Prepare the journal entries for the july transactions

Assignment Help Accounting Basics

Reference no: EM131216615

Problem - Journalizing Transactions

The chart of account for Jerome Gelacio Pest Control is as follows:

Assets	Income
110 Cash	410 Landscaping Revenues Expenses
120 Accounts Receivable	510 Salaries Expense
130 Prepaid Insurance	520 Gas and Oil Expense
140 Equipment	530 Rent Expense
150 Service Vehicle Liabilities	540 Utilities Expense
210 Account payable Owner's Equity	550 Supplies Expense
310 Gelacio Capital	560 Miscellaneous Expense
320 Gelacio Withdrawals

The entity completed the following transactions in July 2016:

July 2 Paid rent for the month P10,000.

7 Received cash on accounts from Crown Peak Condos, P21,800.

9 Bought equipment on account from Bay Equipment, P61,000.

12 Received and paid telephone bill, P2,500.

15 Billed Citty Hall for services performed, P35,000.

20 Paid cash for liability insurance (six months), P16,000.

21 Gelacio invested in the business a personal equipment having a fair market value of P49,500.

23 Paid P20,000 on account to Bay Equipment.

31 Paid salaries to part-time employees, P14,800.

31 Received cash for services performed, P72,300.

31 Gelacio withdrew cash for personal use, P21,500.

Required - Prepare the journal entries for the July transactions.

Reference no: EM131216615

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