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Automotive Journal Entries Summary

The document is a journal for Rivera's Quality Automotive recording transactions from December 1 to December 28. It records the purchase of assets like equipment and supplies, payment of expenses, borrowing from the bank, revenue earned, additional investments and withdrawals. Transactions include exchanging cash for stock, paying insurance premiums, purchasing supplies and equipment using cash and accounts payable, borrowing money, paying expenses, collecting accounts receivable and repaying the bank loan.

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Samantha Bantiding
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233 views2 pages

Automotive Journal Entries Summary

The document is a journal for Rivera's Quality Automotive recording transactions from December 1 to December 28. It records the purchase of assets like equipment and supplies, payment of expenses, borrowing from the bank, revenue earned, additional investments and withdrawals. Transactions include exchanging cash for stock, paying insurance premiums, purchasing supplies and equipment using cash and accounts payable, borrowing money, paying expenses, collecting accounts receivable and repaying the bank loan.

Uploaded by

Samantha Bantiding
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Rivera’s quality Automotive Journal

JOURNAL
DATE TRANSACTIONS PR DEBIT CREDIT
Dec. 01 Cash 101 ₱200,000
Capital 301 ₱200,000
Cash in exchange of common
stock
Dec. 01 Computer Equipment 105 ₱12,000
Cash 101 ₱12,000
Purchased computer equipment
Dec. 01 Prepaid Insurance 104 ₱9,000
Cash 101 ₱9,000
Paid a 3 months’ insurance
Dec. 05 Office Supplies 103 ₱5,800
Accounts Payable 201 ₱5,800
Purchased office supplies on
account
Dec. 08 Cash 101 ₱80,000
Notes Payable 202 ₱80,000
Borrowed money from the bank
for business use
Dec. 09 Advertising expense 607 ₱1,580
Cash 101 ₱1,580
Paid advertising expense
Dec. 10 Accounts payable 201 ₱2,900
Cash 101 ₱2,900
Paid Half of the office supplies
Dec. 13 Taxes and Licenses 606 ₱10,800
Cash 101 ₱10,800
Paid registration and licensing
fee
Dec. 16 Furniture and Fixtures- Equipment 107 ₱30,000
Cash 101 ₱30,000
Acquired furnitures and fixtures
using cash
Dec. 17 Service Equipment 108 ₱16,000
Cash 101 ₱8,000
Accounts Payable 201 ₱8,000
Acquired service equipment on
cash and on account
Dec. 17 Cash 101 ₱10,900
Service Revenue 401 ₱10,900
Rendered service on cash
Dec. 17 Accounts Receivable 102 ₱78,000
Service Revenue 401 ₱78,000
Service Rendered on account
Dec. 19 Cash 101 ₱53,200
Capital 301 ₱53,200
Additional investment of the Mr.
Rivera
Dec. 20 Accounts Receivable 102 ₱33,400
Service Revenue 401 ₱33,400
Service rendered on account
Dec. 21 Accounts Payable 201 ₱2,900
Cash 101 ₱2,900
Paid in full for the office
supplies
Dec. 21 Withdrawal 302 ₱60,000
Cash 101 ₱60.000
Mr. Rivera withdrew cash due
to emergency need
Dec. 22 Rent Expense 602 ₱1,500
Cash 101 ₱1,500
Paid rent expense
Dec. 23 Salaries Expense 601 ₱3,500
Cash 101 ₱3,500
Paid salaries to it’s employee
Dec. 27 Cash 101 ₱78,000
Accounts Receivable 102 ₱78,000
Collected the Rapid Automotive
in full amount
Dec. 28 Notes Payable 202 ₱24,000
Cash 101 ₱24,000
Paid 30% of the borrowed
money

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