REQUIRED: JOURNALIZE THE  TRANSACTION

Juan Cruz opened a shoe repair shop called "JC Shoes"  with an initial capital composed of:

Cash                      10,000

Supplies                 5,000

Shoe machine    20,000

Transactions during the month are as follows:

1. Paid business tax to the City treasurer amounting to 3,000  and rent for the store space for the month amounting to 5,000.

2. Purchased cabinets and tablets from Balingit Furniture's for  15,000 on credit.

3. Received 3,000 cash for shoe repair services to various  customers. Sent charge bill 20,000 for repairs rendered to Kiwi Shoes.

4. Bought supplies on credit from Tiongsan 2,000.

5. Sent charge bills for shoe repairs rendered on credit to:

Shoe Mart           30,000

Adidas                  10,000

Nike                        8,000

6. Paid the following expenses:

Salaries                        12,000

Transportation             3,000

Telephone                     1,500

7. Received cash as collections on credit from:

Kiwi Shoes       13,000

Shoe Mart       18,000

Adidas                 6,000

Nike                     5,000

8. Received 7,000 cash for services rendered to various  customers. Paid Balingit Furniture's and Tiongsan 10,000 and 2,000  respectively.

9. Juan Cruz withdrew 9,000 cash for his personal use.

10. Paid 2,700 to repairman for repair service of the shoe machine.

11. Paid advertising for the month 1,800.

12. Hired a new shoe repair worker with 250 daily wage.

Answer rating: 100% (QA)

Journalizing the Transactions for JC Shoes Date Account Debited Amount Account Credited Amount Description 20240101 Cash 10000 Supplies 5000 Initial i... View the full answer