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.