Jay Mercado Photocopying Center July 31,2015 July 1- Mr. Mercado invested cash of P30,000 in the business to be known as JM Photocopying Center. July 1- Mr. Mercado invested a photocopying machine amounting to P30,000 with sales invoice) in his business. July 1- Mr. Mercado invested the following in his business: Cash - P30,000 and Photocopying Equipment P30,000 (with sales invoice). In addition, his Loan Payable of P50,000 would be assumed by the business. July 2 - JM Photocopying Center paid P10,000 for the purchase of bond papers (with sales invoice) July 3 – JM Photocopying Center paid for business permits and licenses amounting to P2,000 (with official receipt). July 10 – Mr. Mercado hired one personnel with a weekly salary of P1,000 to look after the business (with employment contract). July 16 – JM Photocopying Center received P8 ko,000 cash for services rendered (with official receipt). July 17, 24, 31 - JM Photocopying Center paid for the weekly salary for the personnel (with payroll sheet) July 21 - JM Photocopying Center billed a customer for services rendered during the week, P2,000 (with billing statement) July 27 – Mr. Mercado make a P500 cash withdrawal for personal use. July 28 – JM Photocopying Center collected the amount billed to a customer, P2,000 (with official receipt). July 29- JM Photocopying Center paid rent for two months amounting to P10,000 (with statement of account) July 30 - JM Photocopying Center received a bill from an electric company, P2,500 (with statement of account). Required: 1. Journalize the above transactions using a two-column general journal.
Jay Mercado Photocopying Center July 31,2015 July 1- Mr. Mercado invested cash of P30,000 in the business to be known as JM Photocopying Center. July 1- Mr. Mercado invested a photocopying machine amounting to P30,000 with sales invoice) in his business. July 1- Mr. Mercado invested the following in his business: Cash - P30,000 and Photocopying Equipment P30,000 (with sales invoice). In addition, his Loan Payable of P50,000 would be assumed by the business. July 2 - JM Photocopying Center paid P10,000 for the purchase of bond papers (with sales invoice) July 3 – JM Photocopying Center paid for business permits and licenses amounting to P2,000 (with official receipt). July 10 – Mr. Mercado hired one personnel with a weekly salary of P1,000 to look after the business (with employment contract). July 16 – JM Photocopying Center received P8 ko,000 cash for services rendered (with official receipt). July 17, 24, 31 - JM Photocopying Center paid for the weekly salary for the personnel (with payroll sheet) July 21 - JM Photocopying Center billed a customer for services rendered during the week, P2,000 (with billing statement) July 27 – Mr. Mercado make a P500 cash withdrawal for personal use. July 28 – JM Photocopying Center collected the amount billed to a customer, P2,000 (with official receipt). July 29- JM Photocopying Center paid rent for two months amounting to P10,000 (with statement of account) July 30 - JM Photocopying Center received a bill from an electric company, P2,500 (with statement of account). Required: 1. Journalize the above transactions using a two-column general journal.
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 14DQ
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Question
Transcribed Image Text:*Use this JM chart of Accounts
Accounts Title
Reference no.
Cash
101
Accounts Receivable
112
Photocopying Equipment
151
Unused supplies
122
Accounts Payable
504
Taxes and Licenses Expense
501
Salaries Expense
502
Mercado, Capital
301
Photocopying revenues
401
Mercado, Drawing
302
Rent Expense
505
Utilities Expense
503
Loan Payable
215
Transcribed Image Text:Jay Mercado Photocopying Center
July 31,2015
July 1- Mr. Mercado invested cash of P30,000 in the business to be known as JM Photocopying
Center.
July 1- Mr. Mercado invested a photocopying machine amounting to P30,000 with sales invoice)
in his business.
July 1- Mr. Mercado invested the following in his business:
Cash – P30,000 and Photocopying Equipment P30,000 (with sales invoice). In addition,
his Loan Payable of P50,000 would be assumed by the business.
July 2 – JM Photocopying Center paid P10,000 for the purchase of bond papers (with sales
invoice)
July 3 - JM Photocopying Center paid for business permits and licenses amounting to P2,000
(with official receipt).
July 10 – Mr. Mercado hired one personnel with a weekly salary of P1,000 to look after the
business (with employment contract).
July 16 – JM Photocopying Center received P8 ko,000 cash for services rendered (with official
receipt).
July 17, 24, 31 - JM Photocopying Center paid for the weekly salary for the personnel (with payroll
sheet)
July 21 - JM Photocopying Center billed a customer for services rendered during the week,
P2,000 (with billing statement)
July 27 – Mr. Mercado make a P500 cash withdrawal for personal use.
July 28 – JM Photocopying Center collected the amount billed to a customer, P2,000 (with official
receipt).
July 29 – JM Photocopying Center paid rent for two months amounting to P10,000 (with statement
of account)
July 30 - JM Photocopying Center received a bill from an electric company, P2,500 (with
statement of account).
Required:
1. Journalize the above transactions using a two-column general journal.
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