Question

Directions: Record the transactions of Jinky Estrada for December 2018 in the general journal. Post each transaction to their corresponding ledger accounts. Use the following account code for posting reference. Write your answers on a columnar paper. Account Titles 101 Cash 301 Estrada, Capital 102 Accounts Receivable 401 Consulting Revenues 103 Office Furniture 501 Salaries Expense 104 Office Equipment 502 Rent Expense 201 Accounts Payable Jinky Estrada is an experienced event planner. Her transactions for December 2018 are: Dec. 1 Jinky invested P100,000 in cash to start her own business. 1. She paid 5,000 for one month's rent. 2. She bought office furniture for P15,000 in cash. 4 She received a laptop computer worth P54,000. She paid 50% down for it with a balance due in 30 days. 24 She performed services for P12,000 in cash. 25 She did services for P11,000 on credit. 9 She acquired a fax machine for P8,500; paid P4,000 in cash, balance due in 10 days. 11 She received P5,400 from clients on account. 14 She paid P12,000 for salaries. 15 She settled in full the balance for the fax machine.

          Directions: Record the transactions of Jinky Estrada for December 2018 in the general journal. Post each transaction to their corresponding ledger accounts. Use the following account code for posting reference. Write your answers on a columnar paper.

Account Titles
101	Cash	301	Estrada, Capital
102	Accounts Receivable	401	Consulting Revenues
103	Office Furniture	501	Salaries Expense
104	Office Equipment	502	Rent Expense
201	Accounts Payable

Jinky Estrada is an experienced event planner. Her transactions for December 2018 are:
Dec. 1 Jinky invested P100,000 in cash to start her own business.
1.	She paid 5,000 for one month's rent.
2.	She bought office furniture for P15,000 in cash.
4 She received a laptop computer worth P54,000. She paid 50% down for it with a balance due in 30 days.
24	She performed services for P12,000 in cash.
25	She did services for P11,000 on credit.
9 She acquired a fax machine for P8,500; paid P4,000 in cash, balance due in 10 days.
11 She received P5,400 from clients on account.
14	She paid P12,000 for salaries.
15	She settled in full the balance for the fax machine.

Show more…

Directions: Record the transactions of Jinky Estrada for December 2018 in the general journal. Post each transaction to their corresponding ledger accounts. Use the following account code for posting reference. Write your answers on a columnar paper.

Account Titles
101 Cash 301 Estrada, Capital
102 Accounts Receivable 401 Consulting Revenues
103 Office Furniture 501 Salaries Expense
104 Office Equipment 502 Rent Expense
201 Accounts Payable

Jinky Estrada is an experienced event planner. Her transactions for December 2018 are:
Dec. 1 Jinky invested P100,000 in cash to start her own business.
1. She paid 5,000 for one month's rent.
2. She bought office furniture for P15,000 in cash.
4 She received a laptop computer worth P54,000. She paid 50% down for it with a balance due in 30 days.
24 She performed services for P12,000 in cash.
25 She did services for P11,000 on credit.
9 She acquired a fax machine for P8,500; paid P4,000 in cash, balance due in 10 days.
11 She received P5,400 from clients on account.
14 She paid P12,000 for salaries.
15 She settled in full the balance for the fax machine.

Added by Heather H.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Jerelyn Nevil

03/24/2024

Step 1

We'll start by recording each transaction in the general journal and then post them to their corresponding ledger accounts. ### Step 1: Record Transactions in the General Journal For each transaction, we'll identify the accounts affected, determine whether each Show more…

Show all steps

lock

Thanks for your feedback!

Directions: Record the transactions of Jinky Estrada for December 2018 in the general journal. Post each transaction to their corresponding ledger accounts. Use the following account code for posting reference. Write your answers on a columnar paper. Account Titles 101 Cash 102 Accounts Receivable 103 Office Furniture 104 Office Equipment 201 Accounts Payable 301 Estrada, Capital 401 Consulting Revenues 501 Salaries Expense 502 Rent Expense Jinky Estrada is an experienced event planner. Her transactions for December 2018 are: Dec. 1 Jinky invested P100,000 in cash to start her own business. 1. She paid 5,000 for one month's rent. 2. She bought office furniture for P15,000 in cash. 4 She received a laptop computer worth P54,000. She paid 50% down for it with a balance due in 30 days. 24 She performed services for P12,000 in cash. 25 She did services for P11,000 on credit. 9 She acquired a fax machine for P8,500; paid P4,000 in cash, balance due in 10 days. 11 She received P5,400 from clients on account. 14 She paid P12,000 for salaries. 15 She settled in full the balance for the fax machine.

Play audio

Feedback

Powered by NumerAI

Jerelyn Nevil and 72 other subject Algebra educators are ready to help you.

Ask a new question

Labs

Want to see this concept in action?

NEW

Explore this concept interactively to see how it behaves as you change inputs.

View Labs

Key Concepts

Recommended Videos

Recommended Textbooks

Transcript

00:01 Okay, so you need help figuring out where these transactions lie.

00:06 So we have december 1st, jinky invested $100 ,000 of cash to start with her own business, okay? so that's going to be debit cash, and that's $101 ,000, and that's for $100 ,000.

00:30 And then you are going to p100 ,000.

00:37 You're going to credit estrada at pal consulting revenues 401.

00:52 Okay.

00:52 Then december 5th, she paid $5 ,000 for one month's rent.

01:00 So $5 ,000.

01:01 You are going to debit rent expense and that is 502 and then you are going to credit cash which is 101 then for december 7th she bought office furniture for $15 ,000 in cash and a computer worth of $54 ,000.

01:34 She paid 50 % down for the balance of it.

01:38 So you're going to debit.

01:42 Oops.

01:45 You are going to $15 ,000 debit office furniture, which is $103 ,000.

01:58 You are going to, for $27 ,000 you are going to debit office equipment and that is $104 ,000.

02:16 For $42 ,000 you are going to credit cash for and that is $101 ,000 and you're going to credit accounts accounts payable, the $27 ,000.

02:34 And that's accounts payable.

02:37 Oops, credit.

02:38 I forgot to write.

02:41 Credit, accounts, credit, accounts payable...

Ace is your personal tutor. It breaks down any question with clear steps so you can learn.

Start Using Ace

Continue solving this problem

Create a free account to:

View full step-by-step solution
Ask follow-up questions with Ace AI
Save progress and study later