Activity 1-3 Journalizing Transactions Maharlika decided to invest in a travel agency. Below are the transaction for the month of July 2021. July 1 Maharlika invested a car worth P750,000, cash of P1,400,000 and furniture worth P350,000 4 Borrowed P350,000 from Sbey Bank 5 Bought furniture from Fim's P30,000 on account. 6 Withdrew cash P100,000 for personal use 15 Rendered services to Joyous Tours P500,000 on account 21 Paid utilities for P10,000 24 Performed services, P25,000 27 Paid furniture previously acquired 30 Collected account from Joyous Tours Requirement: Journalize the transactions using the ff: account: Cash: Accounts Receivable; Equipment; Furniture; Accounts Payable; Loans Payable; Maharlika, Capital; Maharlika, Withdrawal; Service Revenue; and Utilities Expense. Record the journal entries in a journal sheet in proper format.

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…