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  • Accccc Aug 11

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    Mary Ingrid Arellano Rabulan
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    1) Mones Professional Shoppers recorded various business transactions for December 31, 2019 including receiving an initial capital investment, purchasing office equipment, paying rent and utility expenses, collecting revenue from shopping services, and paying commissions. 2) A trial balance was prepared showing total debits of $584,000 equal to total credits of $584,000 including assets, liabilities, equity, revenue and expense accounts. 3) Various T-accounts were created to track account balances and transactions for cash, accounts receivable, office equipment, notes payable, equity, revenue and expenses.

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    1) Mones Professional Shoppers recorded various business transactions for December 31, 2019 including receiving an initial capital investment, purchasing office equipment, paying rent and utility expenses, collecting revenue from shopping services, and paying commissions. 2) A trial balance was prepared showing total debits of $584,000 equal to total credits of $584,000 including assets, liabilities, equity, revenue and expense accounts. 3) Various T-accounts were created to track account balances and transactions for cash, accounts receivable, office equipment, notes payable, equity, revenue and expenses.

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    11 views5 pages

    Accccc Aug 11

    Uploaded by

    Mary Ingrid Arellano Rabulan
    1) Mones Professional Shoppers recorded various business transactions for December 31, 2019 including receiving an initial capital investment, purchasing office equipment, paying rent and utility expenses, collecting revenue from shopping services, and paying commissions. 2) A trial balance was prepared showing total debits of $584,000 equal to total credits of $584,000 including assets, liabilities, equity, revenue and expense accounts. 3) Various T-accounts were created to track account balances and transactions for cash, accounts receivable, office equipment, notes payable, equity, revenue and expenses.

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    © All Rights Reserved
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    of 5

    Mones Professional shoppers

    Journal Entry
    December 31, 2019
    Date Particulars Debit Credit
    a Cash 300,000
    Mones, Capital 300,000

    b Office Equipment 100,000


    Accounts Payable 80,000
    Cash 20,000

    c Rent Expense 5,000


    Cash 5,000

    d Accounts Receivable 52,000


    Shopping Revenues 52,000

    e Utilities Expense 900


    Cash 900

    f Cash 50,000
    Notes Payable 50,000

    g Office Equipment 48,000


    Cash 48,000

    h Cash 40,000
    Accounts Receivable 40,000

    i Commissions Expense 18,200


    Cash 18,200

    j Utilities Expense 6,000


    Cash 6,000

    k Cash 60,000
    Accounts Receivable 72,000
    Shopping Revenues 132,000

    l Commissions Expense 46,200


    Cash 46,200

    m Transportation Expense 15,000


    Cash 15,000

    n Notes Payable 10,000 40,000


    Cash 10,000

    o Accounts Payable 20,000 60,000


    Cash 20,000

    p Mones, Widrawals 20,000


    Cash 20,000
    T - Account

    Cash Accounts Receivable


    300,000 20,000 52,000
    50,000 5,000 72,000
    40,000 900 124,000
    60,000 48,000 84,000
    18,200
    6,000
    46,200
    15,000
    10,000
    20,000
    20,000
    450,000 209,300 Shopping Revenues
    240,700
    Mones, Profession Shoppers
    Trial Balance
    December 31, 2019
    Account Titles Debit Credit
    Cash 240,700
    Accounts Receivable 84,000
    Office Equipment 148,000
    Accounts Payable 60,000
    Notes Payable 40,000
    Mones, Capital 300,000
    Mones, Withdrawals 20,000
    Shopping Revenues 184,000
    Commissions Expense 64,400
    Transportation Expense 15,000
    Rent Expense 5,000
    Utilities Expense 6,900

    Totals 584,000 584,000


    Accounts Receivable Office Equipment Notes Payable
    40,000 100,000 10,000 50,000
    48,000 40,000
    40,000 148,000

    Mones, Capital
    300,000

    Accounts Payable
    20,000 80,000 Mones, Widrawals
    60,000 20,000

    Shopping Revenues
    52,000
    132,000 Commissions Expense
    184,000 18,200
    46,200
    64,400

    Transportation Expense
    15,000

    Rent Expense
    5,000

    Utilities Expense
    900
    6,000
    6,900

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