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Chart of Accounts On March 1, 2022, Mr. Martinez started his Photography business. The following are the Cash transactions that happened for the month of March. Journalize the transactions. Accounts Receivable Mar 1- Mr. Martinez invested P500,000 and P350,000 worth of equipment. Supplies Equipment Mar 2 - Purchased supplies worth P25,000 on account. Vehicle Mar 4 - Rendered photography services to B. advertising worth P35,000, on account. Accounts Payable Notes Payable Mar 4 - Purchased additional supplies, P15,000. Martinez, Capital Mar 6 - Bought equipment worth P90,000, terms: 50% downpayment, 25% on account, and issued promissory note for the remaining Insurance Expense balance. Service Income Salaries Expense Mar 8 - Martinez photography covered the wedding of Lopez couple worth P50,000 and received the payment right after the event. Utilities Expense Mar 9 - Collected 50% of the balance from B. Advertising. Mar 12 - Paid all the balances on Mar 6 transaction. Mar 16 - Martinez Photography rendered services amounting to P80,000 on account. Mar 18 - Paid the salaries of the employees, P15,000 Mar 20 - Purchased services vehicle worth P250,000. 50% downpayment and the remaining balance is backed up with a note. Mar 20 - Paid electricity, internet, and water bill, P9,000. Mar 23 - Performed services worth P75,000 on account Mar 25 - Made a partial payment on Mar 20 purchase of vehicle, P50, 000

Chart of Accounts On March 1, 2022, Mr. Martinez started his Photography business. The following are the Cash transactions that happened for the month of March. Journalize the transactions. Accounts Receivable Mar 1- Mr. Martinez invested P500,000 and P350,000 worth of equipment. Supplies Equipment Mar 2 - Purchased supplies worth P25,000 on account. Vehicle Mar 4 - Rendered photography services to B. advertising worth P35,000, on account. Accounts Payable Notes Payable Mar 4 - Purchased additional supplies, P15,000. Martinez, Capital Mar 6 - Bought equipment worth P90,000, terms: 50% downpayment, 25% on account, and issued promissory note for the remaining Insurance Expense balance. Service Income Salaries Expense Mar 8 - Martinez photography covered the wedding of Lopez couple worth P50,000 and received the payment right after the event. Utilities Expense Mar 9 - Collected 50% of the balance from B. Advertising. Mar 12 - Paid all the balances on Mar 6 transaction. Mar 16 - Martinez Photography rendered services amounting to P80,000 on account. Mar 18 - Paid the salaries of the employees, P15,000 Mar 20 - Purchased services vehicle worth P250,000. 50% downpayment and the remaining balance is backed up with a note. Mar 20 - Paid electricity, internet, and water bill, P9,000. Mar 23 - Performed services worth P75,000 on account Mar 25 - Made a partial payment on Mar 20 purchase of vehicle, P50, 000

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter3: The Double-entry Framework
Section: Chapter Questions
Problem 6SEA: TRANSACTION ANALYSIS Linda Kipp starred a business on May 1, 20--. Analyze the following...
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Chart of Accounts On March 1, 2022, Mr. Martinez started his Photography business. The following are the Cash transactions that happened for the month of March. Journalize the transactions. Accounts Receivable Mar 1- Mr. Martinez invested P500,000 and Supplies P350,000 worth of equipment. Equipment Mar 2 - Purchased supplies worth P25,000 on account. Vehicle Mar 4 - Rendered photography services to B. Accounts Payable advertising worth P35,000, on account. Notes Payable Mar 4 - Purchased additional supplies, P15,000. Martinez, Capital Mar 6 - Bought equipment worth P90,000, terms: 50% downpayment, 25% on account, Service Income and issued promissory note for the remaining Insurance Expense balance. Salaries Expense Mar 8 - Martinez photography covered the wedding of Lopez couple worth P50,000 and received the payment right after the event. Utilities Expense Mar 9 - Collected 50% of the balance from B. Advertising. Mar 12 - Paid all the balances on Mar 6 transaction. Mar 16 - Martinez Photography rendered services amounting to P80,000 on account. Mar 18 - Paid the salaries of the employees, P15,000 Mar 20 - Purchased services vehicle worth P250,000. 50% downpayment and the remaining balance is backed up with a note. Mar 20 - Paid electricity, internet, and water bill, P9,000. Mar 23 - Performed services worth P75,000 on account Mar 25 - Made a partial payment on Mar 20 purchase of vehicle, P50, 000 Mar 28 - Paid insurance P4,000
Transcribed Image Text:Chart of Accounts On March 1, 2022, Mr. Martinez started his Photography business. The following are the Cash transactions that happened for the month of March. Journalize the transactions. Accounts Receivable Mar 1- Mr. Martinez invested P500,000 and Supplies P350,000 worth of equipment. Equipment Mar 2 - Purchased supplies worth P25,000 on account. Vehicle Mar 4 - Rendered photography services to B. Accounts Payable advertising worth P35,000, on account. Notes Payable Mar 4 - Purchased additional supplies, P15,000. Martinez, Capital Mar 6 - Bought equipment worth P90,000, terms: 50% downpayment, 25% on account, Service Income and issued promissory note for the remaining Insurance Expense balance. Salaries Expense Mar 8 - Martinez photography covered the wedding of Lopez couple worth P50,000 and received the payment right after the event. Utilities Expense Mar 9 - Collected 50% of the balance from B. Advertising. Mar 12 - Paid all the balances on Mar 6 transaction. Mar 16 - Martinez Photography rendered services amounting to P80,000 on account. Mar 18 - Paid the salaries of the employees, P15,000 Mar 20 - Purchased services vehicle worth P250,000. 50% downpayment and the remaining balance is backed up with a note. Mar 20 - Paid electricity, internet, and water bill, P9,000. Mar 23 - Performed services worth P75,000 on account Mar 25 - Made a partial payment on Mar 20 purchase of vehicle, P50, 000 Mar 28 - Paid insurance P4,000
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