Answers Exercises ON Journalizing PDF

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DATE 2016 May 1

PARTICULARS

F

Cash Building Mortgage Payable Jose Lopez, Capital To record initial investment of owner 2 Equipment Cash Notes Payable Accounts Payable-Surplus To record acquisition of equipment

DEBIT

CREDIT

650,000 1,150,000 200,000 1,600,000

345,600 69,120 103,680 172,800

NO ENTRY 3 Cash Accounts Receivable-Andy Juan Service Income Rendered services on terms 40% down balance on account

60,000 90,000

5 Office Supplies Cash Accounts Payable-ASM Trading Purchased office supplies on terms 20% down balance on account

12,200

150,000

2,440 9,760

9 Prepaid Insurance Cash Acquired 1-year insurance policy

250,000

12 Cash Service Income Rendered repair services for cash

450,000

14 Advances to Employees Cash Gave cash advance to employees

6,000

15 Accounts Payable-ASM Trading Office Supplies

2,150

125,000

450,000

6,000

2,150

Returned office supplies 16 Accounts Payable-ASM Trading Cash Partial payment to ASM trading

2,500 2,500

18 Accounts Payable-Surplus Cash Paid the installment due today

17,280

20 Cash Unearned Service Income Received cash for services to be rendered

40,000

22 Cash Accounts Receivable-Andy Juan Collected one-third of the account

30,000

24 Accounts Payable-ASM Trading Cash Full payment to ASM trading

17,280

40,000

30,000

5,110 5,110

29 Utilities Expense Cash Paid utility bills for the month

12,700

31 Cash Accounts Receivable-Andy Juan Collected Andy's account in full

60,000

12,700

60,000...