On January 2, 2022, Pabibo Kid, an entrepreneur selling Jams and Sspreads registered his business at Department of Trade and Industry (DTI) as a sole proprietorship under the business name "Papasa Ka Ba Kase Inc." The following transactions occurred during the month of January: Jan. 2 Pabibo Kid deposited 200,000 in the business 3 Bought office supplies at LBT Bookshop for 8,000 on account 5 Bought fire insurance with 1-year coverage, 5,000 8 Paid LBT Bookshop for half of his debt 10 Sold Jams and Spreads to Maui Corp. for 18,000 (Cash sales: 5,000 For Credit: the rest of the amount) 14 15 22 28 30 Maui Corp paid the rest of the amount Pabibo Kid hired an assistant with 8,000 salary per month Pabibo Kid paid LBT Bookshop Paid telephone bill for 800 Paid the salary of the assistant

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Please use the chart of accounts. Required: • Journal Entries
ACTIVITY (ABM01)
On January 2, 2022, Pabibo Kid, an entrepreneur selling Jams and Sspreads registered
his business at Department of Trade and Industry (DTI) as a sole proprietorship under
the business name "Papasa Ka Ba Kase Inc."
The following transactions occurred during the month of January:
Jan. 2
Pabibo Kid deposited 200,000 in the business
3
Bought office supplies at LBT Bookshop for 8,000 on account
5
Bought fire insurance with 1-year coverage, 5,000
8
Paid LBT Bookshop for half of his debt
10
Sold Jams and Spreads to Maui Corp. for 18,000 (Cash sales: 5,000
For Credit: the rest of the amount)
14
Maui Corp paid the rest of the amount
15
Pabibo Kid hired an assistant with 8,000 salary per month
Pabibo Kid paid LBT Bookshop
Paid telephone bill for 800
Paid the salary of the assistant
Journalize Transactions using the following Chart of Accounts tha
22
28
30
- In
Transcribed Image Text:ACTIVITY (ABM01) On January 2, 2022, Pabibo Kid, an entrepreneur selling Jams and Sspreads registered his business at Department of Trade and Industry (DTI) as a sole proprietorship under the business name "Papasa Ka Ba Kase Inc." The following transactions occurred during the month of January: Jan. 2 Pabibo Kid deposited 200,000 in the business 3 Bought office supplies at LBT Bookshop for 8,000 on account 5 Bought fire insurance with 1-year coverage, 5,000 8 Paid LBT Bookshop for half of his debt 10 Sold Jams and Spreads to Maui Corp. for 18,000 (Cash sales: 5,000 For Credit: the rest of the amount) 14 Maui Corp paid the rest of the amount 15 Pabibo Kid hired an assistant with 8,000 salary per month Pabibo Kid paid LBT Bookshop Paid telephone bill for 800 Paid the salary of the assistant Journalize Transactions using the following Chart of Accounts tha 22 28 30 - In
PR
100 Cash
105 Accounts Receivable
106 Allowance for Bad Debts
110 Notes Receivable
115 Interest Receivable
ACCOUNT TITLE
ASSETS
120 Inventory
125 Supplies
130 Prepaid Insurance
135 Land
140 Building
141 Accumulated Depreciation- Building
145 Equipment
146 Accumulated Depreciation Equipment
LIABILITIES
200 Accounts Payable
205 Notes Payable
210 Interest Payable
215 Rent Payable
dyddid
220 Salaries Payable
EQUITY (OWNER'S EQUITY)
300 Kamo, Capital
305 Kamo, Drawings
310 Income Summary"
INCOME
600 Salaries,
Chart of Accounts
400 Sales
405 Sales Discounts
410 Sales Returns and Alowances
COST"
500 Purchases
505 Purchase Discounts
510 Purchase Returns & Allow.
515 Freight In
EXPENSES
605 Rent Expense
610 Utilities
615 Freight Out
620 Taxes
625 Depreciation Expense
630 Miscellaneous Expense
Transcribed Image Text:PR 100 Cash 105 Accounts Receivable 106 Allowance for Bad Debts 110 Notes Receivable 115 Interest Receivable ACCOUNT TITLE ASSETS 120 Inventory 125 Supplies 130 Prepaid Insurance 135 Land 140 Building 141 Accumulated Depreciation- Building 145 Equipment 146 Accumulated Depreciation Equipment LIABILITIES 200 Accounts Payable 205 Notes Payable 210 Interest Payable 215 Rent Payable dyddid 220 Salaries Payable EQUITY (OWNER'S EQUITY) 300 Kamo, Capital 305 Kamo, Drawings 310 Income Summary" INCOME 600 Salaries, Chart of Accounts 400 Sales 405 Sales Discounts 410 Sales Returns and Alowances COST" 500 Purchases 505 Purchase Discounts 510 Purchase Returns & Allow. 515 Freight In EXPENSES 605 Rent Expense 610 Utilities 615 Freight Out 620 Taxes 625 Depreciation Expense 630 Miscellaneous Expense
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