PROBLEM SOLVING JOURNAL ENTRIES Mr. Romero Carodam established a repair shop on January 3 of the current year. A summary of the January transactions is presented below: Jan. 3 5 7 8. 10. 12 15 16 NNNNO 20 25 27 30 Invested P50,000 in cash deposited at PCI Bank in the name of the Paid a monthly rental amounting to P4,000. Purchased equipment for P8,000 cash. Bought office supplies, P2,000. Collected P15,000 from customers in various repair services. Incurred P2,000 of advertising costs on account. Paid employees salaries P7,000. Withdrew P3,000 cash for personal use. Rendered repair service on account to customers, P12,000 Paid telephone bill, P1,500 Paid light and water bills, P1,500 Collected P10,000 for services billed on January 20. business. Required: Journalize the transactions using the following accounts titles. Cash, Accounts Receivable, Office Supplies, Equipment, Accounts Payable and R. Carodam, Capital. R. Carodam Drawing, Service Income, Rent Expense, Advertising Expense, Salary Expense, and Utilties Expense.

PROBLEM SOLVING JOURNAL ENTRIES Mr. Romero Carodam established a repair shop on January 3 of the current year. A summary of the January transactions is presented below: Jan. 3 5 7 8. 10. 12 15 16 NNNNO 20 25 27 30 Invested P50,000 in cash deposited at PCI Bank in the name of the Paid a monthly rental amounting to P4,000. Purchased equipment for P8,000 cash. Bought office supplies, P2,000. Collected P15,000 from customers in various repair services. Incurred P2,000 of advertising costs on account. Paid employees salaries P7,000. Withdrew P3,000 cash for personal use. Rendered repair service on account to customers, P12,000 Paid telephone bill, P1,500 Paid light and water bills, P1,500 Collected P10,000 for services billed on January 20. business. Required: Journalize the transactions using the following accounts titles. Cash, Accounts Receivable, Office Supplies, Equipment, Accounts Payable and R. Carodam, Capital. R. Carodam Drawing, Service Income, Rent Expense, Advertising Expense, Salary Expense, and Utilties Expense.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section: Chapter Questions

Problem 1AP

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Record each transaction in a journal entry. Explanations are not required.