Reference no: EM132950989
Question - What are the journal entries for these?
On February 1, 2021 Michelle Edwards opened a consultancy firm. These were the business transactions for the month:
1. Michelle Edwards deposited P300,000 in a bank account in the name of the business.
2. Bought office tables and chairs for P25,000 cash.
3. Bought computer equipments for P100,000 from Octagon Computer Supplies. 50% was paid in cash and the remaining cost is on account. Estimated useful life of the equipments is 5 years with scrap value of P2,000.
4. Paid 3-months rental in advance- P60,000.
5. Bought office supplies in cash, P10,000.
6. Bought insurance for one year, P6,000.
7. Received and paid utility bills- P5,000.
8. Cash receipts for services rendered, P50,000.
9. Received 50% downpayment from MJ Philips for a service to be rendered next month, P10,000.
10. Paid salaries to employees, P10,000.
11. Billed 5 customers for services rendered, P40,000.
12. Cash withdrawal for personal expense, P20,000.
13. Paid in full the account with Octagon Computer Supplies.
Additional information:
1. Purchase of office tables and chairs was recorded as a purchase on account.
2. Cash withdrawal of Michelle Edwards was only recorded as P2,000.
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