Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: Cash Masunurin, Capital Accounts Receivable Masunurin, Withdrawals Supplies Laundry Revenues Prepaid Insurance Salaries Expense Equipment Rent Expense Furniture and Fixtures Utility Expense Accounts Payable Miscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business. 2. He bought chairs and a table and paid them with P5,700 cash. 3. He bought supplies on account from Morong Supply Inc. P3,250. 4. He paid P5,750 for the monthly rental of the place.
Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts.
Use the following account titles:
Cash
Masunurin, Capital
Masunurin, Withdrawals
Supplies
Laundry Revenues
Prepaid Insurance
Salaries Expense
Equipment
Rent Expense
Furniture and Fixtures
Utility Expense
Accounts Payable
Miscellaneous Expense
On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed:
1. He deposited P400,000 in a bank account in the name of the business.
2. He bought chairs and a table and paid them with P5,700 cash.
3. He bought supplies on account from Morong Supply Inc. P3,250.
4. He paid P5,750 for the monthly rental of the place.
Step by step
Solved in 2 steps with 1 images
