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    Journal Entries

    Uploaded by

    Marls Pantin
    The document provides details of various transactions involving Kuma including investments of cash, sale of equipment, services provided to customers, purchases of supplies and equipment, payments received and made, and cash withdrawals. It also shows the impact of each transaction on accounts such as cash, accounts receivable, supplies, equipment, accounts payable, and owner's equity. The transactions are recorded through journal entries debiting and crediting the appropriate accounts.

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    © All Rights Reserved
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    Journal Entries

    Uploaded by

    Marls Pantin
    100 views4 pages
    The document provides details of various transactions involving Kuma including investments of cash, sale of equipment, services provided to customers, purchases of supplies and equipment, payments received and made, and cash withdrawals. It also shows the impact of each transaction on accounts such as cash, accounts receivable, supplies, equipment, accounts payable, and owner's equity. The transactions are recorded through journal entries debiting and crediting the appropriate accounts.

    Original Title

    JOURNAL-ENTRIES

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    The document provides details of various transactions involving Kuma including investments of cash, sale of equipment, services provided to customers, purchases of supplies and equipment, payments received and made, and cash withdrawals. It also shows the impact of each transaction on accounts such as cash, accounts receivable, supplies, equipment, accounts payable, and owner's equity. The transactions are recorded through journal entries debiting and crediting the appropriate accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    100 views4 pages

    Journal Entries

    Uploaded by

    Marls Pantin
    The document provides details of various transactions involving Kuma including investments of cash, sale of equipment, services provided to customers, purchases of supplies and equipment, payments received and made, and cash withdrawals. It also shows the impact of each transaction on accounts such as cash, accounts receivable, supplies, equipment, accounts payable, and owner's equity. The transactions are recorded through journal entries debiting and crediting the appropriate accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    Name: Francisco, Marilyn B.

    II.
    TRANSACTION CAS ACCOUNTS NOTES OFFICE ACCOUNTS LOAN KUMA
    H RECEIVABLE RECEIVABLE EQUIPMEN PAYABLE PAYABLE CAPITAL
    T
    1. Kuma invested + +
    P650, 000 cash.
    2. sold old office + + +
    equipment,
    P10,000
    3. rendered + +
    services to Mr Go
    on account
    P10,000
    4. Cash services to + +
    clients P22,000
    5. Bought P30,000 + - -
    worth of office
    equipment on
    account
    6. Received a note + +
    from Mr Go for
    account
    7. Partial payment - -
    of P12,000 for the
    office equipment
    bought In #5
    8. Paid electric bill - -
    to meralco, P1,800
    9. Mr Go settled - + +
    40% of the note.
    10. Kuma made an - +
    additional
    investment of
    P75,000
    11. Paid for the - + -
    office equipment
    in full
    12proceeds from + +
    bank loan,
    P100,000
    13. Mr Go settled + +
    the note in full
    14. Kuma + -
    withdrew P45, 000
    cash.
    15. paid 50% of the - -
    bank loan
    16. paid interest - -
    on the bank loan
    17. cash collections + + +
    from various
    customers

    III.
    ACCOUNTS AFFECTED EFFECTS ELEMENTS RULE AMOUNT
    1. cash + ASSET DEBIT 550,000
    Owners capital - OWNERS EQUITY CREDIT 550,000
    2. cash - ASSET DEBIT 20,000
    Owners capital + OWNERS EQUITY CREDIT 20,000
    3.cash - ASSET DEBIT 36,000
    Expenses + LIABILITIES CREDIT 36,000
    4. cash - ASSET DEBIT 4,300
    Supplies + ASSET DEBIT 4,300
    Accounts payable + LIABILITIES CREDIT 4,300
    5.Cash - ASSET DEBIT 90,000
    Office equipment + ASSET DEBIT 90,000
    Owners capital + OWNERS EQUITY CREDIT 90,000
    6. cash - ASSET DEBIT 69,000
    Accounts payable + LIABILITIES CREDIT 46,000
    Owners capital - OWNERS EQUITY CREDIT 69,000
    7. accounts payable + ASSET DEBIT 10,000
    Owners capital + OWNERS EQUITY CREDIT 10,000
    8. cash - ASSET DEBIT 46,230
    Accounts payable - LIABILITIES CREDIT 46,230
    Owners capital - OWNERS EQUITY CREDIT 46,230
    9. cash + ASSET DEBIT 15,000
    Owners drawing - OWNERS EQUITY CREDIT 15,000
    10. cash + ASSET DEBIT 68,000
    Owners capital + OWNERS EQUITY CREDIT 68,000
    11.accounts receivable + ASSET DEBIT 9,000
    Owners capital + OWNERS EQUITY CREDIT 9,000
    12. cash - ASSET DEBIT 2,000
    Owners capital - OWNERS EQUITY CREDIT 2,000
    13. cash + ASSET DEBIT 9,000
    Owners capital + OWNERS EQUITY CREDIT 9,000
    14. cash + ASSET DEBIT 8,800
    Accounts payable + ASSET DEBIT 8,800
    Owners capital + OWNERS EQUITY CREDIT 8,800
    15. cash - ASSET DEBIT 7,700
    Owners capital - OWNERS EQUITY CREDIT 7,700
    16. notes receivable + ASSET DEBIT 999
    Owners capital + OWNERS EQUITY CREDIT 999
    17. notes receivable + ASSET DEBIT 8,800
    Owners capital + OWNERS EQUITY CREDIT 8,800
    18. cash - ASSET DEBIT 999
    Owners capital - OWNERS EQUITY CREDIT 999
    19. cash - ASSET DEBIT 100,000
    Owners capital + OWNERS EQUITY CREDIT 100,000
    20. cash + ASSET DEBIT 8,800
    Owners capital + OWNERS EQUITY CREDIT 8,800

    DRILL 1
    DATE D E B I T C R E D I T
    [ 2016 ]
    JANUA 1 Still a loks 0 0 0 0 0 0
    RY capital
    Office 6 7 0 0 0
    equipment
    2 Accounts 7 5 0 0 0
    Receivable
    Till a loks 7 5 0 0 0
    capital
    3 Transportatio 7 0 0 0 0 0
    n, expenses
    Account
    payable
    7 Cash 1 9 0 0 0 0
    Till a loks 1 9 0 0 0 0
    capital
    15 Accounts 3 2 0 0 0
    Receivable
    Till a loks 3 2 0 0 0
    capital
    16 Transportatio 7 0 0 0 0 0
    n expenses
    Accounts
    payable
    18 Cash 1 5 0 0 0
    Till a loks 1 5 0 0 0
    capital
    20 Note 9 0 8
    receivable
    Till a loks 9 0 8
    capital
    26 Cash 2 5 4 0
    Till a loks 2 5 4 0
    capital

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