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Transactions: a) April 1- Mr. Song invested P100,000 cash and P 250,000 worth of machine in his business named Song Auto Shop b) April 5- Bought supplies P40,000 on credit to Kim Store c) April 7 - Received advanced payment from the customers, P30,000 d) April 11 - Paid salaries expense for her two assistants amounting to 12,500. e) April 17- Paid the 25,000 for the account to Kim Store. f) April 23 - Performed services for the cash payment received last April 7, P10,500. g) April 25 - Performed three auto repair services on account, P10,000 each. h) April 27 - Received and paid the bill for utilities, P4,500. i) April 29 - Collected 50% of the receivables from clients on account i) April 30 - Withdrew 4,000 for personal use. k) April 30-Paid the following expenses: Advertising 1,000; Transportation 1,500; Miscellaneous 2,000

Transactions: a) April 1- Mr. Song invested P100,000 cash and P 250,000 worth of machine in his business named Song Auto Shop b) April 5- Bought supplies P40,000 on credit to Kim Store c) April 7 - Received advanced payment from the customers, P30,000 d) April 11 - Paid salaries expense for her two assistants amounting to 12,500. e) April 17- Paid the 25,000 for the account to Kim Store. f) April 23 - Performed services for the cash payment received last April 7, P10,500. g) April 25 - Performed three auto repair services on account, P10,000 each. h) April 27 - Received and paid the bill for utilities, P4,500. i) April 29 - Collected 50% of the receivables from clients on account i) April 30 - Withdrew 4,000 for personal use. k) April 30-Paid the following expenses: Advertising 1,000; Transportation 1,500; Miscellaneous 2,000

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 journal entry Transactions: a) April 1- Mr. Song invested P100,000 cash and P 250,000 worth of machine in his business named Song Auto Shop b) April 5 - Bought supplies P40,000 on credit to Kim Store c) April 7 - Received advanced payment from the customers, P30,000 d) April 11 - Paid salaries expense for her two assistants amounting to 12,500. e) April 17-Paid the 25,000 for the account to Kim Store. f) April 23 -Performed services for the cash payment received last April 7, P10,500. g) April 25 - Performed three auto repair services on account, P10,000 each. h) April 27 - Received and paid the bill for utilities, P4,500. i) April 29 -Collected 50% of the receivables from clients on account i) April 30 - Withdrew 4,000 for personal use. k) April 30-Paid the following expenses: Advertising 1,000; Transportation 1,500; Miscellaneous 2,000 Use the following account titles and account numbers: 101 102 103 104 201 202 301 Cash Accounts Receivable Supplies Machine Accounts Payable Uneamed Revenue Song, Capital 302 401 501 502 503 504 505 Song, Withdrawal Service Revenue Salaries Expense Utilities Expense Advertising Expense Transportation Expense Miscellaneous Expense
Transcribed Image Text:Prepare journal entry Transactions: a) April 1- Mr. Song invested P100,000 cash and P 250,000 worth of machine in his business named Song Auto Shop b) April 5 - Bought supplies P40,000 on credit to Kim Store c) April 7 - Received advanced payment from the customers, P30,000 d) April 11 - Paid salaries expense for her two assistants amounting to 12,500. e) April 17-Paid the 25,000 for the account to Kim Store. f) April 23 -Performed services for the cash payment received last April 7, P10,500. g) April 25 - Performed three auto repair services on account, P10,000 each. h) April 27 - Received and paid the bill for utilities, P4,500. i) April 29 -Collected 50% of the receivables from clients on account i) April 30 - Withdrew 4,000 for personal use. k) April 30-Paid the following expenses: Advertising 1,000; Transportation 1,500; Miscellaneous 2,000 Use the following account titles and account numbers: 101 102 103 104 201 202 301 Cash Accounts Receivable Supplies Machine Accounts Payable Uneamed Revenue Song, Capital 302 401 501 502 503 504 505 Song, Withdrawal Service Revenue Salaries Expense Utilities Expense Advertising Expense Transportation Expense Miscellaneous Expense
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