Prepare journal entries

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Prepare journal entries of MIRAMAR
BOOKSTORE FOR THE MONTH OF
JANUARY 2021
JAN. 1 INVESTED 3,000,000 FOR
THE BUSINESS
JAN 2 PURCHASED 4000 BOOKS
FROM ATLAS PUBLISHING
AMOUNTING TO
P2,000,000.
JAN, 3 PAID GEMINI ADVERTISING
FOR SIGNAGE, P20,000
JAN. 4 PAID JAM SPACE FOR
RENT FOR THE STORE SPACE.
P15,000
JAN, 5 BOUGHT FURNITURE AND
FIXTURES, P50,000
JAN, 6 CASH SALES FOR THE
OPENING DAY, P75,000
Transcribed Image Text:Prepare journal entries of MIRAMAR BOOKSTORE FOR THE MONTH OF JANUARY 2021 JAN. 1 INVESTED 3,000,000 FOR THE BUSINESS JAN 2 PURCHASED 4000 BOOKS FROM ATLAS PUBLISHING AMOUNTING TO P2,000,000. JAN, 3 PAID GEMINI ADVERTISING FOR SIGNAGE, P20,000 JAN. 4 PAID JAM SPACE FOR RENT FOR THE STORE SPACE. P15,000 JAN, 5 BOUGHT FURNITURE AND FIXTURES, P50,000 JAN, 6 CASH SALES FOR THE OPENING DAY, P75,000
JAN, 7 SOLD 1 SET OF
ENCYCLOPEDIA TO SIBTECH
COLLEGE, P200,000 ON CREDIT
TERMS 3/10, N/30
JAN, 8 PURCHASED HARD
BOUND POCKETBOOKS FROM
GLOBE COMPANY, P100,000
JAN. 9 PURCHASED ADDITIONAL
BOOKS FROM WEBSTER
BOOKSTORE, P200.000
ON CREDIT. TERMS 2/10,
N/30
JAN, 10 PAID LBC FOR THE
SHIPMENT OF BOOKS FROM
WEBSTER BOOKSTORE
JAN. 15 CASH SALES FOR THE
WEEK, P400,000
JAN. 17 RECEIVED CHECK FROM
SIBTECH COLLEGE FOR FULL
PAYMENT OF ACCOUNT
JAN 25 CASH SALES, P150,000
JAN. 29 SEND PAYMENT TO
WEBSTER BOOKSTORE
Transcribed Image Text:JAN, 7 SOLD 1 SET OF ENCYCLOPEDIA TO SIBTECH COLLEGE, P200,000 ON CREDIT TERMS 3/10, N/30 JAN, 8 PURCHASED HARD BOUND POCKETBOOKS FROM GLOBE COMPANY, P100,000 JAN. 9 PURCHASED ADDITIONAL BOOKS FROM WEBSTER BOOKSTORE, P200.000 ON CREDIT. TERMS 2/10, N/30 JAN, 10 PAID LBC FOR THE SHIPMENT OF BOOKS FROM WEBSTER BOOKSTORE JAN. 15 CASH SALES FOR THE WEEK, P400,000 JAN. 17 RECEIVED CHECK FROM SIBTECH COLLEGE FOR FULL PAYMENT OF ACCOUNT JAN 25 CASH SALES, P150,000 JAN. 29 SEND PAYMENT TO WEBSTER BOOKSTORE
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