Module 5 Activity

Journalize the following transaction below and use the chart accounts present:
Jan 1 – Mr. Abad invested P150,000 cash in his business named AB Laundry Shop.

4 - Acquired equipment worth P100,000, paid downpayment of P40,000 and the rest is
on account
6 – Bought supplies P15,000 on cash
7 - Received cash from the customers for the services to be rendered on Jan 14,
P7,000

10 – Performed laundry services on account, P10,000.

12 – Performed laundry services on cash, P24,000.
14 - Performed services for the cash payment received last January 7, P7,000.
15 - Paid salaries expense for his two assistants 4,000 each.
18 - Collected 50% of the receivables from clients on account

20 – Mr Abad invested his service vehicle with fair value of P200,000 in the business
25 – Paid 25% of his payable in equipment bought last Jan 4

31 – Paid the following expense: Salaries 8,000; Utilities 4,500; Advertising 1,500;
Miscellaneous 2,000

Use the following account titles and account numbers:

101 Cash 300 Abad, Capital
102 Accounts Receivable 505 Miscellaneous Expenses
103 Supplies 400 Service Revenue
104 Equipment 501 Salaries Expense

105 Service Vehicle 502 Utilities Expense

201 Accounts Payable 504 Advertising Expense

202 Unearned Revenue