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    Journal Exercise Question

    Uploaded by

    Ahmad Faraz
    The owner invested PHP 500,000 cash and PHP 100,000 in computer equipment into starting the business. Throughout July, the business paid rent, purchased additional equipment, completed work for clients and collected cash, paid salaries to an assistant, and paid utility bills. By the end of the month, the business had paid PHP 12,000 to settle a liability for purchased equipment and the owner withdrew PHP 500 for personal use.

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    Journal Exercise Question

    Uploaded by

    Ahmad Faraz
    16 views3 pages
    The owner invested PHP 500,000 cash and PHP 100,000 in computer equipment into starting the business. Throughout July, the business paid rent, purchased additional equipment, completed work for clients and collected cash, paid salaries to an assistant, and paid utility bills. By the end of the month, the business had paid PHP 12,000 to settle a liability for purchased equipment and the owner withdrew PHP 500 for personal use.

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    The owner invested PHP 500,000 cash and PHP 100,000 in computer equipment into starting the business. Throughout July, the business paid rent, purchased additional equipment, completed work for clients and collected cash, paid salaries to an assistant, and paid utility bills. By the end of the month, the business had paid PHP 12,000 to settle a liability for purchased equipment and the owner withdrew PHP 500 for personal use.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    16 views3 pages

    Journal Exercise Question

    Uploaded by

    Ahmad Faraz
    The owner invested PHP 500,000 cash and PHP 100,000 in computer equipment into starting the business. Throughout July, the business paid rent, purchased additional equipment, completed work for clients and collected cash, paid salaries to an assistant, and paid utility bills. By the end of the month, the business had paid PHP 12,000 to settle a liability for purchased equipment and the owner withdrew PHP 500 for personal use.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    of 3

    July 1.

    Owner invested PHp 500,000 cash along with computer equipment that had a market value of
    php. 120,000 two years ago but was now worth Php. 100,000 only.

    July 2. Paid php. 15,000 cash for the rent of office space for the month.

    July 4. Purchased php. 12,000 of additional equipment on credit (due within 30 days).

    July 8. Completed awork for a client and immediately collected the php. 32,000 cash.

    July 10. Completed work for a client and sent a bill for php. 27,000 to be paid within 30 days.

    July 12. Purchased additional equipment for php. 8,000 in cash.

    July 15. Paid an assistant php. 6,200 cash as wages for 15 days.

    July 18. Collected php. 15,000 on the amount owed by the client.

    July 25. Paid php. 12,000 cash to settle the liability on the equipment purchased.

    July 28. Owner withdrew php. 500 cash for personal use.

    July 30. Completed work for another client who paid only php. 40,000 for 50% of the system design.

    July 31. Paid salary of assistant php. 700.

    July 31. Received PLDT bill, php. 1,800 and Meralco bill php. 3,800.

    July 1 Dr Cash 500,000

    Dr Computer Eqpt 100,000

    Cr Capital 600,000

    Owner started business with cash and computer Eqpt.

    2 Dr Rent Exp 15,000

    Cr Cash 15,000

    Paid rent of office for the month of July.

    4 Dr Equipment 12,000

    Cr Creditors 12,000

    Equipment purchased for business use.

    8 Dr Cash 32,000

    Cr Services rendered (income) 32,000

    Services rendered for a client.


    10 Dr Debtors27,000

    Cr Services rendered (income) 27,000

    Services rendered for a client.

    12 Dr Equipment 8,000

    Cr Cash 8,000

    Additional equipment purchased.

    15 Dr Salaries & Wages 6,200

    Cr Cash 6,200

    Paid wages to assistant for 15 days.

    18 Dr Cash 15,000

    Cr Debtors15,000

    Received cash from debtor.

    25 Dr Creditors 12,000

    Cr Cash 12,000

    Creditors of Eqpt purchased, settled.

    28 Dr Drawings 500

    Cr Cash 500

    Owner withdrew cash for personal use.

    30 Dr Cash 40,000

    Dr. Debtors 40,000

    Cr Services rendered (income) 80,000

    50% amount received by a client on a/o work completed.

    31 Dr Salaries & Wages 700

    Cr Cash 700
    Paid salary to the assistant.

    31 Dr Utilities Exp (PLDT) 1,800

    Dr Utilities Exp (Meralco) 3,800

    Cr Creditors 5,600

    PLDT and Meralco have been assumed to be the utility companies.

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