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What the journal entry should be

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Problem 1: Bank charges of P800 has been debited to the rent expense account. The cash in bank account was correctly credited. What is the journal entry to correct the error?

Debit                                                Credit

a. Rent Expenses P800         Bank Charges P800

b. Bank Charges P800            Rent Expenses P800

c. Bank Charges P1,600          Rent Expenses P1,600

d. Rent Expenses P1,600            Bank Charges P1,600

Problem 2: Suppose a sole proprietor settles the rental expenses of the entity amounting to P10,000 through his personal bank account. The journal entry should be:

Account to be credited           Account to be debited

a. Rental expense                     Capital

b. Rental expense                      Bank

c. Rental expense                      Cash

d. Rental expense                       Drawings

Reference no: EM132782397

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