ADAMSON UNIVERSITY

FINANCIAL ACCOUNTING & REPORTING

ACTIVITY 4 – JOURNALIZING
September 15, 2021

Journalize the following transactions of UTOUTO Consultancy using the Chart of Accounts given below:

Cash Mr. UTOUTO, capital

Accounts Receivable Mr. UTOUTO, Drawing
Notes receivable Professional income
Office Supplies Salaries expense
Land Rent expense
Building Telephone & Light expense
Office Furniture & Fixtures Repair expense
Office Equipment Miscellaneous expense
Accounts Payable
Mortgage Payable

July 2 Mr. UTOUTO invested P900,000 cash and Land and Building worth P5,000,000
Into his consultancy business. The Land has a fair market value of P3,000,000.
3 Paid business permit and licenses, P4,500.
4 Purchased office furniture worth P36,000 on account from SM.
5 Paid rent for the month, P15,000
7 Billed customers for services rendered, P25,000
8 Purchased office supplies for cash, P4,000
9 Purchased a computer for P40,000, paying 50% down.
10 Received cash for services rendered, P7,100.
11 Received P15,000 from customers on account.
14 Paid semi-monthly salaries of employees, P18,200.
15 Billed a customer for services rendered in the amount of P60,000 as follows:
Cash payment of P12,000; balance payable on August 25..
18 The owner withdrew P20,000 for personal use
19 Paid telephone and light, P6,200
23 Paid SM on furniture purchased in account in full.
28 Received P5,000 from customer on account.
30 Paid salaries for the second half of July

REQUIRED

 Prepare journal entries to record the above transactions.

 Submission of this activity is not later than 12 noon of Friday, September17.