Jan.

3
Mr. Romeo Carodam tablished a repairshop on January 3 of the current year. A summary is presented
below:

Invested P 50,000 in cash

 DATE Account Title/Description DEBIT

Jan. 3 Cash P 50, 000

R. Carodam, Capital
To record the initial investment by the owner

5 Rent Expense 4,000

Cash
To record monthly rental

7 Equipment 8,000
Cash
To record purchase on equipment

8 Office Supplies 2,000

Cash
To record bought office supplies

10 Cash 15, 000

Accounts Receivables
To record amount collected from the customers

12 Advertising Expense 2,000

Accounts Payable
To record incurred advertising expense

15 Salaries Expense 7, 000

Cash
To record paid employees salaries

16 R. Carodam, Drawing 3, 000

Cash
To record withdrawal fro personal use

20 Accounts Receivable 12,000

Service Income
To record rendered repair service on account to customer

25 Utilities Expense 1,500

Cash
To record paid telephone bill

27 Utilities Expense 1,500

Cash
To record paid light and water bill

30 Cash 10, 000

Accounts Receivable
To record the collected amount for services
CREDIT

50, 000

4,000

8,000

2,000

15, 000

2,000

7,000

3, 000

12,000

1,500

1,500
10, 000