Journalize the adjusting entries only. ( the attached picture is the journalized entry) April 01 - Invested capital. P1,7000,000 02 - Paid P12,000 as two months advance rent on a completely furnished building. 05 - Paid cash for delivery trucks P950,000 06 - Rendered delivery services P60,250. 07 - Billed credit clients, P50,150 08 - Acquired computers, printers and other office requirement totalling to P122,000 on account. 09 - Paid P3,200 for supplies recieved. 12 - Performed delivery services for costumers who promised to pay P27,000 at a later date. 15 - Invested additional cash P50,200 15 - Paid P8,400 salaries to employees for 1st half of the month. 18 - Paid promotionals tarpaulins for its advertising for the month, P3,510 20. Collected cash of ₱4,500 from customers on account (see April 12 entry). 21. Received a bill and paid for ₱1,500 for advertising in the local newspaper in April. 25. Paid cash for gas and oil consumed in April, ₱650. 27. Performed services cash, ₱10,500. 28. Acquired office chairs for ₱5,200 on account 29. Paid expenses for petty items, ₱1,000. 30. Withdraw ₱150,000 for personal use. 30. Earned services for delivery to a company client for credit, ₱52,540. 30. Paid ₱8,400 salaries to employees for 2nd half of April. Adjusting entries A. Rent expense for april. B. Supplies Expense to be recorded if the physical count conducted revealed ₱1,000 on hand. C. Accrued Salaries on April for ₱800 D. Utilities Payable for april amounted to ₱2,200 E. Depreciation Expense for delivery equipment for the month of april. Use 10 yrs. useful life and no salvage value. (Acquired April 5) Compute for 1 month depreciation only. Use two decimal places. F. Depreciation Expense for Office Equipment for the month of April. Use 5 yrs. useful life and no salvage value ( Acquired April 8 ) Compute for 1 month depreciation only. Use two decimal places. G. Depreciation Expense for Furnitures & Fixtures for the month of April. Use 5yrs useful Life and no salvage value. (Acquired April 28) Compute for 1 month depreciation only. Use two decimal places.

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter3: Accrual Accounting
Section: Chapter Questions
Problem 28BE: Brief Exercise 3-28 Accrual- and Cash-Basis Accounting The following are several transactions for...
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Journalize the adjusting entries only. ( the attached picture is the journalized entry) April 01 - Invested capital. P1,7000,000 02 - Paid P12,000 as two months advance rent on a completely furnished building. 05 - Paid cash for delivery trucks P950,000 06 - Rendered delivery services P60,250. 07 - Billed credit clients, P50,150 08 - Acquired computers, printers and other office requirement totalling to P122,000 on account. 09 - Paid P3,200 for supplies recieved. 12 - Performed delivery services for costumers who promised to pay P27,000 at a later date. 15 - Invested additional cash P50,200 15 - Paid P8,400 salaries to employees for 1st half of the month. 18 - Paid promotionals tarpaulins for its advertising for the month, P3,510 20. Collected cash of ₱4,500 from customers on account (see April 12 entry). 21. Received a bill and paid for ₱1,500 for advertising in the local newspaper in April. 25. Paid cash for gas and oil consumed in April, ₱650. 27. Performed services cash, ₱10,500. 28. Acquired office chairs for ₱5,200 on account 29. Paid expenses for petty items, ₱1,000. 30. Withdraw ₱150,000 for personal use. 30. Earned services for delivery to a company client for credit, ₱52,540. 30. Paid ₱8,400 salaries to employees for 2nd half of April. Adjusting entries A. Rent expense for april. B. Supplies Expense to be recorded if the physical count conducted revealed ₱1,000 on hand. C. Accrued Salaries on April for ₱800 D. Utilities Payable for april amounted to ₱2,200 E. Depreciation Expense for delivery equipment for the month of april. Use 10 yrs. useful life and no salvage value. (Acquired April 5) Compute for 1 month depreciation only. Use two decimal places. F. Depreciation Expense for Office Equipment for the month of April. Use 5 yrs. useful life and no salvage value ( Acquired April 8 ) Compute for 1 month depreciation only. Use two decimal places. G. Depreciation Expense for Furnitures & Fixtures for the month of April. Use 5yrs useful Life and no salvage value. (Acquired April 28) Compute for 1 month depreciation only. Use two decimal places.
