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    Data Center College of The Philippines

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    Cjhay Marcos
    The document provides a series of transactions from January 1-31 for R. Rosales' car repair business. Some key events include: [1] Rosales invested 150,000 to start the business; [2] Various supplies and equipment were purchased on credit and cash; [3] The business generated income from repair services and collected receivables; [4] Expenses such as rent and salaries were paid. The transactions need to be recorded in the general journal.

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    Data Center College of The Philippines

    Uploaded by

    Cjhay Marcos
    46 views1 page
    The document provides a series of transactions from January 1-31 for R. Rosales' car repair business. Some key events include: [1] Rosales invested 150,000 to start the business; [2] Various supplies and equipment were purchased on credit and cash; [3] The business generated income from repair services and collected receivables; [4] Expenses such as rent and salaries were paid. The transactions need to be recorded in the general journal.

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    DATA CENTER COLLEGE OF THE PHILIPPINES

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    The document provides a series of transactions from January 1-31 for R. Rosales' car repair business. Some key events include: [1] Rosales invested 150,000 to start the business; [2] Various supplies and equipment were purchased on credit and cash; [3] The business generated income from repair services and collected receivables; [4] Expenses such as rent and salaries were paid. The transactions need to be recorded in the general journal.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    46 views1 page

    Data Center College of The Philippines

    Uploaded by

    Cjhay Marcos
    The document provides a series of transactions from January 1-31 for R. Rosales' car repair business. Some key events include: [1] Rosales invested 150,000 to start the business; [2] Various supplies and equipment were purchased on credit and cash; [3] The business generated income from repair services and collected receivables; [4] Expenses such as rent and salaries were paid. The transactions need to be recorded in the general journal.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    DATA CENTER COLLEGE OF THE PHILIPPINES

    ACCOUNTING

    I. Record the following transaction of R. Rosales in a general journal. Refer to the


    following Chart of Accounts.

    Cash on Hand Accounts Payable


    Cash in Bank Withholding Tax Payable
    Accounts Receivable SSS Premiums Payable
    Notes Receivable R. Rosales, Capital
    Store Supplies Service Income
    Repair Supplies Salary Expense
    Tools and Equipment Taxes and Licenses
    Office Furniture Rent Expense
    R. Rosales, Drawings

    Jan 1 R. Rosales withdrew 150,000 from his personal bank account at the Philippine National
    Bank and invested the said amount of money in a car repair business.
    2 The business was registered under the name of: “Tripler Repairs Shop” after paying the
    registration fee, taxes and permits of 5,800.
    3 A checking account was opened at the Banco de Oro and 105,000 was deposited.
    5 Purchased various supplies from Aquino Trading:
    Store Supplies on cash basis 750.00
    Repair Supplies paid by check 3, 750.00
    Repair Supplies on account 1, 500.00
    7 Bought repair tools and equipment from Ideal Equipment Company for 40,000. The
    terms are 20% down payment by check and the balance is subject to 2/10, n/30.
    8 Paid the rent for the month of 4,500 to Growen Realty
    9 Received 65,000 from the various repair services rendered to the customers
    10 Deposited the above money at the BDO
    12 Billed a customer the amount of 15,000 for repair services rendered on his car. The
    proprietor accepted a 20-day, 18% promissory note for the entire amount.
    13 Bought office furniture from Admich Furniture for 10,000. Terms: 2/10, n/30
    14 2,000 worth of office furniture were found defective.
    15 Settled the account with Aquino Trading.
    16 Made partial payment by check of 25,000 to Ideal Equipment Company
    18 Received 45,000 for the services rendered
    19 Made partial payment of 3,000 to Admich Furniture by check
    21 Billed Jan Santos the amount of 20,000 for repairs services rendered. The customer
    promised to pay in 10 days.
    22 Paid in full the account with Admich Furnitures by check.
    25 R, Rosales withdrew 5,000 cash from the bank for personal use.
    31 Jan Santos paid half if his account
    31 Issued check for salaries of the employees for the month of Jan in the amount of 19,500
    net of deductions of 780 withholding taxes and 480.50 for SSS premiums.

    Prepared by: Christian Jay R. Marcos

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