Prepare the entries to record the following independent transactions with explanations. On January 4, 2016, received Php 20,000 from a customer in payment for services rendered. Payment to X Supplier amounting to Php 4,000 for office supplies purchased on January 3,2016. Maria invested Php 60,000 on January 18,2016 to start a barbershop in Naga City. On January 5, 2016, Peter Pan withdrew Php 30,000 from his business to pay for the tuition of his son. On January 7, 2016 paid Php 10,000 rental amount for the month of January 2016. Collected Php 20,000 of the accounts receivable from Master Company on January 17, 2016. Paid the salary of the office secretary amounting to Php 20,000 on January 18, 2016. Purchased office equipment worth Php 25,000 by paying 40% down payment and the balance on account. Paid Php 5,000 of the accounts payable on January 28,2016. Rendered services to clients on January 5, 2016 amounting to Php 20,700.
Prepare the entries to record the following independent transactions with explanations. On January 4, 2016, received Php 20,000 from a customer in payment for services rendered. Payment to X Supplier amounting to Php 4,000 for office supplies purchased on January 3,2016. Maria invested Php 60,000 on January 18,2016 to start a barbershop in Naga City. On January 5, 2016, Peter Pan withdrew Php 30,000 from his business to pay for the tuition of his son. On January 7, 2016 paid Php 10,000 rental amount for the month of January 2016. Collected Php 20,000 of the accounts receivable from Master Company on January 17, 2016. Paid the salary of the office secretary amounting to Php 20,000 on January 18, 2016. Purchased office equipment worth Php 25,000 by paying 40% down payment and the balance on account. Paid Php 5,000 of the accounts payable on January 28,2016. Rendered services to clients on January 5, 2016 amounting to Php 20,700.
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 14DQ
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Prepare the entries to record the following independent transactions with explanations.
- On January 4, 2016, received Php 20,000 from a customer in payment for services rendered.
- Payment to X Supplier amounting to Php 4,000 for office supplies purchased on January 3,2016.
- Maria invested Php 60,000 on January 18,2016 to start a barbershop in Naga City.
- On January 5, 2016, Peter Pan withdrew Php 30,000 from his business to pay for the tuition of his son.
- On January 7, 2016 paid Php 10,000 rental amount for the month of January 2016.
- Collected Php 20,000 of the accounts receivable from Master Company on January 17, 2016.
- Paid the salary of the office secretary amounting to Php 20,000 on January 18, 2016.
- Purchased office equipment worth Php 25,000 by paying 40% down payment and the balance on account.
- Paid Php 5,000 of the accounts payable on January 28,2016.
- Rendered services to clients on January 5, 2016 amounting to Php 20,700.
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