JOURNALIZE THE FOLLOWING TRANSACTIONS

PROBLEM 1:
A business had the following transactions during the period:
1. The business owner provides P600,000 capital to the business.
2. The business renders services worth P200,000, on cash basis.
3. The business bills clients for services rendered worth P300,000 on
account.
4. The business pays salaries expense of P180,000.
5. The business collects P100,000 account receivable.
PROBLEM 2:
Entity A had the following transactions during the period:
1. Owner contributed P1,000,000 to the business.
2. Purchased office supplies worth P300,000 on account (use an asset
or prepaid account).
3. Rendered services worth P500,000, on cash basis.
4. Rendered services worth P800,000, on account.
5. Paid P100,000 accounts payable.
6. Collected P700,000 accounts receivable.
7. Purchased equipment worth P58,000.
8. Drawings of owner amounted to P10,000.
9. Paid salaries expense of P70,000.
10. Paid interest expense of P5,000.
PROBLEM 3:
Mr. A opened a barber shop called “Ace Barber Shop” on February 1, 20x1.
The following were the transactions during the first week of operations:

February 1 Provided P300,000 cash as initial investment to the business.

February 2 Acquired furniture and fixture for P200,000 cash.
February 4 Purchased supplies for P30,000 cash.
February 5 Rendered services worth P20,000 on cash plans.
February 7 Paid P10,000 salaries of employees.
PROBLEM 4:
You started a plumbing business called “The Good Plumber” on March 1,
20x1. The following were the transactions during the month:
March 1 Provided P20,000 cash as initial investment to the business.
March 2 Acquired tools (equipment) for P10,000 cash.
March 4 Purchased supplies for P2,000 cash.
March 25 Rendered plumbing services worth P40,000 on cash basis.
March 26 Rendered plumbing services worth P20,000 on account.
March 31 Paid P2,000 for advertising expense.