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Prepare the Journal Entries to the individual T-Account

Prepare the Journal Entries to the individual T-Account

FINANCIAL ACCOUNTING
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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Prepare the Journal Entries to the individual T-Account
April Ms. Ann Chavez, the owner of the business, transferred cash from personal bank account to the account of the business. P 1,000,000. Purchased Plain shirts for cash, P 50,000. Bought Screen Printing Machine for notes payable, P 30,000. Bought Ink for cash, P 25,000. Bought Computer Equipment for notes payable, P 10,000. Paid water & electricity bill, P 3,500. Ms. Ann Chavez withdrew P 4,000 cash for personal use. Purchased Office Supplies for cash, P 2,000. Paid May rent for office, P 15,000. Received cash from a customer for service rendered, P3,400. Received cash from a customer for service rendered, P 4,400. Made payment on notes payable, P 40,000. Received cash from a customer for service rendered, P 6,450. Paid annual insurance policies, P 10,000. Paid salaries, P 12,000.
Transcribed Image Text:April Ms. Ann Chavez, the owner of the business, transferred cash from personal bank account to the account of the business. P 1,000,000. Purchased Plain shirts for cash, P 50,000. Bought Screen Printing Machine for notes payable, P 30,000. Bought Ink for cash, P 25,000. Bought Computer Equipment for notes payable, P 10,000. Paid water & electricity bill, P 3,500. Ms. Ann Chavez withdrew P 4,000 cash for personal use. Purchased Office Supplies for cash, P 2,000. Paid May rent for office, P 15,000. Received cash from a customer for service rendered, P3,400. Received cash from a customer for service rendered, P 4,400. Made payment on notes payable, P 40,000. Received cash from a customer for service rendered, P 6,450. Paid annual insurance policies, P 10,000. Paid salaries, P 12,000.
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