Prepare the entries to record the following independent transactionswith explanations. 1.On Jan 4, 2016, received PHP20,000 from a customer in payment for services rendered. 2.Payment to X Supplier amounting to PHP4,000 for office suppliespurchased on Jan 3, 2016. 3.Maria invested PHP60,000 on Jan 18, 2016 to start a barbershopin Iligan City. 4.On Jan 3, 2016 paid PHP10,000 rental amount for the month ofJan 2016,. 5.On Jan 15, 2016, Peter Pawn withdrew PHP30,000 from hisbusiness to pay for the tuition of his son. 6.Collected PHP20,000 of the accounts receivable from MalakasCompany on Jan 17, 2016. 7.Paid the salary of the office secretary amounting to PHP15,000 onJan 18, 2016. 8.Purchased office equipment worth PHP20,000 by paying 40%down payment and the balance on account. 9.Paid PHP2,000 of the accounts payable on Jan 28, 2016. 10.Rendered services to clients on Jan 18, 2016 amounting toPHP15,600.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Prepare the entries to record the following independent transactionswith explanations.

1.On Jan 4, 2016, received PHP20,000 from a customer in payment for services rendered.

2.Payment to X Supplier amounting to PHP4,000 for office suppliespurchased on Jan 3, 2016.

3.Maria invested PHP60,000 on Jan 18, 2016 to start a barbershopin Iligan City.

4.On Jan 3, 2016 paid PHP10,000 rental amount for the month ofJan 2016,.

5.On Jan 15, 2016, Peter Pawn withdrew PHP30,000 from hisbusiness to pay for the tuition of his son.

6.Collected PHP20,000 of the accounts receivable from MalakasCompany on Jan 17, 2016.

7.Paid the salary of the office secretary amounting to PHP15,000 onJan 18, 2016.

8.Purchased office equipment worth PHP20,000 by paying 40%down payment and the balance on account.

9.Paid PHP2,000 of the accounts payable on Jan 28, 2016.

10.Rendered services to clients on Jan 18, 2016 amounting toPHP15,600.

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