Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of anuary 2017 and POST IT TO THE LEDGER.
Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of anuary 2017 and POST IT TO THE LEDGER.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of
January 2017 and POST IT TO THE LEDGER.
1
Mr. Dalisay made the following investment:
i. Cash
P80,000
20,000
ii. SEWING Machine
3
Purchased furniture for cash , P10,000.
Purchased supplies for cash,P3,000.
Paid the January 2017 rent, P2,000.
Acquired additional equipment (two sewing machine @ P15,000 each). Terms: P10,000 down,the balance
7
8
On six monthly installment.
15 Paid the semi-monthly payroll,P2,000 with the following deductions; SSS Premium Payable,P66.00,
Medicare Payable,P12,00, With holding Taxes Payable,P14.00.
15 Received cash for services rendered,P15,000.
20 Sent a bill to customer for services rendered,P5,000.
22 Received a note for a customer for services rendered,P5,000.
27 Purchased supplies for cash,P500.
31 Paid salaries for two weeks,P2,000. (use same deductions on January 15,2017)
31 Withdrew cash for personal use, P500.00.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F12c25b3f-9be8-4292-96a2-15aecbe39539%2Fb1f91c43-1ba7-4b13-bf6b-7f6a6f02aaa0%2Fiwsdcva_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of
January 2017 and POST IT TO THE LEDGER.
1
Mr. Dalisay made the following investment:
i. Cash
P80,000
20,000
ii. SEWING Machine
3
Purchased furniture for cash , P10,000.
Purchased supplies for cash,P3,000.
Paid the January 2017 rent, P2,000.
Acquired additional equipment (two sewing machine @ P15,000 each). Terms: P10,000 down,the balance
7
8
On six monthly installment.
15 Paid the semi-monthly payroll,P2,000 with the following deductions; SSS Premium Payable,P66.00,
Medicare Payable,P12,00, With holding Taxes Payable,P14.00.
15 Received cash for services rendered,P15,000.
20 Sent a bill to customer for services rendered,P5,000.
22 Received a note for a customer for services rendered,P5,000.
27 Purchased supplies for cash,P500.
31 Paid salaries for two weeks,P2,000. (use same deductions on January 15,2017)
31 Withdrew cash for personal use, P500.00.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education