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s: Prepare the journal entry for each transaction. Use the following account numbers for posting reference. Writc your answers on a separate shect of paper. Assets Revenue 101 Cash 401 Service Revenue 102 Accounts Receivable Expenses

s: Prepare the journal entry for each transaction. Use the following account numbers for posting reference. Writc your answers on a separate shect of paper. Assets Revenue 101 Cash 401 Service Revenue 102 Accounts Receivable Expenses

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 entry for each transaction 

Directions: Prepare the journal entry for each transaction. Use the following account bers for posting rcierence, write your anSwers on a separate sheet of paper. Assets Revenue 101 Cash 401 Service Revenue 102 Accounts Receivable Expenses 103 Supplies 501 Salaries Expense 104 Service Vehicle 502 Rent Expense Liability 503 Utilities Expense 201 Accounts Payable Advertising Expense 504 Owner's Equitv 505 Miscellancous Expense 301 Angelie. Capital 302 Angelie, Drawings Michelle Angelié established Angelie's Advertising Business. The following are the transactions for the whole month of October 2019. Michele Angelie deposited P250,000 under the name of the business. She acquired a service vehicle in the amount of P195,000 on account. Oct. 1 3 She acquired supplies for cash worth P57,000. She received P87,500 cash for painted signs. 10 She paid the month's rent amounting to P25,000. 11 She painted signs for Mundo Mobile on account for P170,000. 12 She paid P55,000 on account from October 2. 16 She withdrew P25,000 for personal use. 23 She collected P35,000 from Mundo Mobile. 27 She paid salaries amounting to P57,000 for the month. 30 She paid PH Telecom P7,500 for communication services for the month. 31 She paid the bill amountine to P5.500 to AdLamao for advertising for the month. :2:
Transcribed Image Text:Directions: Prepare the journal entry for each transaction. Use the following account bers for posting rcierence, write your anSwers on a separate sheet of paper. Assets Revenue 101 Cash 401 Service Revenue 102 Accounts Receivable Expenses 103 Supplies 501 Salaries Expense 104 Service Vehicle 502 Rent Expense Liability 503 Utilities Expense 201 Accounts Payable Advertising Expense 504 Owner's Equitv 505 Miscellancous Expense 301 Angelie. Capital 302 Angelie, Drawings Michelle Angelié established Angelie's Advertising Business. The following are the transactions for the whole month of October 2019. Michele Angelie deposited P250,000 under the name of the business. She acquired a service vehicle in the amount of P195,000 on account. Oct. 1 3 She acquired supplies for cash worth P57,000. She received P87,500 cash for painted signs. 10 She paid the month's rent amounting to P25,000. 11 She painted signs for Mundo Mobile on account for P170,000. 12 She paid P55,000 on account from October 2. 16 She withdrew P25,000 for personal use. 23 She collected P35,000 from Mundo Mobile. 27 She paid salaries amounting to P57,000 for the month. 30 She paid PH Telecom P7,500 for communication services for the month. 31 She paid the bill amountine to P5.500 to AdLamao for advertising for the month. :2:
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