Homework Help is Here – Start Your Trial Now!
Business
Accounting
lease prepare the  journal entries. In journal entries, please provide description.

lease prepare the  journal entries. In journal entries, please provide description.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please prepare the  journal entries. In journal entries, please provide description.

 

1. Owner invested property amounting to P 450,000 and cash amounting to P 200,000. 2. Purchase equipment through credit amounting to P25,000. 3. Purchased inventories for cash amounting to P 75,000.00 4. Purchased furniture amounting to P 50,000. Made partial payment with cash for P10,000 and incurred an accounts payable for the rest of the balance. 5. Paid cash amounting to P 12,000 as advertising expense. 6. Made sales of P 42,000 - P22,000 cash sales and P20,000 credit sales 7. The cost of sales made is P10,500 8. Paid 50% of the accounts payable in d) 9. Collected the 75% of credit sales in f) 10. The depreciation expense for the month was P14,000
Transcribed Image Text:1. Owner invested property amounting to P 450,000 and cash amounting to P 200,000. 2. Purchase equipment through credit amounting to P25,000. 3. Purchased inventories for cash amounting to P 75,000.00 4. Purchased furniture amounting to P 50,000. Made partial payment with cash for P10,000 and incurred an accounts payable for the rest of the balance. 5. Paid cash amounting to P 12,000 as advertising expense. 6. Made sales of P 42,000 - P22,000 cash sales and P20,000 credit sales 7. The cost of sales made is P10,500 8. Paid 50% of the accounts payable in d) 9. Collected the 75% of credit sales in f) 10. The depreciation expense for the month was P14,000
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS