Date Particulars Debit (DR) Credit (CR)

Dy’s Forwarding & Delivery Services

Chart of Accounts
Oct
ASSETS OWNER’S EQUITY
101 Cash 301 Dy, Capital 1 Cash P200,000
112 Accounts Receivable 302 Dy, Drawing Dy, Capital P200,000
113 Allowance for Doubtful Accounts 399 Income Summary To record Mr. Dy's initial investment
114 Notes Receivable
115 Interest Receivable REVENUES 3 Furniture and Fixtures 20,000
122 Unused Supplies 401 Service Income
Accounts Payable 20,000
123 Prepaid Rent 402 Interest Income
To record purchase of furniture on account
151 Repair Equipment 499 Other Income
Accumulated Depreciation –
152
Repair Equipment 5 Dy, Drawing 15,000
153 Furniture and Fixtures
Cash 15,000
Accumulated Depreciation –
154 To record Mr. Dy's cash withdrawal
Furniture and Fixtures
155 Office Equipment
156 Vehicles 7 Office Equipment 65,000
Cash 65,000
LIABILITIES EXPENSES
Purchased of equipment
201 Accounts Payable 501 Taxes and License Expense
202 Notes Payable 502 Salaries Expense
203 Salaries Payable 503 Supplies Expense 9 Accounts Payable 7,000
204 Income Tax Payable 504 Utilities Expense Furniture and Fixtures 7,000
205 Interest Payable 505 Rent Expense To record returned of defective furniture
208 Unearned Service Revenue 506 Depreciation Expense
212 Mortgage Payable 507 Doubtful Accounts Expense 10 Vehicles 360,000
215 Loans Payable 512 Interest Expense
Dy, Capital 360,000
299 Utilities Payable 599 Other Expense
To record additional investment of Mr. Dy

12 Unused Supplies 1,800

Accounts Payable 1,800
Purchased office supplies on account
Journalizing Exercise:
14 Cash 100,000
Below are the transactions of Dy's Forwarding Services for the month of Oct. 2020. Loans Payable 100,000
Borrowed money from bank

1. Mr. Dy invested P200,000 cash in the business 15 Salaries Expense 6,000

3. Purchased P20,000 worth of furniture from Ace on account. Cash 6,000
5. Mr. Dy withdrew P15,000 cash for personal use. Paid employee salary for the period
7. Bought computer costing P65,000 using cash.
9. Returned defective furniture to Ace P7,000 18 Accounts Payable 13,000
10. Invested in a truck costing P360,000 for office use. Cash 13,000
12. Bought P1,800 worth of supplies for office use on account. Paid in full the furniture purchased in Ace
14. Borrowed money from bank amounting to P100,000.
19 Notes Receivable 8,000
15. Paid messenger’s salary for the period, P6,000.
Service Income 8,000
18. Paid Ace in full P13,000. To record income on services rendered
19. Received P8,000 note from customer.
21. Paid utilities for the month, P8,500 21 Utilities Expense 8,500
23. Hired delivery helper with a monthly salary of P10,000 Cash 8,500
24. Rendered delivery services on account P6,000. Paid utilities for the period
28. Customer paid the note P8,000.
24 Accounts Receivable 6,000
Service Income 6,000
Required:
To record services rendered on account
Prepare the journal entries for the above transactions
28 Cash 8,000
Notes Receivable 8,000
To record collection of receivable