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; Salary expense; Communications expense Rent expense; Utilities expense;

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; Salary expense; Communications expense Rent expense; Utilities expense;

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.1: Buying Plant Assets And Paying Property Taxes

Problem 1OYO

See similar textbooks

Similar questions

Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Tasks 8-9. Application. Prepare the journal entries of the transaction below and post them to the necessary ledger books. Write your answer on a separate sheet of paper. Olson Sala Company completed the following sales transactions during the month of June 2015. All credit sales have terms of 3/10, n/30 and all invoices are dated as at the transaction date. June 1 Olson Sala invested Php 52,000 of his funds in the business. 1 Sold merchandise on account to R. Bituin, Php 32,000. Invoice no. 377 Sold merchandise on account to A. Perdales, Php 54,000. Invoice no. 378 3 4 Sold merchandise for cash, Php 46,000. 7. Received payment from R. Bltuin less discounts. Received payment from A. Perdales less discounts. 9. Required: 1. Record the transactions in the general journal. 2. Post to the accounts receivable ledger. 3. Prepare a schedule of accounts receivable.
Mr. Tristan Siy III established Siy Bookkeeping Services and had the following transactions for the month of February: 4 19 15 18 19 Received P35,000 cash from customers in payment of their account. Paid in cash and received an official receipt 20 from the supplier for payment of accounts, 21 28 28 Investment of P150,000 cash fund by Mr. Siy into the business. 28 Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter. Purchased supplies amounting to P18,000 in cash. Paid P6,000 insurance for six months. Issued a Service Invoice for an amount of P50,000 to a customer for services rendered on account. P20,000. Rendered services to customers billed for P30,000. Cash payment of P15,000 for the salary of an employee. Mr. Siy withdrew P12,000 cash from the business. Paid the telephone bill for February amounting to P3,000.
Problem 1: On Febuary 14, 2018, Floating Restaurant Company established a sales agency in Loboc. Upon establishment of the sales agency, the home office sent samples costing ₱8,000 and a working fund of ₱8,000 to be maintained on the imprest baisis. During the six months period, the sales agency reported to the home office sales orders. These were billed at ₱70,000 of which of ₱40,000 was collected) the sales agency paid expenses of ₱5,800 but was reimbursed by the home office. On August 15, 2018, the sales agency samples was valued at ₱2,000. It was estimated that the gross profit on goods shipped to fill sales order averaged 40% of cost. Required: Show the solution. 1.) The cost of sales of the sales agency for the six months period is 2.) The net income of the sales agency for the six months period is Problem 2: JCO KREMES Company had an agency in SM Cebu and a working fund for ₱20,000 is established on the imprest basis. The first payment from the fund is ₱3,000 for rent. This…
You are required to prepare a written report for the following tasks: Transactions for the month of January of Joy Delights Café are given as the following. 2021 Started in business with RM105,000 cash Put RM90,000 of the cash into a bank account Bought goods for cash RM5,500 Bought goods on credit from: Eddy RM800; Franky RM930; Smith RM160, Liew RM510 Bought stationery on credit from Buttons Ltd RM89 Sold goods on credit to: Tomy RM170; Eric RM240; Malcom RM326; Tim RM204. Paid rent by cheque RM220 Bought fixtures on credit from Chiefs Bhd RM610. Paid salaries in cash RM790. Jan 4 6. 10 11 Returned goods to Franky RM30; Smith RM42. Bought van by cheque RM6,500. Received loan from Barclay by cheque RM2,000. 18 14 15 16 Purchases retum: Temy RM5; Malcom RM20. 21 Cash sales RM145 Sold goods on credit to Eric RM130, Tim RM410, Paul RM15S. Ravilink paid the following by cheque Franky RM900 Smith RM118. Received cheques from Paul RM158; Eric RM370. 24 26 29 Received a further loan from…
Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
Please provide journal entries for the following: 1. Deposited P900,000 in the bank and contributed a systems library valued at P390,000 to start a business.2. Paid office rent for the month, P36,000.3. Acquired computer equipment for cash, P700,000.4. Purchased computer supplies on credit, P60,000.5. Received payment from a client for programing done, P280,000.6. Billed a client on completion of a programming project, P71,000.7. Paid salaries, P80,000.8. Received a partial payment from the client billed, P61,000.9. Withdrew P25,000 for personal expenses.10. Made partial payment on the supplies purchased, P30,000
Consider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CR
Prepare the following journal entry, all transactions that occurred in January: The Corporation purchased a Delivery Van for customer deliveries. The Delivery Van cost $21,400. A down payment of cash in the amount of $5,000 was paid to the Car Dealership, and a promissory note was signed for the remaining amount owed.
DOGGO has a security service business and completed the following transactions during October 2021 : October 1 DOGGO Inc. transferred cash from a personal account to an account to be used for the business, P243,000. 3 DOGGO Inc. invested in the business personal weapons having a fair market value of P34,000. 4 Bought communication equipment on account from Pesa Electronics, P13,740. 5 Paid rent for the month, P7,650. 6 Bought a used service vehicle car for P93,000, paying P45,000 down, with the balance due in thirty days. 9 Received invoice and paid insurance premium to Cacawa Fidelity Company for bonding employees, P7,710. 12 Performed security services for Loreta Galleries. Billed Loreta for services rendered, P8,250. 16 Received bill from Marcos Printers for office stationery, P1,757 17 Billed Pascua Construction for services rendered, P14,790. 22 Paid Regal Shell Service for gasoline for service vehicle, P720. 24 Performed security services at a fasion jewelry fair. Billed…
Make Journal Entries and General Ledger April 1- Deposited the cash investment of Jelo (the Proprietor) amounting to P 200, 000 in Cebu City Savings Bank in the name of Jetsetter Travel Agency. 4- Paid P 4,000 cash for April office rent. 8- Purchased office equipment for P25, 000 cash. 12- Incurred P 3, 000 of advertising costs in Cebu Daily News, on account. 14- Paid P6, 000 cash for office supplies. 15- Earned P 9,000 for services rendered: Received a check for P1, 000 from a customer, and the balance billed to that customer’s account. 17- Withdrew P 2, 000 cash for personal use. 18- Billed the customer for services rendered totalling P 1, 500. 20- Paid Cebu Daily News the amount due in full. 22- Partial collection of customer’s accounts P 1, 000. 24- Issued a check to an employee for cash advances amounting to P 5, 000.…
Julius Ceasar organized Eternal Images, a photography and portrait studio, on Oct. 1, 2020. The studio completed the following transactions during the month: Oct. 1 Deposited P350,000 in a bank account in the name of the business Oct. 3 Paid two month's rent in advance, P30,000 Oct. 5 Acquired photography equipment valued at P129,000. Oct.12 Purchased photography supplies on credit, P21,000. Oct.13 Received cash for previously unbilled portraits, P11,400. Oct.17 Billed customers for portraits, P22,500. Oct.19 Paid fifty percent of the supplies purchased on Oct. 12, P10,500. Oct.25 Paid electricity bill for Oct., P3,600 Oct.26 Paid the telephone bill for Oct., P2,100. Oct.28 Received payments from the customers billed on Oct. 17, P7500. Oct.29 Paid salaries to personnel, P12,000. Oct.30 Received an advance payment from a customer, P1,500. Oct.31 Withdrew P16,000 from the business for a personal…