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    Problem 3

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    Idolprince Devera
    This document contains journal entries for Oscar Kung's business from August 31 to September 30. It records various cash transactions including receiving a loan, paying startup costs, purchasing equipment and supplies. Revenues and expenses are also recorded such as salaries, rent, utilities and cost of goods sold. The net income and assets/liabilities of the business can be determined from these journal entries which summarize one month of financial activity.

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    Problem 3

    Uploaded by

    Idolprince Devera
    76 views6 pages
    This document contains journal entries for Oscar Kung's business from August 31 to September 30. It records various cash transactions including receiving a loan, paying startup costs, purchasing equipment and supplies. Revenues and expenses are also recorded such as salaries, rent, utilities and cost of goods sold. The net income and assets/liabilities of the business can be determined from these journal entries which summarize one month of financial activity.

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    Original Title

    PROBLEM 3

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    This document contains journal entries for Oscar Kung's business from August 31 to September 30. It records various cash transactions including receiving a loan, paying startup costs, purchasing equipment and supplies. Revenues and expenses are also recorded such as salaries, rent, utilities and cost of goods sold. The net income and assets/liabilities of the business can be determined from these journal entries which summarize one month of financial activity.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    76 views6 pages

    Problem 3

    Uploaded by

    Idolprince Devera
    This document contains journal entries for Oscar Kung's business from August 31 to September 30. It records various cash transactions including receiving a loan, paying startup costs, purchasing equipment and supplies. Revenues and expenses are also recorded such as salaries, rent, utilities and cost of goods sold. The net income and assets/liabilities of the business can be determined from these journal entries which summarize one month of financial activity.

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    DATE PARTICULARS DR CR

    AUGUST 31 Cash P 50,000

    Notes Payable P 50,000

    Cash 50,000

    Kung Oscar, Capital 50,000

    Cash in Bank 100,000

    Cash 100,000

    SEPTEMBER 1 Prepaid Rent 12,000

    Cash 12,000

    Computer 14,500

    Maintenance Supplies 3,000

    Prepaid Advertising 1,500

    Cash in Bank 19,000

    Cash in Bank 140,500

    Accounts Receivable 3,200

    Service Revenue 142,700

    Salaries Expense 90,000

    Cash 90,000

    Salaries Expense 2,500

    Salaries Payable 2,500


    Advertising Expense 1,500

    Prepaid Advertising 1,500

    Rent Expense 18,000

    Cash 18,000

    Utilities Expense 1,500

    Cash 1,500

    Maintenance Supplies 29,000

    Cash 27,800

    Accounts Payable 1,200

    Maintenance Supplies Expense 27,900

    Maintenance Supplies 27,900

    Cleaning Equipment 12,000

    Cash 12,000

    Cash 30,000

    Unearned Revenue 30,000

    Kung, Oscar Withdrawal 25,000

    Cash 25,000

    Interest Expense 1,000

    Interest Payable 1,000


    CASH IN BANK ACCOUNTS RECEIVABLE OFFICE EQUIPMENT

    P 100,000 P 900 P 700


    P 12,000 P 300
    19,000
    140,500 P 600
    90,000
    18,000
    1,500
    ` 27,800
    12,000
    25,000
    30,000
    270,500 205,300
    P 65,200

    REPAIR EQUIPMENT PICK UP TRUCK PREPAID RENT

    P 500 P 8,900 P 900


    P 300

    P 600

    ACCOUNTS PAYABLE NOTES PAYABLE UTILITY PAYABLE

    P 700 P 4,000 P 75
    500 100
    P 7,400
    P 200
    P 3,300

    ORGANIZATION EXPENSE INTEREST EXPENSE SALARIES & WAGES


    EXPENSE

    P 500 P 40 P 400
    UTILITIES EXPENSE RENT EXPENSE UNEARNED REVENUE

    P 75 P 300 P 50

    SERVICE INCOME DJANGO CAPITAL

    P 1,300 P 8,000

    PROBLEM 3:

    JOURNAL ENTRIES:

    DATE PARTICULARS DR CR

    March 1 Cash P 8,000


    Django Capital P 8,000

    Organization Expense 500


    Cash 500

    March 31 Notes Payable 4,000


    Cash 4,000

    Notes Payable 100


    Interest Expense 40
    Cash 140

    Pick up Truck 8,900


    Cash 1,500
    Notes Payable 7,400

    Prepaid Rent 900


    Cash 900

    Office Equipment 700


    Accounts Payable 700

    Repair Equipment 500


    Accounts Payable 500

    Cash 400
    Accounts Receivable 900
    Service Income 1,300
    Cash 300
    Accounts Receivable 300

    Salaries & Wages Expense 400


    Cash 400

    Utilities Expense 75
    Utilities Payable 75

    Cash 50
    Unearned Revenue 50

    Rent Expense 300


    Prepaid Rent 300

    CASH ACCOUNTS RECEIVABLE MAIN SUPPLIES

    P 8,000 P3,200 P 3,000 P 27, 900


    P 500 29,000
    140
    1,500
    900
    400
    `300
    ``400
    50

    8,750 7,440
    P 1,310

    REPAIR EQUIPMENT PICK UP TRUCK PREPAID RENT

    P 500 P 8,900 P 900


    P 300

    P 600

    ACCOUNTS PAYABLE NOTES PAYABLE UTILITY PAYABLE

    P 700 P 4,000 P 75
    500 100
    P 7,400
    P 200
    P 3,300
    ORGANIZATION EXPENSE INTEREST EXPENSE SALARIES & WAGES
    EXPENSE

    P 500 P 40 P 400

    UTILITIES EXPENSE RENT EXPENSE UNEARNED REVENUE

    P 75 P 300 P 50

    SERVICE INCOME DJANGO CAPITAL

    P 1,300 P 8,000

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