MAKE THE JOURNAL ENTRIES. Date Amount Saturday, 2 January 2021 Loaned from the bank with an annual interest rate of 4.6% (exact method) payable on Dec. 31, 2023 400,000.00.

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Date ansactions Saturday, 2 January 2021 Loaned from the bank with an annual interest rate of 4.6% (exact method) payable on Dec. 31, 2023 issued a promissory note for the purchase of the necessary equipments for the business. The rate specified is 3% annually (ordinary method) Monday, 4 January 2021 The owner transferred personal money to the bank account of the business. Paid for two years insurance Recorded the payment for the necessary permits The owner hired Julia Alonzo as manager with a monthly salary of P25,000. The owner hired a barber, a make up artist, a manicurist, two hairdressers, a janitor, a security guard, and front desk personnel. Paid for one year rent in advance Tuesday, 5 January 2021 Paid for training costs of the make up artist, manicurist, and hair dressers hired The owner purchased and paid the necessary furniture for the business. Paid for flyers and advertising on Facebook Purchased supplies on account for the business Wednesday, 6 January 2021 Paid for other necessary permits The owner opened its beauty salon business. Paid for a 3-month subscription on magazines and newspapers to be displayed in the waiting area Thursday, 7 January 2021 Purchased additional furniture issuing a 3-month promissory note with 12% interest Received advance payments for services to be rendered in the future Friday, 8 January 2021 Fully paid for the supplies previously purchased on account Purchased additional supplies on account for the business. Saturday, 9 January 2021 Recorded services rendered for January 5-9. P10,000 is collected, the remaining is on account The owner withdrew money from the business for personal use. Tuesday, 12 January 2021 Collected 40% from charge customers Wednesday, 13 January 2021 Purchased additional furniture paying in cash Thursday, 14 January 2021 Collected 80% from the remaining charge customers Friday, 15 January 2021 Paid for additional advertising Rendered half of the services from the advance payments received last January 7 Saturday, 16 January 2021 Collected from a wedding organizer advance payments for services to be rendered soon Recorded services rendered for January 12-16. 60 % is for cash, the rest is on account Tuesday, 19 January 2021 Fully paid for the supplies previously purchased on account Amount 400,000.00 100,000.00 300,000.00 108,000.00 9,950.00 26,500 per month 31,760.00 67,900.00 15,000.00 8,890.00 2,495.00 450 per month 31,500.00 30,000.00 6,695.00 53,450.00 5,300.00 20,800.00 8,500.00 78,000.00 53,700.00 Date ansactions Saturday, 2 January 2021 Loaned from the bank with an annual interest rate of 4.6% (exact method) payable on Dec. 31, 2023 issued a promissory note for the purchase of the necessary equipments for the business. The rate specified is 3% annually (ordinary method) Monday, 4 January 2021 The owner transferred personal money to the bank account of the business. Paid for two years insurance Recorded the payment for the necessary permits The owner hired Julia Alonzo as manager with a monthly salary of P25,000. The owner hired a barber, a make up artist, a manicurist, two hairdressers, a janitor, a security guard, and front desk personnel. Paid for one year rent in advance Tuesday, 5 January 2021 Paid for training costs of the make up artist, manicurist, and hair dressers hired The owner purchased and paid the necessary furniture for the business. Paid for flyers and advertising on Facebook Purchased supplies on account for the business Wednesday, 6 January 2021 Paid for other necessary permits The owner opened its beauty salon business. Paid for a 3-month subscription on magazines and newspapers to be displayed in the waiting area Thursday, 7 January 2021 Purchased additional furniture issuing a 3-month promissory note with 12% interest Received advance payments for services to be rendered in the future Friday, 8 January 2021 Fully paid for the supplies previously purchased on account Purchased additional supplies on account for the business. Saturday, 9 January 2021 Recorded services rendered for January 5-9. P10,000 is collected, the remaining is on account The owner withdrew money from the business for personal use. Tuesday, 12 January 2021 Collected 40% from charge customers Wednesday, 13 January 2021 Purchased additional furniture paying in cash Thursday, 14 January 2021 Collected 80% from the remaining charge customers Friday, 15 January 2021 Paid for additional advertising Rendered half of the services from the advance payments received last January 7 Saturday, 16 January 2021 Collected from a wedding organizer advance payments for services to be rendered soon Recorded services rendered for January 12-16. 60 % is for cash, the rest is on account Tuesday, 19 January 2021 Fully paid for the supplies previously purchased on account Amount 400,000.00 100,000.00 300,000.00 108,000.00 9,950.00 26,500 per month 31,760.00 67,900.00 15,000.00 8,890.00 2,495.00 450 per month 31,500.00 30,000.00 6,695.00 53,450.00 5,300.00 20,800.00 8,500.00 78,000.00 53,700.00

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Journal Entry Debit Cash 40000000 Credit Loan Payable 40000000 Monday 4 January 2021 The owner transferred personal money to the bank account of the business 10000000 Journal Entry Debit Cash 10000000 ... View the full answer