Accounting Cycle Exercises on Journalizing Debit and Credit PDF
Document Details
Uploaded by YoungSugilite2141
University of the Cordilleras Integrated School
2015
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Summary
This document contains exercises on journalizing debit and credit, focusing on transactions of Laura Dimos Consulting firm in May 2015. The exercises cover topics like investments, payments, supplies, advertising, and employee salaries for accounting education.
Full Transcript
**ACCOUNTING CYCLE** **JOURNALIZE THE BUSINESS TRANSACTIONS OF LAURA DIMOS** **USING A JOURNAL SHEET** **Laura Dimos started her own consulting firm, Dimos Consulting, on 1 May 2015.** ------------------------...
**ACCOUNTING CYCLE** **JOURNALIZE THE BUSINESS TRANSACTIONS OF LAURA DIMOS** **USING A JOURNAL SHEET** **Laura Dimos started her own consulting firm, Dimos Consulting, on 1 May 2015.** ----------------------------------------------------------------------------------- -------------------------------------------------------------------- -- -- -- -- -- **The following transactions occurred during the month of May.** **1. Dimos invested 16,000 cash in the business** **2. Paid 1,600 for office rent for the month.** **3. Purchased 1000 supplies on account.** **4. Paid 100 to advertise in the Philippine Daily Inquirer.** **5. Received 6000 cash for services provided.** **6. Withdrew 1,400 cash for personal use.** **7. Performed 6,600 of services on account.** **8. Paid 8000 for employee salaries.** **9. Paid for the supplies purchased on account on May.** **10. Received a cash payment of 4,000 for services provided** **11. Borrowed 10,000 from the bank on a note payable.** **12. Purchased office equipment for 4,800 on account** **13. Paid 300 for utilities** **14. Collected half of the receivables.** **15. Purchased equipment for 8,800 and paid 2,000 in cash only.**
