Identify the appropriate journal to be used in each item below. Choose from the books of accounts listed in the box. General JournalSales JournalPurchase JournalCash Receipt JournalCash Disbursement Journal1. Mr. Ong invested an equipment on his own business worth of Php200,000.00.2. Aling Lita sold merchandise on account worth of Php 3,000.00.3. Mr. Valdez purchased a vehicle worth of Php 150,000.00 on account.4. Rhea received Php 20,000.00 for the services that she rendered.5. Janice paid the salaries of her employees on her accounting firm with the amount of Php 30,000.00.6. Khariz bought office supplies on cash basis amounting to Php 2,000.00.7. Trishi received cash of Php 5,000.00 on the sales she made.8. Mr. Melbourne purchased supplies amounting to Php 1,500.000 with the terms of 2/2, n/30.9. Julie sold merchandise amounting to Php 20,000.00 with the terms of 2/5, n/30.10. Mr. Ong withdrew cash worth of Php 3,000.00 for his personal use.

A Special journal is used to record a specific type of transaction which occurs frequently in a…

Answered: Identify the appropriate journal to be…

Business

Accounting

Identify the appropriate journal to be used in each item below. Choose from the books of accounts listed in the box.

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 3SEB: ANALYSIS OF T ACCOUNTS Roberto Alvarez began a business called Robertos Fix-It Shop. 1. Create T...

