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Homework answers / question archive / A Instruction: Prepare a simple journal entry with these following transactions
A Instruction: Prepare a simple journal entry with these following transactions. Write your answers in any clean sheet of paper. 1. On March 1, 2010, Mr. Ruel Santos opens a current account with Allied Banking Corporation amounting to P 700,000 to start with his laundry shop business under the trade name Gensan Laundry Services. On March 3, 2010 he purchased laundry supplies for cash, P40,000 from Gaisano Mall. Activity # 3-B 1. For each of the following accounts indicate the effects of (a) a debit and (b) a credit on the accounts and (c) the normal balance of the account. Accounts Payable. • Advertising Expense. Service Revenue. • Accounts Receivable. • A. J. Ritter, Capital. A. J. Ritter, Drawing. 2. Transactions for the Hank Norris Company for the month of June are presented below. Identify the accounts to be debited and credited for each transaction. June 1 Hank Norris invests P5,000 cash in a small welding business of which he is the sole proprietor 2 Purchases equipment on account for P900. 3 P800 cash paid to landlord for June rent. 12 Bills J. Kronsnoble P300 for welding work done on account.
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