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.InstructionsA. Journalize entries for transactions (a) through (h), using the following account titles, omit the explanation:11 - Cash12 - Supplies21 - Accounts Payable31 - Leo Chavez, Capital32 - Leo Chavez, Drawing41 - Sales Commissions51 - Rent Expense52 - Office Salaries Expense53 - Automobile Expense54 - Supplies Expense55 - Miscellaneous Expense.

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Answered: On October 1, 2015, Leo Chavez…

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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