On April 1, 2021, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: April 1 - Nels Ferrer deposited additional P500,000 cash in a bank account in the name of the business 1 - Purchased for P250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2020 1 - Paid rental for the month of April, P5,000 4 - Collected accounts from previous month, P13,200 5 - Earned and collected trucking income from Ryan, P8,000 8 - Earned trucking income from Jesper, P30,000 on account. Jesper will pay on May 8, 2020 10 - Paid salaries of drivers, P10,000 15 - Rented the vehicle to Joshua for P35,000, Joshua paid P20,000 on that date and the balance on April 20 18 - Paid electric bills for the month, P2,000 20 - Collected from Joshua the balance of his April 15 account 25 - Purchased office supplies, P2,300 29 - Earned and collected trucking income from Jay, P18,000 Instructions: a.Journalize the above transactions using Journal sheets
On April 1, 2021, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: April 1 - Nels Ferrer deposited additional P500,000 cash in a bank account in the name of the business 1 - Purchased for P250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2020 1 - Paid rental for the month of April, P5,000 4 - Collected accounts from previous month, P13,200 5 - Earned and collected trucking income from Ryan, P8,000 8 - Earned trucking income from Jesper, P30,000 on account. Jesper will pay on May 8, 2020 10 - Paid salaries of drivers, P10,000 15 - Rented the vehicle to Joshua for P35,000, Joshua paid P20,000 on that date and the balance on April 20 18 - Paid electric bills for the month, P2,000 20 - Collected from Joshua the balance of his April 15 account 25 - Purchased office supplies, P2,300 29 - Earned and collected trucking income from Jay, P18,000 Instructions: a.Journalize the above transactions using Journal sheets
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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On April 1, 2021, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions:
April 1 - Nels Ferrer deposited additional P500,000 cash in a bank account in the
name of the business
1 - Purchased for P250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2020
1 - Paid rental for the month of April, P5,000
4 - Collected accounts from previous month, P13,200
5 - Earned and collected trucking income from Ryan, P8,000
8 - Earned trucking income from Jesper, P30,000 on account. Jesper will pay
on May 8, 2020
10 - Paid salaries of drivers, P10,000
15 - Rented the vehicle to Joshua for P35,000, Joshua paid P20,000 on that
date and the balance on April 20
18 - Paid electric bills for the month, P2,000
20 - Collected from Joshua the balance of his April 15 account
25 - Purchased office supplies, P2,300
29 - Earned and collected trucking income from Jay, P18,000
Instructions:
a.Journalize the above transactions using Journal sheets
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