Mr. Sempatiko made withdrawal from the business, P50,000. 10 Delivery Truck Cash 15 Supplies Accounts Payable 30 Machinery Mr. Sempatiko, Capital. 18 Issued a note for a Delivery Truck bought on account, P200, Prepare the general journal entry to record this transaction. Services on account, 15 _______________ Depreciation Expense will increase overall expenses on the income statement, which reduces net income. Supplies Expense would increase (debit) for the $100 of supplies used during January. A narration is a description of the journal entry.eg:Dr CrBank 1000Electrical Services Revenue 1000(received cash payment for electrical services performed)The last part (in italics) is the narration. Adjusting Entry Examples billed customers for services 31 Received Cash for services to be rendered next month, P20. Paid rental for the month. endobj A company received $2,724 cash for services performed. Prepare the general journal entry to record this transaction. The cookies is used to store the user consent for the cookies in the category "Necessary". 10 Sold Merchandise on account Cash is an asset account hence it is increased by debiting it. These cookies will be stored in your browser only with your consent. What is service rendered Paid account payable to supplier, 5 ______________ The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". How does advertising expense affect account receivables? billed 5 Accounts Receivable Prepare the general journal entry to record this transaction. Transaction 14:The equipment purchased on January 5 depreciated $75 during the month of January. Accounts Payable Journal entries consist of at least one debit and one credit, and the amounts of the debits and credits should match. Medical fees income for two weeks, P110,000. Castle Company billed a customer $7,400 for services provided. Transaction 16:Reviewing the company bank statement, Printing Plus discovers $140 of interest earned during the month of January that was previously uncollected and unrecorded. WebService revenues can arise from rendering services for cash or on account (on credit) to be collected at a later date. A company paid $7,000 cash for supplies. When calculating the book value of Equipment, Accumulated DepreciationEquipment will be deducted from the original cost of the equipment. 18 Shop Equipment A company performed services for a client and received $10,000 cash. In the case of services, it means that the agreed-upon or the required services have now been completed. Prepare the general journal entry to record this transaction. Journal Entry Controlled Accounts means the Collection Account and the Unfunded Exposure Account. Prepare the general journal entry to record this transaction. The adjusting entry records the change in amount that occurred during the period. The Asset column has six T-accounts. Prepare the general journal entry to record this transaction. WebAccounting questions and answers. A company paid $2,200 for factory utilities. A service business offers intangible products to customers, which means that there is no physical product involved. 1) Journalize the following transactions: 2 Rendered transportation service, P2,000, 4 Paid business permits and licenses, P15,000, 7 Received a bill from Petron Service Center for gasoline, P20,000, 8 Paid in advance car insurance, P7,300, 10 Bought spare tires on account for P12,000, 14 Rental Revenue for the week, P30,000, 20 Repairs and Maintenance for the week was paid, P1,500, 23 Received a bill from Petron Service Center for gasoline, P10,500, 24 Received cash from customers for services that has not yet been rendered, P1, 25 Rendered services in exchange of a promissory note worth P15,000, 28 Partial payment of account with Petron Service Center, 31 Received Cash for services to be rendered next month, P20,000, Unit Operations of Chemical Engineering (Warren L. McCabe; Julian C. Smith; Peter Harriott), Auditing and Assurance Services: an Applied Approach (Iris Stuart), Principles of Managerial Finance (Lawrence J. Gitman; Chad J. Zutter), Rubin's Pathology (Raphael Rubin; David S. Strayer; Emanuel Rubin; Jay M. McDonald (M.D.