question archive Integrating Problem (10 points, 10 points with correct formatting of journal entries
Integrating Problem (10 points, 10 points with correct formatting of journal entries
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Integrating Problem (10 points, 10 points with correct formatting of journal entries. Send in your excel file containing the journal entries in the correct format. ). 2. What are the ending balances of these accounts Cesar, a sole proprietor, started a business. During January 2022, the first month of operations, the following transactions occurred: January a. 1- Invested cash in the business, P100,000. b. 2- Bought various office supplies for cash, P20,000. C. 3- Loaned P50,000 from a bank for additional funds. P 3- Hired a worker to assist him in the business for a salary of P5,000 per month. e. 10- Bought office furniture on account, P30,000. f 10- Bought an equipment worth P60,000. The company made 60% cash down payment and the balance on open account. g. 15- Invested additional cash in the business, P5,000. 15- Bought another equipment worth P80,000. The company made 50% cash down payment and issued a promissory note for the balance. i. 18- Withdrew P2,000 for personal use. 20 - Paid P10,000 of the amount due in transaction (e). K 25 - Settled the promissory note in transaction (h) using the owner's own cash. a) Cash b) Supplies c) Office Furniture d) Equipment e) Bank Loan Payable f) Accounts Payable g) Notes Payable h) Capital i) Salaries Expense
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Please see below.
Step-by-step explanation
Journal Entries
Debit Credit
Jan 1 Cash 100,000
Capital 100,000
To record investment in the business
Jan 2 Supplies 20,000
Cash 20,000
To record purchase of various office supplies for cash
Jan 3 Cash 50,000
Bank loan payable 50,000
To record loan from bank
Jan 10 Office Furniture 30,000
Accounts payable 30,000
To record purchase of office furniture on account
Jan 10 Equipment 60,000
Cash 36,000
Accounts payable 24,000
To record purchase of equipment, 60% cash, 40% on account
Jan 15 Cash 5,000
Capital 5,000
to record additional investment in the business
Jan 15 Equipment 80,000
Cash 40,000
Notes payable 40,000
to record purchase of equipment, 50% cash, 50% promissory note
Jan 18 Drawing 2,000
Cash 2,000
to record drawing
Jan 20 Accounts payable 10,000
Cash 10,000
To record payment of accounts payable
Jan 25 Cash 40,000
Capital 40,000
To record investment in the business
Jan 25 Notes payable 40,000
Cash 40,000
To record payment of promissory note
Ledger
Cash
Debit Credit
Jan 1 100,000 Jan 2 20,000
Jan 3 50,000 Jan 10 36,000
Jan 15 5,000 Jan 15 40,000
Jan 25 40,000 Jan 18 2,000
Jan 20 10,000
Jan 25 40,000
Balance P47,000 (Debit)
Supplies
Debit Credit
Jan 2 20,000
Balance P20,000 (Debit)
Office Furniture
Debit Credit
Jan 10 30,000
Balance P30,000 (Debit)
Equipment
Debit Credit
Jan 10 60,000
Jan 15 80,000
Balance P140,000 (Debit)
Total assets = P237,000
Accounts payable
Debit Credit
Jan 20 10,000 Jan 10 30,000
Jan 10 24,000
Balance P44,000 (Credit)
Bank Loan Payable
Debit Credit
Jan 3 50,000
Balance P50,000 (Credit)
Notes Payable
Debit Credit
Jan 25 40,000 Jan 15 40,000
Balance P0
Capital
Debit Credit
Jan 18 2,000 Jan 1 100,000
Jan 15 5,000
Jan 25 40,000
Balance P143,000 (Credit)
Total liabilities + Capital = P237,000
bank Loan Payable Accounts Payable Jan 3 500 00 Jan 20 10, OOD Tan /D 30 000 Jan 10 24,00 0 70000 440OO Notes Payable Capital 25 400 0O / Jan 1 400DO Jang 20 00 Jan 1 100000 Jan 15 JOOU Jan 25 40 0 DO 143600 liabilities + Capital = $ 237000
Please see attached file
