY leeT
18
Collected P15,000 from Codak Co.
20
Received water bill, P980
4.000
26
Paid electricity for the month, P2,540
The three elements of an account are:
1. Account Titledsmo
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