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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:DOGGO has a security service business and completed the following transactions
during October 2021 :
October
1 DOGGO Inc. transferred cash from a personal account to an account
to be used for the business, P243,000.
3 DOGGO Inc. invested in the business personal weapons
having a fair market value of P34,000.
4 Bought communication equipment on account from
Pesa Electronics, P13,740.
5 Paid rent for the month, P7,650.
6 Bought a used service vehicle car for P93,000, paying P45,000 down,
with the balance due in thirty days.
9 Received invoice and paid insurance premium to Cacawa Fidelity
Company for bonding employees, P7,710.
12 Performed security services for Loreta Galleries. Billed Loreta for
services rendered, P8,250.
16 Received bill from Marcos Printers for office stationery, P1,757
17 Billed Pascua Construction for services rendered, P14,790.
22 Paid Regal Shell Service for gasoline for service vehicle, P720.
24 Performed security services at a fasion jewelry fair. Billed
organizers for service rendered, P17,500.
27 Paid Pesa Electronics P4,500 to apply on an account.
31 DOGGO withdrew cash for personal treats, P18,000.
Requirements :
Prepare the journal entries for the month of October transactions and use the
following accounts: Cash; Accounts Receivable; Prepaid Insurance; Arms
and Communication Equipment; Service Vehicle; Accounts Payable;
DOGGO, Capital; DOGGO, Withdrawals; Service Revenue; Rent Expense;
1
Supplies Expense; Prepaid Expense and Gasoline Expense.
2
Prepare a trial balance.
Expert Solution
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