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  • Del Rosario - Module 3 Problem 3-1

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    sophia.ashley.delrosario29
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    The document provides a list of transactions from January 2 to January 31 with descriptions of expenses, revenues, assets, and equity for a business. It includes details of the owner's initial investment of 50,000 cash, purchases of supplies, furniture, rent and license payments, service revenue received, accounts receivable and payable, salary expenses, equipment purchases, miscellaneous expenses, owner drawings, and utility payments. All transactions are journalized with debits and credits to appropriate accounts like cash, supplies, rent expense, accounts receivable, capital, and more.

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    Del Rosario_Module 3 Problem 3-1

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    The document provides a list of transactions from January 2 to January 31 with descriptions of expenses, revenues, assets, and equity for a business. It includes details of the owner's initial investment of 50,000 cash, purchases of supplies, furniture, rent and license payments, service revenue received, accounts receivable and payable, salary expenses, equipment purchases, miscellaneous expenses, owner drawings, and utility payments. All transactions are journalized with debits and credits to appropriate accounts like cash, supplies, rent expense, accounts receivable, capital, and more.

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    © All Rights Reserved
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    2 views3 pages

    Del Rosario - Module 3 Problem 3-1

    Uploaded by

    sophia.ashley.delrosario29
    The document provides a list of transactions from January 2 to January 31 with descriptions of expenses, revenues, assets, and equity for a business. It includes details of the owner's initial investment of 50,000 cash, purchases of supplies, furniture, rent and license payments, service revenue received, accounts receivable and payable, salary expenses, equipment purchases, miscellaneous expenses, owner drawings, and utility payments. All transactions are journalized with debits and credits to appropriate accounts like cash, supplies, rent expense, accounts receivable, capital, and more.

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    © All Rights Reserved
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    of 3

    Name: Del Rosario, Sophia Ashley F.

    Module 3 Problem 3-1: Journalization


    Section: BSBA-HRM 2-2N Submitted to: Ms. Queen D. Franada

    INSTRUCTIONS: Analyze and journalize the above transactions. Use the following account
    titles;

    Date Description P/R Debit Credit

    2020

    January 2 Cash ₱ 50,000

    Winston's Capital ₱ 50,000

    Michael Winston's
    investment of P50,000
    cash in the business

    4 Taxes and Licenses ₱ 550

    Cash ₱ 550

    Paid municipal taxes and


    licenses, P550

    7 Supplies ₱ 6,000

    Cash ₱ 6,000

    Bought supplies P6,000


    cash basis

    8 Furniture & Fixtures ₱ 12,500

    Accounts Payable ₱ 12,500

    Purchased furniture and


    fixture from Rhea Trading
    for P12,500 Terms: 10%
    down, balance on account.

    9 Rent Expense ₱ 45,000

    Cash ₱ 45,000

    Paid rent P45,000 in


    advance for three months.
    10 Service Revenue ₱ 18,000

    Cash ₱ 18,000

    Receipts for the week from


    various services rendered
    amounted to P18,000

    15 Accounts Receivable ₱ 6,000

    Winston, Capital ₱ 6,000

    Billed a customer the


    amount of P6,000 for
    services rendered.

    16 Accounts payable ₱ 12,500

    Cash ₱ 12,500

    Paid Rhea Trading


    Company in full.

    18 Salary Expense ₱ 46,000

    Cash ₱ 46,000

    Paid salaries of employees,


    P46,000

    20 Equipment ₱ 14,000

    Accounts payable ₱ 14,000

    Purchased equipment on
    account P14,000

    25 Miscellaneous Expense ₱ 2,400

    Cash ₱ 2,400

    Paid miscellaneous
    expense, P2,400

    27 Winston Drawing ₱ 7,000

    Cash ₱ 7,000

    Michael Winston withdrew


    cash for personal use,
    P7,000

    29 Utilities Expense ₱ 12,600

    Cash ₱ 12,600

    Paid light telephone and


    water for the month,
    P12,600

    31 Salary Expense ₱ 38,000

    Cash ₱ 38,000

    Paid the salaries for the


    second half of the month,
    P38,000.

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