Please help me, to get the journal entry of this transaction: August 8 Accepted laundry services for cash P4,500; Used P500 for laundry supplies August 10 Accepted laundry services on account P7,500; 50% down and the balance at the end of the month; used P750 laundry supplies

Please help me, to get the journal entry of this transaction: August 8 Accepted laundry services for cash P4,500; Used P500 for laundry supplies August 10 Accepted laundry services on account P7,500; 50% down and the balance at the end of the month; used P750 laundry supplies

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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Question

Please help me, to get the journal entry of this transaction:

August 8 Accepted laundry services for cash P4,500; Used P500 for laundry supplies

August 10 Accepted laundry services on account P7,500; 50% down and the balance at the end of the month; used P750 laundry supplies

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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