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Prepare Journal entries for Juan Masipag

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Question - Prepare Journal entries for Juan Masipag. Use two-coumn general journal. The following are business transactions of Juan Masipag for the first month of operation, June ,2016. Use appropriate account titles for each transaction.

June 1 - The owner started the business by investing Php100,000.00 cash in the firm's bank account.

June 2 - Purchased Equipment Php25,000.00 paying cash.

June 3 - Purchased furniture for Php 12,000.00 paing Php3,000.00 cash and issued note payable for the balance of Php9,000.00

June 12- Billed customers for professional services rendered. Received cash of Php25,000.00.

June 15 - Billed customers on account for professional services rendered, Php 20,000.00.

June 18 - Collected Php 15,000.00 of June 15 account.

June 25 - Paid rent for the month, Php5,000.00.

June 28 - Paid light and water bills, Php8,000.00.

June 30 - Paid salaries of employees, P18,500.00.

Reference no: EM133176180

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