Financial Accounting > STUDY GUIDE > ABM 05GARCIA FS ACTIVITY 3.Notre Dame of Marbel University (All)

ABM 05GARCIA FS ACTIVITY 3.Notre Dame of Marbel University

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Jerome Garcia started a new business and completed these transactions during August: DATE: TRANSACTIONS: Aug. 1 Garcia invested PHP48,000 cash in the business. 1 Rented office space and paid PHP800... cash for the August rent. 2 Purchased exploration equipment for PHP22,000 by paying PHP12,000 cash and agreeing to pay the balance in 3 months. 5 Purchased office supplies by paying PHP1,500 cash. 6 Completed exploration work and immediately collected PHP420 cash for the work. 8 Purchased PHP1,350 of office equipment on credit. 15 Completed exploration work on credit in the amount of PHP8,000. 18 Purchased PHP700 of office supplies on credit. 20 Paid cash for the office equipment purchased on August 8. 24 Billed a client PHP2,400 for work completed; the balance is due in 30 days. 28 Received PHP5,000 cash for the work completed on August 15. 30 Paid the assistant’s salary of PHP1,100 cash for this month. 30 Paid PHP340 cash for this month’s utility bill. 30 Garcia withdrew PHP1,050 cash from the business for personal use. GENERAL JOURNAL Page 1 DATE PARTICULARS F DEBIT CREDIT 8/1/2019 Cash P48,000 Garcia, Capital P48,000 To record investment of Mr. Garcia. 8/1/2019 Rent Expense 800 Cash 800 To record rent expense for August. 8/2/2019 Property, Plant and Equipment 22,000 Cash 12,000 Accounts Payable 10,000 To record purchase of equipment. 8/5/2019 Office Supplies 1,500 Cash 1,500 To record purchase of supplies. 8/6/2019 Cash 420 Service Income 420 To record income from rendered service. 8/8/2019 Property, Plant and Equipment 1,350 Accounts Payable 1,350 To record purchase of equipment. 8/15/2019 Accounts Receivable 8,000 Service Income 8,000 To record service income on account. 8/18/2018 Office Supplies 700 Accounts Payable 700 To record purchase of supplies on account. [Show More]

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