Prepare the entries to record the following independent transactions with explanations.On January 4, 2016, received Php 20,000 from a customer in payment for services rendered.Payment to X Supplier amounting to Php 4,000 for office supplies purchased on January 3,2016.Maria invested Php 60,000 on January 18,2016 to start a barbershop in Naga City.On January 5, 2016, Peter Pan withdrew Php 30,000 from his business to pay for the tuition of his son.On January 7, 2016 paid Php 10,000 rental amount for the month of January 2016.Collected Php 20,000 of the accounts receivable from Master Company on January 17, 2016.Paid the salary of the office secretary amounting to Php 20,000 on January 18, 2016.Purchased office equipment worth Php 25,000 by paying 40% down payment and the balance on account.Paid Php 5,000 of the accounts payable on January 28,2016.Rendered services to clients on January 5, 2016 amounting to Php 20,700.

Name: Prepare the entries to record the following independent transactions w
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Prepare the entries to record the following independent transactions with explanations.On January 4, 2016, received Php 20,000 from a customer in payment for services rendered.Payment to X Supplier amounting to Php 4,000 for office supplies purchased

Journal entry - It refers to the process where the business transactions are recorded in the books…

Answered: Prepare the entries to record the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Prepare the entries to record the following independent transactions with explanations.

On January 4, 2016, received Php 20,000 from a customer in payment for services rendered.
Payment to X Supplier amounting to Php 4,000 for office supplies purchased on January 3,2016.
Maria invested Php 60,000 on January 18,2016 to start a barbershop in Naga City.
On January 5, 2016, Peter Pan withdrew Php 30,000 from his business to pay for the tuition of his son.
On January 7, 2016 paid Php 10,000 rental amount for the month of January 2016.
Collected Php 20,000 of the accounts receivable from Master Company on January 17, 2016.
Paid the salary of the office secretary amounting to Php 20,000 on January 18, 2016.
Purchased office equipment worth Php 25,000 by paying 40% down payment and the balance on account.
Paid Php 5,000 of the accounts payable on January 28,2016.
Rendered services to clients on January 5, 2016 amounting to Php 20,700.

Expert Solution

Step by step

Solved in 2 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions