C. State the account and the amount to be debited and credited using the answer sheet provided for. 1. S. Roces opened an air-conditioning service and repair shop and began business by investing P 150,000 cash and the following additional assets: office equipments P 35,000; tools P 16,000; truck P 105,000. 2. Paid the rent of the shop P 5,000. 3. Purchased P 7,200 of repair supplies on credit from A. Fuentes. 4. Purchased for cash a new computer P 24,500. 5. Paid for newspaper advertising, P 15,000. 6. Completed repair work for S. Valdez and received P 4,500 cash. 7. Completed repair work for P. Fernando P 14,500. Accepted P 5,000 and a promise to pay the balance in 30 days. 8. Completed repair work for J. Estrada on credit, P 12,500. 9. Received P 800 from J. Estrada in partial payment of his account. 10. Paid one-half of the account due to A. Fuentes.

C. State the account and the amount to be debited and credited using the answer sheet provided for. 1. S. Roces opened an air-conditioning service and repair shop and began business by investing P 150,000 cash and the following additional assets: office equipments P 35,000; tools P 16,000; truck P 105,000. 2. Paid the rent of the shop P 5,000. 3. Purchased P 7,200 of repair supplies on credit from A. Fuentes. 4. Purchased for cash a new computer P 24,500. 5. Paid for newspaper advertising, P 15,000. 6. Completed repair work for S. Valdez and received P 4,500 cash. 7. Completed repair work for P. Fernando P 14,500. Accepted P 5,000 and a promise to pay the balance in 30 days. 8. Completed repair work for J. Estrada on credit, P 12,500. 9. Received P 800 from J. Estrada in partial payment of his account. 10. Paid one-half of the account due to A. Fuentes.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 1AP

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