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  • Business Transactions

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    Shane Nayah
    32 views2 pages
    The document contains journal entries for two problems. The first problem records transactions for cash, equipment, inventory, sales, prepaid rent, accounts payable, interest expense, utilities expense, and salaries expense. The second problem records transactions for cash investment, taxes and license, advertising expense, inventory purchase on account, sales on account, cash collection on account, accounts payable payment, rent expense, utilities expense, and owner's drawing.

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    The document contains journal entries for two problems. The first problem records transactions for cash, equipment, inventory, sales, prepaid rent, accounts payable, interest expense, utilities expense, and salaries expense. The second problem records transactions for cash investment, taxes and license, advertising expense, inventory purchase on account, sales on account, cash collection on account, accounts payable payment, rent expense, utilities expense, and owner's drawing.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    32 views2 pages

    Business Transactions

    Uploaded by

    Shane Nayah
    The document contains journal entries for two problems. The first problem records transactions for cash, equipment, inventory, sales, prepaid rent, accounts payable, interest expense, utilities expense, and salaries expense. The second problem records transactions for cash investment, taxes and license, advertising expense, inventory purchase on account, sales on account, cash collection on account, accounts payable payment, rent expense, utilities expense, and owner's drawing.

    Copyright:

    © All Rights Reserved
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    of 2

    JOURNAL ENTRIES

    1. Cash P100,000
    Owner’s Capital P100,000

    2. Cash 800,000
    Notes Payable 800,000

    3. Equipment 200,000
    Cash 200,000

    4. Inventory 500,000
    Cash 500,000

    5. Cash 120,000
    Sales 20,000

    Cost of Goods Sold 50,000


    Inventory 50,000

    6. Prepaid Rent 60,000


    Cash 60,000

    7. Accounts Payable 400,000


    Cash 400,000

    8. Interest Expense 80,000


    Cash 80,000

    9. Utilities Expense 10,000


    Cash 10,000

    10. Salaries Expense 32,000


    Cash 32,000

    PROBLEM 2: JOURNAL ENTRIES

    1. Cash 1,000,000
    Owner’s Capital 1,000,000

    2. Taxes & License 30,000


    Cash 30,000
    3. Advertising Expense 200,000
    Cash 200,000

    4. Inventory 600,000
    Accounts Payable 600,000

    5. Accounts Receivable 800,000


    Sales 800,000

    Cost of Goods Sold 500,000


    Inventory 500,000

    6. Cash 700,000
    Accounts Receivable 700,000

    7. Accounts Payable 300,000


    Cash 300,000

    8. Rent Expense 70,000


    Cash 70,000

    9. Utilities Expense 8,000


    Cash 8,000

    10. Owner’s Drawing 20,000


    Cash 20,000

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