J and M got married on December 31, 2018. The day after their marriage, they built...
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J and M got married on December 31, 2018. The day after their marriage, they built up a computer shop for their source of living. The business was called JM Computer Shop. The subsequent transactions occurred during 2019 are as follows: Jan. Jan. Feb. Mar. Mar. Apr. May 1 3 Jun. Jul. 3 4 31 5 7 10 Paid the monthly rent P2,000. Paid electricity for the month worth at P1,000. Received P15,000 from cash customers. Paid salaries of the employees, P5,000. Rendered services to clients for credit amounting to P30,000. Withdrew P10,000 cash for personal use. JM Computer Shop used the following chart of accounts in recording transactions: 11 Aug. 15 Nov. 21 Dec. 23 JM invested P300,000 cash in the business. JM purchased computers amounting to P100,000 in cash. Purchased office supplies from Capon, Inc. on credit amounting to P2,000. Paid the internet subscription for the month amounting to P2,000. Requirements: Paid the amount owed for office supplies. Received P8,000 cash from clients. Journal Entries 110 120 121 130 140 141 210 220 310 320 410 Cash Accounts Receivable Allowance for Bad Debts Office Supplies Computer Equipment Accumulated Depreciation-Computer Equipment Accounts Payable Salaries Payable JM, Capital JM, Drawing Service Revenue Internet Expense Salaries Expense 510 520 530 540 550 560 Depreciation Expense-Computer Equipment 570 Bad Debts Expense Additional information: 1. Office supplies used, P1,000 2. Required allowance for bad debts, P500 3. Depreciation of computer equipment, P20,000 4. Salaries accrued but not paid, P2,000 Electricity Expense Supplies Expense Rent Expense 1. 2. T-accounts 3. Complete Worksheet (Unadjusted Trial Balance up to Post-closing Trial Balance) 4. Income Statement 5. Statement of Changes in Equity 6. Balance Sheet 7. Reversing Entries J and M got married on December 31, 2018. The day after their marriage, they built up a computer shop for their source of living. The business was called JM Computer Shop. The subsequent transactions occurred during 2019 are as follows: Jan. Jan. Feb. Mar. Mar. Apr. May 1 3 Jun. Jul. 3 4 31 5 7 10 Paid the monthly rent P2,000. Paid electricity for the month worth at P1,000. Received P15,000 from cash customers. Paid salaries of the employees, P5,000. Rendered services to clients for credit amounting to P30,000. Withdrew P10,000 cash for personal use. JM Computer Shop used the following chart of accounts in recording transactions: 11 Aug. 15 Nov. 21 Dec. 23 JM invested P300,000 cash in the business. JM purchased computers amounting to P100,000 in cash. Purchased office supplies from Capon, Inc. on credit amounting to P2,000. Paid the internet subscription for the month amounting to P2,000. Requirements: Paid the amount owed for office supplies. Received P8,000 cash from clients. Journal Entries 110 120 121 130 140 141 210 220 310 320 410 Cash Accounts Receivable Allowance for Bad Debts Office Supplies Computer Equipment Accumulated Depreciation-Computer Equipment Accounts Payable Salaries Payable JM, Capital JM, Drawing Service Revenue Internet Expense Salaries Expense 510 520 530 540 550 560 Depreciation Expense-Computer Equipment 570 Bad Debts Expense Additional information: 1. Office supplies used, P1,000 2. Required allowance for bad debts, P500 3. Depreciation of computer equipment, P20,000 4. Salaries accrued but not paid, P2,000 Electricity Expense Supplies Expense Rent Expense 1. 2. T-accounts 3. Complete Worksheet (Unadjusted Trial Balance up to Post-closing Trial Balance) 4. Income Statement 5. Statement of Changes in Equity 6. Balance Sheet 7. Reversing Entries
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Here are the journal entries Taccounts worksheet financial statements and reversing entries for the given transactions of JM Computer Shop Journal Entries Jan 3 2019 Dr 310 JM Capital Cr 110 Cash P300... View the full answer
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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