Reference no: EM132905313
Question - On March 1, 2020, B. Soriano, established the B&B's Repair Center. Transactions completed during the month of March are as follows:
March 1. B. Soriano deposited P250,000 in a bank account in the name of the business.
March 1. Paid rent for the month, P25,000.
March 5. Bought supplies on account from K Company, P11,700.
March 10. Bought professional equipment on account from Bicol Company, P58,000.
March 15. Bought office equipment on account from Cavite Company, P8,640.
March 20. Performed repair services for cash, P48,200.
March 21. Settled a portion of the accounts with Bicol Company, P18,500.
March 23. Received and paid the bill for utilities, P3,820.
March 25. Paid salaries of assistants, P11,500.
March 30. Rendered repair services for cash, P38,000.
March 31. Soriano withdrew cash for personal use, P16,000.
Required -
Record transactions for the month. Use the following accounts: Cash; Accounts Receivable; Supplies; Prepaid Rent; Office Equipment; Professional Equipment; Accounts Payable. Soriano Capital, Soriano Drawing, Repair Revenue, Salaries expense; Utilities Expense
What if a someone gave a free equipment in a business, how to record that transaction in journal entry? what account will I record on debit and credit?