Date
General Journal
Debit
Credit
April 01 Cash
17,000,000
Owner's Capital
17,000,000
(To record invested amount in business.)
April 02 Prepaid rent
12,000
Cash
12,000
(To record payment made in advance for rent.)
April 05 Equipment (Delivery trucks)
950,000
Cash
950,000
(To record purchase of equipment on cash.)
April 06 Cash
60,250
Delivery service revenue
(To record Delivery service revenue on cash.)
60,250
April 07 Accounts receivable
50,150
Delivery service revenue
(To record Delivery service revenue on account.)
50,150
April 08 Office Equipment
122,000
Accounts payable
(To record purchase of equipment.)
122,000
April 09 Supplies
3,200
Cash
3,200
(To record purchase of supplies.)
April 12 Accounts receivable
27,000
Delivery service revenue
27,000
(To record Delivery service revenue on account.)
April 15 Cash
50,200
Owner's Capital
50,200
(To record invested amount in business.)
April 15 Salaries expense
Cash
8,400
8,400
(To record salaries expense paid.)
April 18 Advertising expense
3,510
Cash
3,510
(To record advertising expense paid.)
April 20 Cash
4,500
Accounts receivable
4,500
(To record cash collected from customer.)
April 21 Advertising expense
1,500
Cash
1,500
(To record advertising expense paid.)
April 25 Oil and Gas expense
650
Cash
(To record Oil and Gas expense paid.)
650
Transcribed Image Text:Date General Journal Debit Credit April 01 Cash 17,000,000 Owner's Capital 17,000,000 (To record invested amount in business.) April 02 Prepaid rent 12,000 Cash 12,000 (To record payment made in advance for rent.) April 05 Equipment (Delivery trucks) 950,000 Cash 950,000 (To record purchase of equipment on cash.) April 06 Cash 60,250 Delivery service revenue (To record Delivery service revenue on cash.) 60,250 April 07 Accounts receivable 50,150 Delivery service revenue (To record Delivery service revenue on account.) 50,150 April 08 Office Equipment 122,000 Accounts payable (To record purchase of equipment.) 122,000 April 09 Supplies 3,200 Cash 3,200 (To record purchase of supplies.) April 12 Accounts receivable 27,000 Delivery service revenue 27,000 (To record Delivery service revenue on account.) April 15 Cash 50,200 Owner's Capital 50,200 (To record invested amount in business.) April 15 Salaries expense Cash 8,400 8,400 (To record salaries expense paid.) April 18 Advertising expense 3,510 Cash 3,510 (To record advertising expense paid.) April 20 Cash 4,500 Accounts receivable 4,500 (To record cash collected from customer.) April 21 Advertising expense 1,500 Cash 1,500 (To record advertising expense paid.) April 25 Oil and Gas expense 650 Cash (To record Oil and Gas expense paid.) 650
April 27 Cash
10,500
Delivery service revenue
(To record Delivery service revenue on cash.)
10,500
April 28 Office Futniture
Accounts payable
5,200
5,200
(To record purchase of furniture.)
April 29 Miscellaneous expense
1,000
Cash
1,000
(To record Miscellaneous paid.)
April 30 Owner's Withdrawal
150,000
Cash
150,000
(To record amount withdraw by owner.)
April 30 Accounts receivable
52,540
Delivery service revenue
52,540
(To record Delivery service revenue on account.)
April 30 Salaries expense
8,400
Cash
8,400
(To record salaries expense paid.)
Transcribed Image Text:April 27 Cash 10,500 Delivery service revenue (To record Delivery service revenue on cash.) 10,500 April 28 Office Futniture Accounts payable 5,200 5,200 (To record purchase of furniture.) April 29 Miscellaneous expense 1,000 Cash 1,000 (To record Miscellaneous paid.) April 30 Owner's Withdrawal 150,000 Cash 150,000 (To record amount withdraw by owner.) April 30 Accounts receivable 52,540 Delivery service revenue 52,540 (To record Delivery service revenue on account.) April 30 Salaries expense 8,400 Cash 8,400 (To record salaries expense paid.)
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