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Lemuel Buendia recently established a Laundry Shop and completed the following
transactions during the month of October 1999.
1999
Oct. 1 – Lemuel deposited P50,000.00 in the bank under the name of the company.
3 – Pays for mayors permit and other licenses amounting to P2,000.00
4 – Buys books of accounts, invoices and other forms for P 500.00 cash
6 – Buys detergents, stain remover, dry cleaning fluid, brooms, brushes and rags for
P8,000.00 cash.
9– Buys washing machines from YXL Appliances for P 25,000.00 paying P10,000.00
with the balance on account. Estimated useful life of the machines is five (5) years
11 – Services rendered on charge basis amount to P42,000.00
15 – Pays salaries and wages for P30,000.00
18 – Pays light and power bills for P7,000.00
19 – Services rendered on cash basis amount to P45,000.00
23 – Collects P20,000.00 from customers billed on October 11.
25 – Lemuel Buendia withdraws cash of P 10,000.00 from the business.
28 – Water bills amounting to P 8,000.00 are paid.
Cash P 39,500.00
Accounts Receivable 22,000.00
Office Supplies 500.00
Shop Supplies 8,000.00
Washing Machines 25,000.00
Accounts Payable P 15,000.00
Buendia Capital 50,000.00
Buendia Withdrawals 10,000.00
Service Revenue
87,000.00
Salaries and Wages Expense 30,000.00
Taxes and License Expense 2,000.00
Utilities Expense 15,000.00
P 152,000.00 P
152,000.00
Cash P 74,600.00
Supplies 2,500.00
Equipment 15,000.00
Fixtures and Furniture 5,000.00
Accounts Payable P 5,000.00
Notes Payable 0.00
Buendia Capital
75,000.00
Buendia Withdrawals 5,000.00
Service Revenue
29,000.00
Wages Expense 2,100.00
Utilities Expense 5,000.00
P 109,200.00 P
109,200.00
Assets
Cash P 74,600.00
Supplies 2,500.00
Equipment 15,000.00
Fixtures and Furnitures 5,000.00
Liabilities
Accounts Payable P 5,000.00
Note Payable 0.00
P 5,000.00
Owners Equity
Reyes Capital P 75,000.00
Assets
Cash P 39,500.00
Accounts Receivable 22,000.00
Office Supplies 500.00
Shop Supplies 8,000.00
Washing Machines 25,000.00
Liability
Accounts Payable P 15,000.00
Owners Equity
Buendia Capital P 80,000.00
19 Cash 45,000.00
Service Revenue 45,000.00
Received cash for services
rendered
23 Cash 20,000.00
Accounts Receivable 20,000.00
Collection of accounts billed
on Oct. 11
GENERAL JOURNAL
P.
Date Particulars R. Debit Credit
2009
July P
1 Cash 75,000.00
Capital P 75,000.00
Initial Investment
2 Equipment 15,000.00
Accounts Payable 15,000.00
Purchased Equipment on
account
4 Supplies 2,500.00
Cash 2,500.00
Purchased Supplies
13 Cash 10,000.00
Service Revenue 10,000.00
Earnings during the first week
of operation
27 Cash 9,700.00
Service Revenue 9,700.00
Earnings during the third week
of operation
Utilities Expense
7/ P
26 5,000.00
Reyes Drawing
7/ P
29 5,000.00