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Journal Entry

1. Mr. Gray opens a current account with P1,000,000 and purchases merchandise for P45,000 to start his business. He purchases a used service for P700,000 and obtains a bank loan for P500,000 at 6% interest with P80,000 deducted in advance. 2. He purchases supplies from Gaisano Metro for P10,000 and merchandise from Manila Car Corporation for P180,000. He receives P15,000 from Rosemarie Jacalan and pays P5,000 freight to Air 21 Express. 3. Various other transactions occurred involving purchases, sales, payments, and expenses throughout the month.

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Fransiel B. Akistoy
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257 views1 page

Journal Entry

1. Mr. Gray opens a current account with P1,000,000 and purchases merchandise for P45,000 to start his business. He purchases a used service for P700,000 and obtains a bank loan for P500,000 at 6% interest with P80,000 deducted in advance. 2. He purchases supplies from Gaisano Metro for P10,000 and merchandise from Manila Car Corporation for P180,000. He receives P15,000 from Rosemarie Jacalan and pays P5,000 freight to Air 21 Express. 3. Various other transactions occurred involving purchases, sales, payments, and expenses throughout the month.

Uploaded by

Fransiel B. Akistoy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Make a journal entry on the following transactions. Use the Journal for your journal entries.

1. On Feb 1, Mr. Gray opens a current account with Philippine National Bank in the amount of
P1,000,000.00 and merchandise worth P45,000 to start with his business.
2. On Feb. 1, Bought a second-hand service for cash from Mr. Cedric Val for P700,000
3. On Feb. 1, Obtained a bank loan from PNB in the amount of P500,000 at a rate of 6% per annum
and interest was deducted in advance for 1 year of P80,000.
4. On Feb. 2, Purchased various store supplies on account from Gaisano Metro, P10,000
5. On Feb. 3, Purchased merchandise on account, P180,000 from Manila Car Corporation. Term
2/10, n/30.
6. On Feb. 4, Received cash of P15,000 from Rosemarie Jacalan for the installation of a car
accessory.
7. On Feb. 4, Paid P5,000 to Air 21 Express for the freight of merchandise purchased from Manila
Car Corporation.
8. On Feb. 5, Purchased merchandise for cash P200,000 from Everlast Car Co.
9. onFeb. 6, Return merchandise purchased from Everlast Car Co. for not conforming with the
order, P6,500.
10. On Feb 6, Sold merchandise for cash, P140,000 to Davao Carplus Co.
11. On Feb. 6, Freight paid to LBC Express, P3,920 for merchandise shipped to Davao Carplus Co.
12. On Feb. 10, Return merchandise worth P8,000 from Davao Carplus Co. for not conforming to
order.
13. On Feb. 11, Full payment of account with Manila Car Corporation and avail of the 2% discount,
P176,400
14. On Feb 12, Paid business and taxes and licenses to the City Government of P15,000.
15. On Feb 14, Sold merchandise on account to Mega Plus Co. amounting to P250,000. Terms: 2/10,
n/30.
16. On Feb 15, Mr Gray hired Mrs. Ruby Kudermus, CPA at the rate of P25,000 per month.
17. On Feb. 18, Sold merchandise on account to Ultra Co. amounting to P210,000. Terms: 2/10,
n/30.
18. On Feb 23, received cash in the amount of P245,000 from Mega Plus. In full collection of its
account after availing the 2% discount of P5,000.
19. On Feb. 24, Received cash of P20,000 from Mr. Melchor Bombeo for the installation of a car
accessory.
20. On Feb. 27, Paid rental of the building owned by Edulan Realty amounting to P30,000.
21. On Feb. 27, Sold merchandise on account to Go Cars, Inc. amounting to P302,000. Term: 45
days
22. On Feb. 28, Received cash of P130,000 representing partial collection of account from Go cars,
Inc.
23. On Feb. 28, Purchased merchandise on account costing P295,000 from Ace Carcare Co..
24. On Feb. 28, Issued Check to Mr. Gray representing withdrawal from his capital investment,
P30,000.
25. On Feb. 28, Paid salaries and wages to employees for the month, P50,000.

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