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Problem #14 Journalizing Transactions Joanne Java Review School entered into the following transactions during October 2015. Oct. 1 Java made additional investments of P50,000 in the business. 2 Bought liability insurance for one year, P14,500. 3 Received a bill for advertising from SouthMin News, P3,200. 4 Paid rent for the month, P8,900. ! Received a bill for equipment repair from E. Hipolito, P2,880. 10 Received and deposited tuition from students, P62,500. 11 Received and paid the telephone bill, P2,300. 15 Bought chairs from E. Awayan Furniture, P18,800, paying P8,800 in cash and the balance on account. 18 Paid accounts to SouthMin News, P3,200. 21 Java withdrew P8,000 for personal use. 24 Received a bill for gas and oil from Mindanao Oil Corp., P1,800. 25 Received and deposited tuition from students, P61,400. 27 Paid salaries of the office assistants, P12,000. 28 Bought a photocopier on account from Dadiangas Office Machines, P7,500. 29 Received P7,000 tuition from a student who had charged the tuition on account last month. 30 Received and paid the water utilities bill, P3,600. 31 Paid for flower arrangements for front office, P620. 31 Java invested personal computer, with a fair market value of P12,300, in the business. Required: Prepare the journal entries for the October transactions. Use the following accou Cash; Accounts Receivable; Prepaid Insurance; Equipment; Furniture; Accounts Pay Java, Capital; Java, Withdrawals; School Fees; Salaries Expense; Rent Expense; Ga: Oil Expense; Advertising Expense; Repair Expense; Supplies Expense; Utilities Exp Telecommunications Expense and Miscellaneous Expense.

Problem #14 Journalizing Transactions Joanne Java Review School entered into the following transactions during October 2015. Oct. 1 Java made additional investments of P50,000 in the business. 2 Bought liability insurance for one year, P14,500. 3 Received a bill for advertising from SouthMin News, P3,200. 4 Paid rent for the month, P8,900. ! Received a bill for equipment repair from E. Hipolito, P2,880. 10 Received and deposited tuition from students, P62,500. 11 Received and paid the telephone bill, P2,300. 15 Bought chairs from E. Awayan Furniture, P18,800, paying P8,800 in cash and the balance on account. 18 Paid accounts to SouthMin News, P3,200. 21 Java withdrew P8,000 for personal use. 24 Received a bill for gas and oil from Mindanao Oil Corp., P1,800. 25 Received and deposited tuition from students, P61,400. 27 Paid salaries of the office assistants, P12,000. 28 Bought a photocopier on account from Dadiangas Office Machines, P7,500. 29 Received P7,000 tuition from a student who had charged the tuition on account last month. 30 Received and paid the water utilities bill, P3,600. 31 Paid for flower arrangements for front office, P620. 31 Java invested personal computer, with a fair market value of P12,300, in the business. Required: Prepare the journal entries for the October transactions. Use the following accou Cash; Accounts Receivable; Prepaid Insurance; Equipment; Furniture; Accounts Pay Java, Capital; Java, Withdrawals; School Fees; Salaries Expense; Rent Expense; Ga: Oil Expense; Advertising Expense; Repair Expense; Supplies Expense; Utilities Exp Telecommunications Expense and Miscellaneous Expense.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 55APSA: Problem 2-55A Events and Transactions The accountant for Boatsman Products Inc. received the...
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Make the journal entries and trial balance.

Problem #14 Journalizing Transactions Joanne Java Review School entered into the following transactions during October 2019: Oct. 1 Java made additional investments of P50,000 in the business. 2 Bought liability insurance for one year, P14,500. 3 Received a bill for advertising from SouthMin News, P3,200. 4 Paid rent for the month, P8,900. 1 Received a bill for equipment repair from E. Hipolito, P2,880. 10 Received and deposited tuition from students, P62,500. 11 Received and paid the telephone bill, P2,300. 15 Bought chairs from E. Awayan Furniture, P18,800, paying P8,800 in cash and the balance on account. 18 Paid accounts to SouthMin News, P3,200. 21 Java withdrew P8,000 for personal use. 24 Received a bill for gas and oil from Mindanao Oil Corp., P1,800. 25 Received and deposited tuition from students, P61,400. 27 Paid salaries of the office assistants, P12,000. 28 Bought a photocopier on account from Dadiangas Office Machines, P7,500. 29 Received P7,000 tuition from a student who had charged the tuition on account last month. 30 Received and paid the water utilities bill, P3,600. 31 Paid for flower arrangements for front office, P620. 31 Java invested personal computer, with a fair market value of P12,300, in the business. Required: Prepare the journal entries for the October transactions. Use the following accour Cash; Accounts Receivable; Prepaid Insurance; Equipment; Furniture; Accounts Payal Java, Capital; Java, Withdrawals; School Fees; Salaries Expense; Rent Expense; Gas Oil Expense; Advertising Expense; Repair Expense; Supplies Expense; Utilities Expe Telecommunications Expense and Miscellaneous Expense.
Transcribed Image Text:Problem #14 Journalizing Transactions Joanne Java Review School entered into the following transactions during October 2019: Oct. 1 Java made additional investments of P50,000 in the business. 2 Bought liability insurance for one year, P14,500. 3 Received a bill for advertising from SouthMin News, P3,200. 4 Paid rent for the month, P8,900. 1 Received a bill for equipment repair from E. Hipolito, P2,880. 10 Received and deposited tuition from students, P62,500. 11 Received and paid the telephone bill, P2,300. 15 Bought chairs from E. Awayan Furniture, P18,800, paying P8,800 in cash and the balance on account. 18 Paid accounts to SouthMin News, P3,200. 21 Java withdrew P8,000 for personal use. 24 Received a bill for gas and oil from Mindanao Oil Corp., P1,800. 25 Received and deposited tuition from students, P61,400. 27 Paid salaries of the office assistants, P12,000. 28 Bought a photocopier on account from Dadiangas Office Machines, P7,500. 29 Received P7,000 tuition from a student who had charged the tuition on account last month. 30 Received and paid the water utilities bill, P3,600. 31 Paid for flower arrangements for front office, P620. 31 Java invested personal computer, with a fair market value of P12,300, in the business. Required: Prepare the journal entries for the October transactions. Use the following accour Cash; Accounts Receivable; Prepaid Insurance; Equipment; Furniture; Accounts Payal Java, Capital; Java, Withdrawals; School Fees; Salaries Expense; Rent Expense; Gas Oil Expense; Advertising Expense; Repair Expense; Supplies Expense; Utilities Expe Telecommunications Expense and Miscellaneous Expense.
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