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  • Reyes Repair Services

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    Ernie Ramos
    14 views2 pages
    Reyes Repair Services recorded various transactions during the month including: receiving $1,800 cash from issuing common stock; prepaying $675 rent with cash; purchasing $700 of repair equipment with cash; providing $1,005 of repair services and collecting cash; receiving repair equipment costing $415 on account from Asteroid Company; collecting $175 cash for repair services from a customer; distributing $290 cash to retained earnings; and paying $75 cash for advertising expenses.

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    Reyes Repair Services recorded various transactions during the month including: receiving $1,800 cash from issuing common stock; prepaying $675 rent with cash; purchasing $700 of repair equipment with cash; providing $1,005 of repair services and collecting cash; receiving repair equipment costing $415 on account from Asteroid Company; collecting $175 cash for repair services from a customer; distributing $290 cash to retained earnings; and paying $75 cash for advertising expenses.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    14 views2 pages

    Reyes Repair Services

    Uploaded by

    Ernie Ramos
    Reyes Repair Services recorded various transactions during the month including: receiving $1,800 cash from issuing common stock; prepaying $675 rent with cash; purchasing $700 of repair equipment with cash; providing $1,005 of repair services and collecting cash; receiving repair equipment costing $415 on account from Asteroid Company; collecting $175 cash for repair services from a customer; distributing $290 cash to retained earnings; and paying $75 cash for advertising expenses.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Reyes Repair Services

    DATE
    ACCOUNT TITLE
    Month a Cash
    Common stock

    DEBIT
    1800

    1800

    b Prepaid rent
    Cash

    675

    c Repair equipment
    Cash

    700

    d Cash
    Repair services revenue

    675

    700
    1005
    1005

    e Repair equipment
    Accounts payable - Asteroid Company

    415

    f Accounts receivable - Thadeus Legaspi


    Repair services revenue

    175

    g Retained earnings
    Cash

    290

    h Advertising expense
    Cash
    i

    CREDIT

    415

    175

    290
    75
    75

    Cash
    Accounts receivable - Thadeus Legaspi

    175

    Common stock
    Cash

    350

    175

    350

    Rethaniel A. Ramos
    9-Maaasahan
    Cash
    Debit

    Repair Equipment
    Credit

    Debit

    1,800

    675

    700

    1,005

    700

    415

    175

    290

    75

    350

    Accounts Receivable
    Debit

    175

    175

    675

    Debit

    Debit

    Repair Service Revenue


    Debit

    415

    Common Stock

    Credit

    Debit

    350

    Credit

    1,005

    175

    Advertising Expense

    Credit

    Credit

    290

    Credit

    Prepaid Rent
    Debit

    Credit

    Accounts Payable

    Credit

    Retained Earnings

    1,800

    Debit

    75

    Credit

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