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Journalize the transactions in activity

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Identify the type of the following transactions. Write SA UA EA EC SA EA EC UA  for Source of Asset, for Use of Asset, for Exchange of Assets and for Exchange of Claims.

1. The owner purchased a car in the name of the business for P900,000.

2. The company sold the used equipment for cash, P200,000.

3. Received electricity bill of P15,000 to be paid after two weeks.

4. The owner withdrew P50,000 cash for personal use.

5. The company bought P10,000 cleaning supplies on account.

6. The company bought o?ce equipment for P32,000 in cash.

EC 7. The company paid its accounts payable, P22,000.

8. The company sold merchandise and received cash, P20,000.

EC 9. The company acquired bank loan for P100,000.

10. The company paid the telephone bill for the month in cash, P1,499

Problem 1: Journalize the transactions in Activity 1. (Establish your own chart of accounts)

Reference no: EM132643381

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