The following are transactions of Samantha Payapag Advertising Company for the month of July 2013 Prepare Journal Entries, General...

90.2K

Verified Solution

Question

Accounting

The following are transactions of Samantha PayapagAdvertising Company for the month of July2013
Prepare Journal Entries,General Ledger, T-Accounts, Trial Balance, IncomeStatement, and Balance Sheet
July 3 Samantha Payapag invested 500,000 in thebusiness.
July 5 Bought for cash, advertising suppliescosting 80,000. Paid rental of the office, 7,300
July 9 Bought delivery truck from MJ IdosTrading, 350,000 on credit
July 12 Received 43,000 cash as advertisingincome
July 13 Bought furniture & fixtures, 32,000in cash
July 17 Took 3,200 cash for personalpurposes
July 18 Billed Bernalyn Galvez for theadvertising service rendered to promote her product to the market,10,000
July 23 Paid salaries of the employees, 15,000.Billed Zaldy Co. for the advertising service rendered, 4,000
July 24 Collected 1/2 of the amount BernalynGalvez owed to the company
July 26 Purchased another truck amounting to120,000 from Edwina Motor, Inc. on credit
July 27 Paid MJ Idos Trading 230,000 as partialsettlement of the account
July 30 Paid utility expense for the month

Answer & Explanation Solved by verified expert

4.3 Ratings (928 Votes)

Answer Date Accounts Debit Credit July03 Cash 500000 Common stock 500000 July05 Advertising supplies 80000 Rent expense 7300 Cash 87300 July09 Delivery truck 350000 Account See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member