On the 3rd of January, you have Php50,000 in the bank. The day after, your friend asked you to loan them Php10,000 and you bought a laptop worth Php30,000 in the afternoon for yourself because you deserve it. Afterward, on the 2nd of February, your friend paid half of their loan to you and you used that cash to buy some groceries. What are the journal entries up to that point and what does the journal look like as well? For the journal entries, specify the dates, the accounts, and the debit and credit inputs. As for the ledger entries, use the 'T' presentation method presented during your lectures.
On the 3rd of January, you have Php50,000 in the bank. The day after, your friend asked you to loan them Php10,000 and you bought a laptop worth Php30,000 in the afternoon for yourself because you deserve it. Afterward, on the 2nd of February, your friend paid half of their loan to you and you used that cash to buy some groceries. What are the journal entries up to that point and what does the journal look like as well? For the journal entries, specify the dates, the accounts, and the debit and credit inputs. As for the ledger entries, use the 'T' presentation method presented during your lectures.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On the 3rd of January, you have Php50,000 in the bank. The day after, your friend asked you to loan them Php10,000 and you bought a laptop worth Php30,000 in the afternoon for yourself because you deserve it. Afterward, on the 2nd of February, your friend paid half of their loan to you and you used that cash to buy some groceries. What are the journal entries up to that point and what does the journal look like as well? For the journal entries, specify the dates, the accounts, and the debit and credit inputs. As for the ledger entries, use the 'T' presentation method presented during your lectures.
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