Armina established a service business to be known as Armina Photography on July 1, 2015. During...

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Armina established a service business to be known as Armina Photography on July 1, 2015. During the first month, the following transactions occurred: July 1- Amina transferred cash of P300,00 from her personal bank account to an account to be used for her business. She also invested the following digital camera P45,000 manual camera P25,000 : desktop computer P28,000 photopapers and ink, P14,000. The business will also assume her debt evidenced by a note amounting to P12,000 July 4- Paid six-month advance rent to Cyrene Commercial Complex, P30,000 July 6- Received a statement. of account from Brian News for advertising this month, P5,500 July 8- Bought photo enhancing equipment from Mirzi Outlet for P40,000 Arnina Photog paid 30% down payment and the balance on account July 12- Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16 July 13 Photography services rendered totaled P180,000 Twenty five percent of which are settled in cash and the balance settled on account July 14 - Purchased office sofa set from Renzo designs for P30,000 on account July 15- Paid various operating expenses during the month: Meals and representation, P4,000 Electricity, P23,000 Telephone expense, P6,000 and repairs, P2,500. July 18- Photography services rendered totaled P180,000,25% was settled with an interest -bearing note and the balance on account + July 20 - Received advances from a couple for the prenuptial coverage to be done next month, P60,000 July 22- Collected 90% of the outstanding receivable from July 13 transaction July 24 Paid in full the statement of account received last July 6. July 26 Paid 80% of the outstanding obligation to Mirzi Outlet and for the remaining balance she issued an interest -bearing note July 28 - Paid half of the outstanding obligation to Renzo Designs. July 31 - Paid salary of the office assistant for 16 days, P3,097 Arnina Photography uses the ff account titles: Cash Photography Equipment Office Equipment Delivery Vehicle Photography Supplies Loan Payable Notes Payable Repairs Expense Armina, drawing Furniture and Fixtures Advertising Expense Salaries Expense Advances from Clients Notes Receivable Prepaid Rent Photography Revenue Representation Expense Arnina Capital Salaries Payable Accounts Payable Accounts Receivable Utilities Expense Interest Receviable Insurance Expense Required: 1. Journalize the transactions 2. What are the total assets ? 3. What 4. What 5. What are the total liabilities? are the total expenses? are the total revenues ? Armina established a service business to be known as Armina Photography on July 1, 2015. During the first month, the following transactions occurred: July 1- Amina transferred cash of P300,00 from her personal bank account to an account to be used for her business. She also invested the following digital camera P45,000 manual camera P25,000 : desktop computer P28,000 photopapers and ink, P14,000. The business will also assume her debt evidenced by a note amounting to P12,000 July 4- Paid six-month advance rent to Cyrene Commercial Complex, P30,000 July 6- Received a statement. of account from Brian News for advertising this month, P5,500 July 8- Bought photo enhancing equipment from Mirzi Outlet for P40,000 Arnina Photog paid 30% down payment and the balance on account July 12- Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16 July 13 Photography services rendered totaled P180,000 Twenty five percent of which are settled in cash and the balance settled on account July 14 - Purchased office sofa set from Renzo designs for P30,000 on account July 15- Paid various operating expenses during the month: Meals and representation, P4,000 Electricity, P23,000 Telephone expense, P6,000 and repairs, P2,500. July 18- Photography services rendered totaled P180,000,25% was settled with an interest -bearing note and the balance on account + July 20 - Received advances from a couple for the prenuptial coverage to be done next month, P60,000 July 22- Collected 90% of the outstanding receivable from July 13 transaction July 24 Paid in full the statement of account received last July 6. July 26 Paid 80% of the outstanding obligation to Mirzi Outlet and for the remaining balance she issued an interest -bearing note July 28 - Paid half of the outstanding obligation to Renzo Designs. July 31 - Paid salary of the office assistant for 16 days, P3,097 Arnina Photography uses the ff account titles: Cash Photography Equipment Office Equipment Delivery Vehicle Photography Supplies Loan Payable Notes Payable Repairs Expense Armina, drawing Furniture and Fixtures Advertising Expense Salaries Expense Advances from Clients Notes Receivable Prepaid Rent Photography Revenue Representation Expense Arnina Capital Salaries Payable Accounts Payable Accounts Receivable Utilities Expense Interest Receviable Insurance Expense Required: 1. Journalize the transactions 2. What are the total assets ? 3. What 4. What 5. What are the total liabilities? are the total expenses? are the total revenues ?

Answer rating: 100% (QA)

To journalize the transactions well record each transaction using the given account titles Here are the journal entries for the transactions 1 July 1 ... View the full answer