Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare journal entries of Nick Rain Studio owned by Nick Reyes for the first month of operation on January 1, 2021. Jan. 1 Invested P1,500,000 for his modern photography and portrait studio Jan. 2 Purchased modern and high tech photography equipment, P800,000 paying downpayment of P500,000. Balance will be paid next month Jan. 3 Bought photography supplies from Citimall, P100,000 Jan. 4 Paid tarpaulin and neon sign to Peoples Art, P10,000 Jan, 5 Paid rent expense of the studio, P10,000 Jan. 7 Bought service vehicle from Toyota Motors, P300,000 paying 100,000 downpayment, balance will paid thru monthly installments. Jan. 8 endered services on Mayor's son wedding, and received P200,000

Prepare journal entries of Nick Rain Studio owned by Nick Reyes for the first month of operation on January 1, 2021. Jan. 1 Invested P1,500,000 for his modern photography and portrait studio Jan. 2 Purchased modern and high tech photography equipment, P800,000 paying downpayment of P500,000. Balance will be paid next month Jan. 3 Bought photography supplies from Citimall, P100,000 Jan. 4 Paid tarpaulin and neon sign to Peoples Art, P10,000 Jan, 5 Paid rent expense of the studio, P10,000 Jan. 7 Bought service vehicle from Toyota Motors, P300,000 paying 100,000 downpayment, balance will paid thru monthly installments. Jan. 8 endered services on Mayor's son wedding, and received P200,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Prepare journal entries of Nick Rain Studio owned by Nick Reyes for the first month of operation on January 1, 2021. Jan. 1 Invested P1,500,000 for his modern photography and portrait studio Jan. 2 Purchased modern and high tech photography equipment, P800,000 paying downpayment of P500,000. Balance will be paid next month Jan. 3 Bought photography supplies from Citimall, P100,000 Jan. 4 Paid tarpaulin and neon sign to Peoples Art, P10,000 Jan, 5 Paid rent expense of the studio, P10,000 Jan. 7 Bought service vehicle from Toyota Motors, P300,000 paying 100,000 downpayment, balance will paid thru monthly installments. Jan. 8 Rendered services on Mayor's son wedding, and received P200,000 Jan. 8 Rendered Baptismal coverage and received P50,000
Transcribed Image Text:Prepare journal entries of Nick Rain Studio owned by Nick Reyes for the first month of operation on January 1, 2021. Jan. 1 Invested P1,500,000 for his modern photography and portrait studio Jan. 2 Purchased modern and high tech photography equipment, P800,000 paying downpayment of P500,000. Balance will be paid next month Jan. 3 Bought photography supplies from Citimall, P100,000 Jan. 4 Paid tarpaulin and neon sign to Peoples Art, P10,000 Jan, 5 Paid rent expense of the studio, P10,000 Jan. 7 Bought service vehicle from Toyota Motors, P300,000 paying 100,000 downpayment, balance will paid thru monthly installments. Jan. 8 Rendered services on Mayor's son wedding, and received P200,000 Jan. 8 Rendered Baptismal coverage and received P50,000
Jan. 10 Done Pre-nup shots to James Sy and Jean Py, contract amount including the wedding coverage is P300,000. Payment will be collected after the wedding on the 25th of the month Jan. 15 Received cash for the portraits done, P100,000 Jan. 16 Paid assistant's salary, P20,000 Jan. 20 Paid Petron for the gasoline used, P10,000 Jan. 22 Rendered services to annual celebration of Mahalta Festival, contract amount is P100,000. Not yet collected. Jan. 25 Received cash from Mr. & Mrs., James Sy for the wedding coverage. Jan. 26 Paid utilities expense, P5,000 Jan. 30 Withdrew cash from the business, P50,000
Transcribed Image Text:Jan. 10 Done Pre-nup shots to James Sy and Jean Py, contract amount including the wedding coverage is P300,000. Payment will be collected after the wedding on the 25th of the month Jan. 15 Received cash for the portraits done, P100,000 Jan. 16 Paid assistant's salary, P20,000 Jan. 20 Paid Petron for the gasoline used, P10,000 Jan. 22 Rendered services to annual celebration of Mahalta Festival, contract amount is P100,000. Not yet collected. Jan. 25 Received cash from Mr. & Mrs., James Sy for the wedding coverage. Jan. 26 Paid utilities expense, P5,000 Jan. 30 Withdrew cash from the business, P50,000
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS