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Seatwork#3 - Journal Entries

RM Pineda established Palicio Security Services on July 1, 2018, investing 500,000 as capital. Throughout July, the company purchased equipment, furniture, supplies, and alarm systems; sold alarm systems; collected on accounts receivable; and paid expenses including salaries, advertising, rent, and utilities. By July 31, the company had generated sales of 205,000 and accounts receivable of 140,000, while holding remaining assets of 470,000 and owing 16,000 in accounts payable.

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Rheen Clarin
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104 views1 page

Seatwork#3 - Journal Entries

RM Pineda established Palicio Security Services on July 1, 2018, investing 500,000 as capital. Throughout July, the company purchased equipment, furniture, supplies, and alarm systems; sold alarm systems; collected on accounts receivable; and paid expenses including salaries, advertising, rent, and utilities. By July 31, the company had generated sales of 205,000 and accounts receivable of 140,000, while holding remaining assets of 470,000 and owing 16,000 in accounts payable.

Uploaded by

Rheen Clarin
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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Name: _____________________ Grade/Section _________ Date __________ Name: _____________________ Grade/Section _________ Date __________

RM Pineda established Palicio Security Services on July 1, 2018. He invested RM Pineda established Palicio Security Services on July 1, 2018. He invested
500,000.00 as capital and bought equipments for 50,000.00 and furniture and 500,000.00 as capital and bought equipments for 50,000.00 and furniture and
fixtures for 20,000.00 fixtures for 20,000.00

On July 3, 2018, Palicio established a 2,000 petty cash fund to handle small On July 3, 2018, Palicio established a 2,000 petty cash fund to handle small
expenditures. expenditures.

On July 9, 2018 Palicio purchased 16,000 worth of office supplies on account On July 9, 2018 Palicio purchased 16,000 worth of office supplies on account
2/10 n/30 2/10 n/30

Purchased 100 alarm systems for 100,000 cash on July 15, 2018. Purchased 100 alarm systems for 100,000 cash on July 15, 2018.

Sold 90 alarm systems for 180,000 on July 18, 2018. All sales were on account. Sold 90 alarm systems for 180,000 on July 18, 2018. All sales were on account.

Paid 16,000 on accounts payable on July 19, 2018 on transaction made on July 9. Paid 16,000 on accounts payable on July 19, 2018 on transaction made on July 9.

On the same date, sold 10 alarm systems for 25,000 for cash. On the same date, sold 10 alarm systems for 25,000 for cash.

On July 25 collected 140,000 of accounts receivable for sales on July 18. On July 25 collected 140,000 of accounts receivable for sales on July 18.

On July 30 the company paid 6,000 of advertising expense for the month. Paid On July 30 the company paid 6,000 of advertising expense for the month. Paid
7,500 of utilities expense. 7,500 of utilities expense.
Paid rent expense for van at 4,000 and office rent at 3,000 for the month. Paid rent expense for van at 4,000 and office rent at 3,000 for the month.

By the end of the month Palicio paid installers and other employees a total of By the end of the month Palicio paid installers and other employees a total of
35,000 cash for salaries. 35,000 cash for salaries.

Required: Required:
1. Prepare journal entries for transactions incurred for the month of July 5. Prepare journal entries for transactions incurred for the month of July
2018 2018
2. Prepare T-account 6. Prepare T-account
3. Prepare the trial balance as of July 31, 2018 for Palicio Security 7. Prepare the trial balance as of July 31, 2018 for Palicio Security
Services Inc. Services Inc.
4. Prepare the Statement for Financial Position for Palicio Security 8. Prepare the Statement for Financial Position for Palicio Security
Services Inc. Services Inc.

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