Directions: Establish the following T-Accounts. Write your answers on a separate sheet of paper. Masunurin, Capital Masunurin, Withdrawals Laundry Revenues Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense Cash Accounts Receivable Supplies Prepaid Insurance Equipment Furniture and Fixtures Accounts Payable On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: a. He deposited P400,000 in a bank account in the name of the business. b. He bought chairs and a table and paid them with P5,700 cash. c. He bought supplies on account from Morong Supply Inc. P3,250. d. He paid P5,750 for the monthly rental of the place. e. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on account. f. He earned P19,250 revenues on cash basis for the first half of the month. g. He bought insurance for one year for P5,800. h. He paid accounts to Bataan Equipment Corp. worth P7,000. i. He paid P7,000 for the electric bill. J. He earned P12,350 revenues on cash basis for the second half of the month. k. He paid P7,400 for the salaries of the part-time assistants. 1. He withdrew P4,500 cash for personal use. m. He paid accounts to Morong Supply Inc. worth P2,750. 1. He paid P2,800 to the city government for sidewalk repair assessment. 0. He paid miscellaneous expenses for the month worth P1,000.
Directions: Establish the following T-Accounts. Write your answers on a separate sheet of paper. Masunurin, Capital Masunurin, Withdrawals Laundry Revenues Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense Cash Accounts Receivable Supplies Prepaid Insurance Equipment Furniture and Fixtures Accounts Payable On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: a. He deposited P400,000 in a bank account in the name of the business. b. He bought chairs and a table and paid them with P5,700 cash. c. He bought supplies on account from Morong Supply Inc. P3,250. d. He paid P5,750 for the monthly rental of the place. e. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on account. f. He earned P19,250 revenues on cash basis for the first half of the month. g. He bought insurance for one year for P5,800. h. He paid accounts to Bataan Equipment Corp. worth P7,000. i. He paid P7,000 for the electric bill. J. He earned P12,350 revenues on cash basis for the second half of the month. k. He paid P7,400 for the salaries of the part-time assistants. 1. He withdrew P4,500 cash for personal use. m. He paid accounts to Morong Supply Inc. worth P2,750. 1. He paid P2,800 to the city government for sidewalk repair assessment. 0. He paid miscellaneous expenses for the month worth P1,000.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section: Chapter Questions
Problem 1SDP
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Question
Establish the following T - Accounts
Transcribed Image Text:Directions: Establish the following T-Accounts. Write your answers on a separate sheet
of paper.
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Furniture and Fixtures
Masunurin, Capital
Masunurin, Withdrawals
Laundry Revenues
Salaries Expense
Rent Expense
Utilities Expense
Miscellaneous Expense
Accounts Payable
On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the
month of January, the following transactions were completed:
a. He deposited P400,000 in a bank account in the name of the business.
b. He bought chairs and a table and paid them with P5,700 cash.
c. He bought supplies on account from Morong Supply Inc. P3,250.
d. He paid P5,750 for the monthly rental of the place.
e. He bought washing machines and dryers from Bataan Equipment Corp.
amounting to P115,000. He paid them with P35,000 in cash and the balance on
account.
f. He earned P19,250 revenues on cash basis for the first half of the month.
g. He bought insurance for one year for P5,800.
h. He paid accounts to Bataan Equipment Corp. worth P7,000.
i. He paid P7,000 for the electric bill.
J. He earned P12,350 revenues on cash basis for the second half of the month.
k. He paid P7,400 for the salaries of the part-time assistants.
1. He withdrew P4,500 cash for personal use.
m. He paid accounts to Morong Supply Inc. worth P2,750.
11. He paid P2,800 to the city government for sidewalk repair assessment.
0. He paid miscellaneous expenses for the month worth P1,000.
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