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Peter Joshua established an advertising and marketing company registered with the DTI under the name: PJ Advertising in July and accomplished the following transactions: 1- Peter Joshua deposited P600,000 cash in the bank account of the company 5 - Acquired a tarpaulin printing equipment and various office furniture for cash at P80,000 and P50,000, respectively. 9 - Paid P400,000 cash purchase for land for an office site 10 - Purchased supplies on account, P12,000. 19 - Loaned P500,000 from the bank. PJ Advertising signed a note payable to the bank. 30 - Revenues earned during the month - P60,000 cash and P50,000 on account 30 - Paid employees salaries - P24,000; office rent - P15,000; utilities - P4,000; telephone - P2,000. 30 – Withdrew P40,000 from the business for personal use.

Peter Joshua established an advertising and marketing company registered with the DTI under the name: PJ Advertising in July and accomplished the following transactions: 1- Peter Joshua deposited P600,000 cash in the bank account of the company 5 - Acquired a tarpaulin printing equipment and various office furniture for cash at P80,000 and P50,000, respectively. 9 - Paid P400,000 cash purchase for land for an office site 10 - Purchased supplies on account, P12,000. 19 - Loaned P500,000 from the bank. PJ Advertising signed a note payable to the bank. 30 - Revenues earned during the month - P60,000 cash and P50,000 on account 30 - Paid employees salaries - P24,000; office rent - P15,000; utilities - P4,000; telephone - P2,000. 30 – Withdrew P40,000 from the business for personal use.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 1PB: In July of this year, M. Wallace established a business called Wallace Realty. The account headings...
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Use T-account, show the effect of the transactions on the account titles provided on the "REQUIRED:" portion.
Peter Joshua established an advertising and marketing company registered with the DTI under the name: PJ Advertising in July and accomplished the following transactions: 1- Peter Joshua deposited P600,000 cash in the bank account of the company 5 - Acquired a tarpaulin printing equipment and various office furniture for cash at P80,000 and P50,000, respectively. 9 - Paid P400,000 cash purchase for land for an office site 10 - Purchased supplies on account, P12,000. 19 - Loaned P500,000 from the bank. PJ Advertising signed a note payable to the bank. 30 - Revenues earned during the month - P60,000 cash and P50,000 on account 30 - Paid employees salaries - P24,000; office rent - P15,000; utilities - P4,000; telephone - P2,000. 30 - Withdrew P40,000 from the business for personal use. REQUIRED: Journalize each transaction. Use the following account titles: Cash; Accounts receivable, Supplies; Land; Equipment; Furniture; Accounts payable; Notes payable; Peter Joshua, Capital; Peter Joshua, Withdrawals; Service Revenue; Communications expense Salary expense; Rent expense; Utilities expense,
Transcribed Image Text:Peter Joshua established an advertising and marketing company registered with the DTI under the name: PJ Advertising in July and accomplished the following transactions: 1- Peter Joshua deposited P600,000 cash in the bank account of the company 5 - Acquired a tarpaulin printing equipment and various office furniture for cash at P80,000 and P50,000, respectively. 9 - Paid P400,000 cash purchase for land for an office site 10 - Purchased supplies on account, P12,000. 19 - Loaned P500,000 from the bank. PJ Advertising signed a note payable to the bank. 30 - Revenues earned during the month - P60,000 cash and P50,000 on account 30 - Paid employees salaries - P24,000; office rent - P15,000; utilities - P4,000; telephone - P2,000. 30 - Withdrew P40,000 from the business for personal use. REQUIRED: Journalize each transaction. Use the following account titles: Cash; Accounts receivable, Supplies; Land; Equipment; Furniture; Accounts payable; Notes payable; Peter Joshua, Capital; Peter Joshua, Withdrawals; Service Revenue; Communications expense Salary expense; Rent expense; Utilities expense,
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