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Accounting Cycle Journal Entries Without Chart of Accounts Case III

Various business transactions occurred throughout the month of July 2021 for Joyce Amador's bar and restaurant business, including investing in building construction, purchasing supplies, borrowing money from the bank, receiving service payments from clients, and paying expenses such as utilities, salaries, and taxes. Cash was used to pay for many items, while some purchases were made on account. The owner also took some kitchen supplies for personal use and made loan payments from personal funds.

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881 views3 pages

Accounting Cycle Journal Entries Without Chart of Accounts Case III

Various business transactions occurred throughout the month of July 2021 for Joyce Amador's bar and restaurant business, including investing in building construction, purchasing supplies, borrowing money from the bank, receiving service payments from clients, and paying expenses such as utilities, salaries, and taxes. Cash was used to pay for many items, while some purchases were made on account. The owner also took some kitchen supplies for personal use and made loan payments from personal funds.

Uploaded by

Google User
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Sir Win – Accounting Lectures

Jokes Tagalog
Stories Legit Professor
Life Lessons

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Accounting Cycle: Journal Entries w/o Chart of Accounts
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The following transactions occurred during July 2021 for


Joyce Amador in her bar and restaurant business:

2021
July 1 The owner invested constructed building for
business use, 3,500,000

2 Utilities for the month of June 2021 have been paid,


35,000

3 Bought computer paying 20,000 cash representing


20% of the total purchase price. 50% of the total
purchase price is on account and the balance is
through 15% note.

4 Borrowed 100,000 cash from the bank with 2%


interest per month

5 Bought kitchen supplies paying cash, 80,000

7 Bought bond papers, folders, envelope for office use


paying cash, 9,000

8 Bought calculator and stapler for office use on


account, 5,000
Sir Win – Accounting Lectures
Jokes Tagalog
Stories Legit Professor
Life Lessons

12 Returned some of the kitchen supplies bought on


July 5, 20,000

15 Incurred transportation cost in order to bring the


computer bought in July 3 in the business premises
paying cash, 2,500

16 Rendered services to clients paying cash, 80,000. The


amount represents a 10% of total services rendered
to clients.

20 Received 25% advance payment for services to be


rendered next month. The total contract price for the
service is 300,000

21 Paid salaries of employees less 500 for vale of


employees last month, 7,500

22 Billed customers for services rendered, 24,873.13

24 Advance payment for advertising expense next


month, 6,000

28 Some of the folders were damaged by flood


amounting to 387.22

28 Made partial payment of loan for 25,000


representing the principal and 1,800 for interest
using owner’s personal fund
Sir Win – Accounting Lectures
Jokes Tagalog
Stories Legit Professor
Life Lessons

30 Paid municipal licenses and taxes for the month,


976.38

30 The owner take some kitchen supplies for personal


use, 6,500.

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