CLASS EXERCISE – recording of transactions (Balance Sheet Accounts) Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the month: Mar 1, Zee invested P 100,000 cash, Office Furnitures @ P 50,000 Office Equipment amounting to P 30,000. Mar 3, Zee borrowed P 300,000 cash from Banco de Oro to expand his business Mar 9, Zee bought Groceries for sale amounting to P150,000 Mar 16, Zee bought additional Office Furnitures on account from Woody Supply @ P 50,000, with 30 day term, but if paid within 15 days, a 2% discount will be applied. CLASS EXERCISE – recording of transactions (Balance Sheet Accounts) Mar 30, Zee withdraw cash to buy his own personal hygiene kit amounting to P 5,000 Mar 31, Zee paid Woody supply in full.
CLASS EXERCISE – recording of transactions (Balance Sheet Accounts) Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the month: Mar 1, Zee invested P 100,000 cash, Office Furnitures @ P 50,000 Office Equipment amounting to P 30,000. Mar 3, Zee borrowed P 300,000 cash from Banco de Oro to expand his business Mar 9, Zee bought Groceries for sale amounting to P150,000 Mar 16, Zee bought additional Office Furnitures on account from Woody Supply @ P 50,000, with 30 day term, but if paid within 15 days, a 2% discount will be applied. CLASS EXERCISE – recording of transactions (Balance Sheet Accounts) Mar 30, Zee withdraw cash to buy his own personal hygiene kit amounting to P 5,000 Mar 31, Zee paid Woody supply in full.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Note: The answer should follow the given format. Thank you
Transcribed Image Text:CLASS EXERCISE – recording of transactions (Balance Sheet Accounts)
Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the month:
Mar 1, Zee invested P 100,000 cash, Office Furnitures @ P 50,000 Office Equipment amounting to P 30,000.
Mar 3, Zee borrowed P 300,000 cash from Banco de Oro to expand his business
Mar 9, Zee bought Groceries for sale amounting to P150,000
Mar 16, Zee bought additional Office Furnitures on account from Woody Supply @ P 50,000, with 30 day term, but
if paid within 15 days, a 2% discount will be applied.
CLASS EXERCISE – recording of transactions (Balance Sheet Accounts)
Mar 30, Zee withdraw cash to buy his own personal hygiene kit amounting to P 5,000
Mar 31, Zee paid Woody supply in full.
Transcribed Image Text:JOURNAL
DATE
PARTICULARS
DR.
CR.
July 1, 2019
PHP
CASH
DELIVERY EQUIPMENT
800,000
200,000
PAOLO REYES CAPITAL
PHP
1,000,000
# To record Paolo Reyes' Cash and Delivery equipment investment
July 2, 2019
CASH
PHP
100,000
LOANS PAYABLE
PHP
100,000
# To recofd borrowings from PNB
July 7, 2019
FURNITURES & FIXTURES
PHP
45,000
CASH
PHP
45,000
# To record purchase of Tables and Chairs
July 15, 2019 EQUIPMENT
PHP
55,000
ACCOUNTS PAYABLE
PHP
55,000
# To recofd purchase on account from Fortune
Jule 18, 2019
PAOLO REYES DRAWINGS
PHP
5,000
CASH
PHP
5,000
# To record Paolo Reyes drawings
July 20, 2019
ACCOUNTS PAYABLE
PHP
55,000
CASH
PHP
55,000
# To record payment of purchased on account last July 15
FORMAT
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education