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ANALYSIS OF T ACCOUNTS Roberto Alvarez began a business called Robertos Fix-It Shop. 1. Create T accounts for Cash; Supplies; Roberto Alvarez, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts: (a) Invested cash in the business, 6,000. (b) Purchased supplies for cash, 51,200. (c) Paid utility bill, 900. 2. Foot the T account for cash and enter the ending balance.
INSTRUCTION: Post the Business transaction of the Entity. (General Ledger and Subsidiary Ledger) On April 01, 2015 Emily started business with Php. 100,000. On April 2, She purchased Equipment for cash Php. 7,000. On April 8, She Purchased Supplies for cash Php 2,000 and Php 1,000 for credit from Jose Retail Store. Received cash from customer amounting 15,000 on April 14. Owner withdrew of worth Php 2,000 for personal use on April 18. Other cash from customer 5,000 on April 20. On April 22, Service rendered to customer Php 7,000 to be paid on the agreement date. On April 25, Paid Jose Retail Store Php 1000. Paid Salaries Expense Php 5,000 on April 30. On April 30, Emily paid Electric Bill amounting Php 3,000.
Instructions.1. Prepare the general journal entriesDATE TRANSACTIONS1/2/16 Invested PHP500,000 to his business. The trade name of the business was “MR.LABANDERO”1/3/16 Hired Allan and Allie who will manage his business1/4/16 Collections from various customers for the day - PHP3,0001/5/16 Purchase store supplies from Labada Store - PHP10,0001/7/16 Collections from various customers for the day - PHP8,0001/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business willdo all the laundry of the hotel.1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment willbe made on January 20, 2016.1/10/16 Collections from various customers for the day - PHP12,0001/12/16 Purchase a washing machine amounting to PHP50,0001/15/16 Collections from various customers for the day - PHP20,0001/19/16 Paid electricity bill for the month amounting to PHP18,0001/20/16 Received payment from Sikat Hotel amounting to PHP15,0001/21/16 Paid salaries of…
INSTRUCTION: Make a simple Chart of Account of Emily’s Trading On April 01, 2015 Emily started business with Php. 100,000. On April 2, She purchased Equipment for cash Php. 7,000. On April 8, She Purchased Supplies for cash Php 2,000 and Php 1,000 for credit from Jose Retail Store. Received cash from customer amounting 15,000 on April 14. Owner withdrew of worth Php 2,000 for personal use on April 18. Other cash from customer 5,000 on April 20. On April 22, Service rendered to customer Php 7,000 to be paid on the agreement date. On April 25, Paid Jose Retail Store Php 1000. Paid Salaries Expense Php 5,000 on April 30. On April 30, Emily paid Electric Bill amounting Php 3,000.
INSTRUCTION: Journalized the transactions of Emily’s Service Business (General Journal and Special Journal Account) On April 01, 2015 Emily started business with Php. 100,000. On April 2, She purchased Equipment for cash Php. 7,000. On April 8, She Purchased Supplies for cash Php 2,000 and Php 1,000 for credit from Jose Retail Store. Received cash from customer amounting 15,000 on April 14. Owner withdrew of worth Php 2,000 for personal use on April 18. Other cash from customer 5,000 on April 20. On April 22, Service rendered to customer Php 7,000 to be paid on the agreement date. On April 25, Paid Jose Retail Store Php 1000. Paid Salaries Expense Php 5,000 on April 30. On April 30, Emily paid Electric Bill amounting Php 3,000.
Question Three The following transactions relate to Kwaabota Enterprise for the month of March 2021. March: 1 commenced business with GHc 18,000 at the bank 2 purchased office computers GHc 3,000 3 bought goods worth GHc 8,000 4 cash sales GHc 12,000 5 cash deposited at bank GHc 7,000 6 paid commission for salesmen GHc 500 7 sold goods to Asare on credit GHc 1,500 8 bought goods on credit from Adwoa Ayongo GHc 20,000 9 received GHc 800 from Asare 10 paid for utilities GHc 200 11 paid by cheque an amount of GHc16,000 to Adwoa Ayongo 12 cash sales immediately deposited at bank Ghc 4,000 13 paid salaries by cheque Ghc 1,100 14 injected additional Ghc22,000 into the business 15 Withdrew Ghc1, 500 from the bank for office use. Question Four A ledger is a book containing accounts in which the classified and summarized information from the journals is posted as debits and credits. It is also called the second book of entry. The ledger contains the information…
Question : Pass the journal entries for the following. May 2013 Date 1 : Set up the entity with capital in cash Rs. 2,500,000. 2 : Bought good on credit from the following supplies : The Bushes company Rs. 5,40,000, Flower city Rs. 8,70,000, D Gibson Rs. 2,50,000, Weedkill Rs. 7,60,000, T greenery Rs. 6,40,000 3 : Sold goods on credit to : The office company Rs. 4,30,000, V Cork Rs. 6,40,000, Texas Chain Stores Rs. 17,60,000. 4 : Paid rent Rs. 1,20,000. 5 : The office company paid the Rs. 4,30,000 that it owed. 6 : Texas Chain Stores paid Rs. 15,00,000. 7 : The following payments were made : to D Gibson Rs. 2,50,000, and to The Bushes Company 5,40,000. 8 : Advertising costs of Rs. 2,30,000 were paid to the Local news Publisher. 9 : Bought goods on credit from the following suppliers : The Bushes Company Rs. 4,30,000, Landscape 11,00,000. 10 : Sold good on credit to Public Parks Rs. 6,70,000. 11 : Paid rent Rs. 1,80,000
Journalize the following transactions.2018Jan. 1 Started business with P10 000. 3 Deposited P5 000 into bank. 4 Purchased goods for P14 000. 8 Purchased goods of P18 000 from Hulela. 11 Sold goods for P18 000. 14 sold goods of P14 000 to Gabrieal. 16 Paid P13 000 to Hulela on account. 18 Gabrieal returned goods of P2 400 to us. 21 Returned goods of P1 250 to Hulela. 23 Withdrew P1 500 from the bank. 24 Received P4 000 from Gabrieal on account
TRANSACTION (JOURNALIZING): 1)Partial collection from silver transaction -PhP25,000 2)Withdrew PhP500 for personal use 3)Rendered services on account to silver -PhP40,000
PROBLEMOn January 1, 20X1, Ms. Yama Ha opened a guitar repair shop called “Guitar Doc”. Thefollowing were the transactions during the year:1. Ms. Yama invested Php 100,000 cash to the business.2. The business purchased supplies worth Php 60,000. Guitar Doc uses the expensemethod.3. Total service fees billed to clients, on account, amounted to Php 400,000.4. Total collections on accounts receivable amounted to Php 270,000.5. Ms. Yama took Php 60,000 cash from the business.6. Total salaries paid amounted to Php 180,000.Additional information:a. Billy Sheehan, one of the debtors, is undergoing financial difficulties. Of the total Php50,000 accounts receivable from Billy Sheehan, only Php 40,000 is sure of collection;Php 10,000 is doubtful.b. Unused supplies at the end of the period amounted to Php 20,000.c. Unpaid employee salaries amounted to Php 30,000.Requirements:a. Provide the journal entries.b. Post the entries to the ledger.c. Prepare the unadjusted trial balance.d. Provide the…
PROBLEMOn January 1, 20X1, Ms. Yama Ha opened a guitar repair shop called “Guitar Doc”. Thefollowing were the transactions during the year:1. Ms. Yama invested Php 100,000 cash to the business.2. The business purchased supplies worth Php 60,000. Guitar Doc uses the expensemethod.3. Total service fees billed to clients, on account, amounted to Php 400,000.4. Total collections on accounts receivable amounted to Php 270,000.5. Ms. Yama took Php 60,000 cash from the business.6. Total salaries paid amounted to Php 180,000.Additional information:a. Billy Sheehan, one of the debtors, is undergoing financial difficulties. Of the total Php50,000 accounts receivable from Billy Sheehan, only Php 40,000 is sure of collection;Php 10,000 is doubtful.b. Unused supplies at the end of the period amounted to Php 20,000.c. Unpaid employee salaries amounted to Php 30,000.
NoTEe: These are MCQS MCQS 1Land is purchased by making a cash down payment of $40,000 and signing a note payable for the balance of $130,000. The journal entry to record this transaction in the accounting records of the purchaser includes:a)A credit to Land for $40,000.b)A debit to Cash for $40,000.c)A debit to Land for $170,000.d)A debit to Note Payable for $130,000. MCQS 2The accounting principle that assumes that a company will operate in the foreseeable future is:a)Going concern.b)Objectivity.c)Liquidity.d)Disclosure. MCQS 3Total assets must always equal total liabilities plus total owners' equity.a)True b)False MCQS 4In which of the following situations would the largest amount be recorded as an expense of the current year? (Assume accrual basis accounting.)a)$4,000 is paid in January for equipment with a useful life of four years.b)$1,800 is paid in January for a two-year fire insurance policy.c)$1,200 cash dividends are declared and paid.d)$900 is paid to an attorney for legal…