SAMPLE JOURNAL ENTRIES Salazar invests cash in business

SAMPLE JOURNAL ENTRIES

Salazar invests cash in business, P 600, 000 Journal Entry Cash 600, 000 Salazar, Capital 600, 000

Bought a delivery car for cash, P 500, 000 Journal Entry Delivery Equipment 500, 000 Cash 500, 000

Sold an old typewriter for cash, P 20, 000 Journal Entry Cash 20, 000 Office Equipment 20, 000

Bought supplies on credit from SM, P 30, 000 Journal Entry Supplies 30, 000 Accounts Payable 30, 000

Paid the account in SM, P 30, 000 Journal Entry Accounts Payable 30, 000 Cash 30, 000

Bought an office table on account from EMCOR, P 25, 000 and issue promissory note Journal Entry Furniture and Fixtures 25, 000 Notes Payable 25, 000

Paid the account in EMCOR, P 25, 000 Journal Entry Notes Payable Cash 25, 000

Receive cash P 10, 000 for services rendered Journal Entry Cash Service Income 10, 000

Rendered service to customer , P 8, 000 but no payment made Journal Entry Account Receivable Service Income 8, 000

Collected the customer’s account, P 8, 000 Journal Entry Cash 8, 000 Account Receivable 8, 000

Rendered service to customer, P 12, 000 and he issued promissory note Journal Entry Note Receivable Service Income 12, 000

Collected customer’s promissory note, P 12, 000 note Journal Entry Cash 12, 000 Note Receivable 12, 000

Salazar withdraws cash of P 5, 000 for personal use Journal Entry Salazar, Drawing Cash 5, 000

Paid salary for the month: Salary Less: SSS Philhealth Pag-ibig Withholding tax Net P 20, 0000 620. 00 250. 00 400. 00 650. 00 1, 920. 00 18, 080. 00 Journal Entry Salaries Expense 20, 000 SSS Premium Payable Philhealth Premium Payable Pag-ibig Premium Payable Withholding Tax Payable Cash 620 250 400 650 18, 080

Employer’s contribution to the SSS, Philhealth and Pagibig: SSS P 1, 053 Philhealth 250 Pag-ibig 400 Journal Entry SSS Contribution Philhealth Contribution Pag-ibig Contribution 1, 053 250 400 SSS Premium Payable Philhealth Premium Payable 250 Pag-ibig Premium Payable 400 1, 053

The employer remit the deductions and its contribution to SSS, Philhealth and Pag-ibig Journal Entry SSS Premium Payable Philhealth Premium Payable Pag-ibig Premium Payable Cash 1, 673 500 800 2, 973

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