Requirement: Journalize the transactions using the ff: account: Cash: Accounts Receivable; Equipment; Furniture; Accounts Payable; Loans Payable; Maharlika, Capital; Maharlika, Withdrawal; Service Revenue; and Utilities Expense. Record the journal entries in a journal sheet in proper format. Maharlika decided to invest in a travel agency. Below are the transaction for the month of July 2021. July 1: Maharlika invested a car worth P750,000, cash of P1,400,000 and furniture worth P350,000 July 4: Borrowed P350,000 from Shey Bank July 5: Bought furniture from Fim’s P30,000 on account. July 6: Withdrew cash P100,000 for personal use July 15: Rendered services to Joyous Tours P500,000 on account July 21: Paid utilities for P10,000 July 24: Performed services, P25,000 July 27 Paid furniture previously acquired July 30: Collected account from Joyous Tours
Requirement: Journalize the transactions using the ff: account: Cash: Accounts Receivable; Equipment; Furniture; Accounts Payable; Loans Payable; Maharlika, Capital; Maharlika, Withdrawal; Service Revenue; and Utilities Expense. Record the journal entries in a journal sheet in proper format. Maharlika decided to invest in a travel agency. Below are the transaction for the month of July 2021. July 1: Maharlika invested a car worth P750,000, cash of P1,400,000 and furniture worth P350,000 July 4: Borrowed P350,000 from Shey Bank July 5: Bought furniture from Fim’s P30,000 on account. July 6: Withdrew cash P100,000 for personal use July 15: Rendered services to Joyous Tours P500,000 on account July 21: Paid utilities for P10,000 July 24: Performed services, P25,000 July 27 Paid furniture previously acquired July 30: Collected account from Joyous Tours
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Requirement:
Journalize the transactions using the ff: account: Cash: Accounts Receivable ; Equipment; Furniture; Accounts Payable; Loans Payable; Maharlika, Capital; Maharlika, Withdrawal; Service Revenue; and Utilities Expense. Record the journal entries in a journal sheet in proper format.
Maharlika decided to invest in a travel agency. Below are the transaction for the month of July 2021.
July 1: Maharlika invested a car worth P750,000, cash of P1,400,000 and furniture worth P350,000
July 4: Borrowed P350,000 from Shey Bank
July 5: Bought furniture from Fim’s P30,000 on account.
July 6: Withdrew cash P100,000 for personal use
July 15: Rendered services to Joyous Tours P500,000 on account
July 21: Paid utilities for P10,000
July 24: Performed services, P25,000
July 27 Paid furniture previously acquired
July 30: Collected account from Joyous Tours
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