Journal Entries- Activity

QUESTIONS ACCOUNT TITLE DEBIT CREDIT

A. Cash P50,000
Maxi Chia, Capital P50,000

B. Delivery Equipment P20,000

Accounts Payable P20,000

C. Cash P3,500
Accounts Payable P3,500

D. Cash P3,500
Accounts Receivable P3,500

E. Accounts Receivable P20,000

Delivery Equipment P20,000

F. Paid Utilities P2,250

Cash P2,250

G. Salaries Expense P4,600

Cash P4,600

H. Accounts Receivable P3,000

Cash P3,000

I. Delivery Equipment P25,000

Cash P25,000

J. Delivery Services P5,000

Account Payable P5,000
DESCRIPTION

Maci Chia invested P50,000 in the business.

Purchased delivery equipment on account.

Earned delivery fees on account.

Collected the accounts receivable for the delivery fees.

Paid the accounts payable for delivery equipment.

Paid utilities for the month.

Paid salaries for the month.

Incurred delivery expenses and paid the said amount.

Purchased more delivery equipment.

Performed delivery services for a retail store on account.