Journalizing Transactions

The chart of accounts for Vincent Boron Delivery Service is as follows:

Assets Income

110 Cash 410 Delivery Revenues

120 Accounts Receivable Expenses

130 Prepaid Insurance 510 Salaries Expense

140 Service Vehicle 520 Gas and Oil Expense

150 Office Equipment 530 Repair Expense

540 Advertising Expense

Liabilities 550 Supplies Expense

210 Accounts Payable 590 Miscellaneous Expense

Owner's Equity

310 Boron, Capital

320 Boron, Withdrawals

The entity completed the following transactions in May 2020:

May 3 Placed four week-end advertisements in the Sun Daily Central Luzon for P18,500; the
amount is due in 30 days.

6 Bought supplies on account from Supplies, Inc ., P8,800.

15 Boron invested in the business own office equipment with a fair market value of P52,500.

17 Received P61,800 from charge customers to apply on their accounts.

22 Received a bill from Park Trucking for repair services performed, P8,500.

26 Paid Supplies, Inc ., P8,800 in full payment of account.

29 Paid salaries to employees, P21,000.

30 Received P39,000 for services performed.

31 Received and paid gasoline and oil bill relating to the service vehicle, P12,500.

31 Billed South China Bank for services performed, P45,000.

31 Boron withdrew cash for personal use, P14,500.

Required:

Prepare the journal entries for the May transactions.

John Karlo Dalangin, a dentist, established Dalangin Clinic. The following transactions occurred during
June of this year:

a. Dalangin deposited P280,000 in a bank account in the name of the business.

b. Bought a 3-in-1 office equipment from Pitular Equipment for P4,950, paying P1,000 in cash and the
balance on account.

c. Bought waiting room chairs and a table, paying cash, P12,300.

d. Bought office intercom on account from NE Office Supply, P2,750.

e. Received and paid the telephone bill, P1,080.

f. Performed professional services on account, P12,940.

g. Received and paid the electric bill, P1,850.

h. Received and paid the bill for the Regional Dental Convention, P3,500.

i. Performed professional services for cash, P17,650.

j. Partially settled accounts with NE Office Supply, P1,000.

k. Paid rent for the month, P8,400.

I. Paid salaries of the part-time receptionist, P3,500.

m. Dalangin withdrew cash for personal use, P8,500.

n. Received P5,500 on account from patients who were previously billed.

Required:

1. Establish the following T-accounts: Cash; Accounts Receivable; Office Equipment; Office Furniture;
Accounts Payable; Dalangin, Capital; Dalangin Withdrawals; Professional Fees; Salaries Expense; Rent
Expense; Utilities Expense; and Miscellaneous Expense.

2.Record the transactions directly into the T-accounts using the alphabets to identify each transaction.

3. Prepare a trial balance.

Joanne Java Review School entered into the following transactions during October 2019:

Oct. 1 Java made additional investments of P50,000 in the business.

2 Bought liability insurance for one year, P14,500.

3 Received a bill for advertising from SouthMin News, P3,200.

4 Paid rent for the month, P8,900.

7 Received a bill for equipment repair from E. Hipolito, P2,880.

10 Received and deposited tuition from students, P62,500.

11 Received and paid the telephone bill, P2,300.

15 Bought chairs from E. Awayan Furniture, P18,800, paying P8,800 in cash and the balance on
account.

18 Paid accounts to SouthMin News, P3,200.

21 Java withdrew P8,000 for personal use.

24 Received a bill for gas and oil from Mindanao Oil Corp ., P1,800.

25 Received and deposited tuition from students, P61,400.

27 Paid salaries of the office assistants, P12,000.

28 Bought a photocopier on account from Dadiangas Office Machines, P7,500.

29 Received P7,000 tuition from a student who had charged the tuition on account last month.

30 Received and paid the water utilities bill, P3,600.

31 Paid for flower arrangements for front office, P620.

31 Java invested personal computer, with a fair market value of P12,300, in the business

.Required:

Prepare the journal entries for the October transactions. Use the following accounts:

Cash; Accounts Receivable; Prepaid Insurance; Equipment; Furniture; Accounts Payable; Java,Capital;
Java, Withdrawals; School Fees; Salaries Expense; Rent Expense; Gas and Oil Expense; Advertising
Expense; Repair Expense; Supplies Expense; Utilities Expense; Telecommunications Expense and
Miscellaneous Expense.