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.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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How can i make a journal entry on this.

11:13 © M
6. Drawing account normally has debit balances. This account increases on the
credit side and decreases on the debit side.
7. Contra Asset account normally has debit balance. An increase in Contra Asset
account is recorded as a debit while a decrease in the Contra Asset account is
recorded as a credit.
8. Debit furniture & fixtures when you acquire office tables on account.
Consequently, this will credit accounts payable.
9. Credit accounts receivable when you bill your customers. This will also credit
service revenues.
10. Debit accounts payable when you pay your account and credit cash.
Fundamentals of Accountancy, Business and Managemen2020 Edition
For DMMCIHS use only
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 Şhey 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.
Transcribed Image Text:11:13 © M 6. Drawing account normally has debit balances. This account increases on the credit side and decreases on the debit side. 7. Contra Asset account normally has debit balance. An increase in Contra Asset account is recorded as a debit while a decrease in the Contra Asset account is recorded as a credit. 8. Debit furniture & fixtures when you acquire office tables on account. Consequently, this will credit accounts payable. 9. Credit accounts receivable when you bill your customers. This will also credit service revenues. 10. Debit accounts payable when you pay your account and credit cash. Fundamentals of Accountancy, Business and Managemen2020 Edition For DMMCIHS use only 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 Şhey 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.
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