Matipirang Laundry entered into the following transactions in January, 2017:January 1 Owner invested P150,000 cash into the business.January 3 Borrowed B40,000 from the bank on a note.January 4 Purchased laundry equipment for #25,000 cash.January 6 Performed services for customers who promised to pay later, P16,000.January 10 Collections were made for the services performed on August 6, P3,200.January 15 Supplies were purchased on account P3,000.January 17 A bill of 400 was received for utilities this month but was not yet paid.January 25 Laundıy services were performed for customers who paid immediately, P22,000.January 31 Paid employees salaries, P6,000.January 31 Paid this month's rent on a building, #2,800.Required:1. Prepare the journal entries.2. Post the journal entries to t-accounts.

Solution Concept Journal entry is the book where the transactions are initially recorded The entry…

Answered: Required: 1. Prepare the journal…

Business

Accounting

Required: 1. Prepare the journal entries. 2. Post the journal entries to t-accounts.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 18E

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