On October 1, 2015, Leo Chavez established Mighty Realty Services, which completed the following transactions during the month: 1. On October 1, Leo Chavez transferred cash from a personal bank account to an account to be used for the business, P175,000. 2. On October 2, purchased supplies on account, P10,000. 3. On October 5, earned sales commissions, receiving cash, P122,500. 4. On October 10, paid rent on office and equipment for the month, P38,000. 5. On October 15, paid creditor on account, P6,000. 6. On October 20, withdrew cash for personal use, P30,000. 7. On October 25, paid automobile expenses for month, P15,000, and miscellaneous expenses, P4,000. 8. On October 28, paid office salaries, P31,000. Instructions A. Journalize entries for transactions (a) through (h), using the following account titles, omit the explanation: 11 - Cash
On October 1, 2015, Leo Chavez established Mighty Realty Services, which completed the following transactions during the month: 1. On October 1, Leo Chavez transferred cash from a personal bank account to an account to be used for the business, P175,000. 2. On October 2, purchased supplies on account, P10,000. 3. On October 5, earned sales commissions, receiving cash, P122,500. 4. On October 10, paid rent on office and equipment for the month, P38,000. 5. On October 15, paid creditor on account, P6,000. 6. On October 20, withdrew cash for personal use, P30,000. 7. On October 25, paid automobile expenses for month, P15,000, and miscellaneous expenses, P4,000. 8. On October 28, paid office salaries, P31,000. Instructions A. Journalize entries for transactions (a) through (h), using the following account titles, omit the explanation: 11 - Cash
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:On October 1, 2015, Leo Chavez established Mighty Realty Services, which completed the following transactions during the month:
1. On October 1, Leo Chavez transferred cash from a personal bank account to an account to be used for the business, P175,000.
2. On October 2, purchased supplies on account, P10,000.
3. On October 5, earned sales commissions, receiving cash, P122,500.
4. On October 10, paid rent on office and equipment for the month, P38,000.
5. On October 15, paid creditor on account, P6,000.
6. On October 20, withdrew cash for personal use, P30,000.
7. On October 25, paid automobile expenses for month, P15,000, and miscellaneous expenses, P4,000.
8. On October 28, paid office salaries, P31,000.
Instructions
A. Journalize entries for transactions (a) through (h), using the following account titles, omit the explanation:
11 - Cash
12 - Supplies
21 - Accounts Payable
31 - Leo Chavez, Capital
32 - Leo Chavez, Drawing
41 - Sales Commissions
51 - Rent Expense
52 - Office Salaries Expense
53 - Automobile Expense
54 - Supplies Expense
55 - Miscellaneous Expense.
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