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  • Acctg

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    The document contains journal entries and a trial balance for transactions that occurred between October 1-7. On October 1, the owner contributed P300,000 cash in exchange for ownership equity. On October 2, furniture and fixtures were purchased for P200,000 cash. Prepaid supplies of P30,000 and service fees of P20,000 were recorded. By October 7, salaries expense of P10,000 had been incurred, leaving cash at P80,000. The unadjusted trial balance has total debits equal to total credits of P320,000.

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    acctg

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    The document contains journal entries and a trial balance for transactions that occurred between October 1-7. On October 1, the owner contributed P300,000 cash in exchange for ownership equity. On October 2, furniture and fixtures were purchased for P200,000 cash. Prepaid supplies of P30,000 and service fees of P20,000 were recorded. By October 7, salaries expense of P10,000 had been incurred, leaving cash at P80,000. The unadjusted trial balance has total debits equal to total credits of P320,000.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    3 views2 pages

    Acctg

    Uploaded by

    alessajade8
    The document contains journal entries and a trial balance for transactions that occurred between October 1-7. On October 1, the owner contributed P300,000 cash in exchange for ownership equity. On October 2, furniture and fixtures were purchased for P200,000 cash. Prepaid supplies of P30,000 and service fees of P20,000 were recorded. By October 7, salaries expense of P10,000 had been incurred, leaving cash at P80,000. The unadjusted trial balance has total debits equal to total credits of P320,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    acctg

    a. Journal Entries:
    ● October 1:
    ● Debit: Cash - P300,000
    ● Credit: Owner's Equity - P300,000
    ● October 2:
    ● Debit: Furniture and Fixture - P200,000
    ● Credit: Cash - P200,000
    ● October 4:
    ● Debit: Prepaid Supplies - P30,000
    ● Credit: Cash - P30,000
    ● October 5:
    ● Debit: Cash - P20,000
    ● Credit: Service Fees - P20,000
    ● October 7:
    ● Debit: Salaries Expense - P10,000
    ● Credit: Cash - P10,000

    b. T-Accounts (Ledger):
    Date Account Debit Credit
    Oct 1 Cash P300,000
    Oct 1 Owner's Equity P300,000
    Oct 2 Furniture and P200,000
    Fixture
    Oct 2 Cash P200,000
    Oct 4 Prepaid Supplies P30,000
    Oct 4 Cash P30,000
    Oct 5 Cash P20,000
    Oct 5 Service Fees P20,000
    Oct 7 Salaries Expense P10,000
    Oct 7 Cash P10,000
    c. Unadjusted Trial Balance on October 7, 2023:
    Account Debit Credit
    Cash P80,000
    Prepaid Supplies P30,000
    Furniture and Fixture P200,000
    Furniture and Fixture P200,000
    Owner's Equity P300,000
    Service Fees P20,000
    Salaries Expense P10,000
    Total Debit: P320,000
    Total Credit: P320,000

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