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December Transactions for Ander Electric

Helga Ander started a new electrical business in December 201X. During the month, Helga transferred cash to the business account, rented office space, purchased office supplies and electrical equipment with both cash and credit, billed and collected for work, and paid expenses like salaries and utilities. The transactions were recorded in the general journal to track cash flows and the financial activities of the new business.

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Kim Joyce Miranda
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46 views1 page

December Transactions for Ander Electric

Helga Ander started a new electrical business in December 201X. During the month, Helga transferred cash to the business account, rented office space, purchased office supplies and electrical equipment with both cash and credit, billed and collected for work, and paid expenses like salaries and utilities. The transactions were recorded in the general journal to track cash flows and the financial activities of the new business.

Uploaded by

Kim Joyce Miranda
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

Helga Ander started a new business and completed these transactions during December 201X.

Dec. 1 Helga Ander transferred P65,000 cash from a personal savings account to a checking
account in the name of Ander Electric.
2 Rented office space and paid P1,000 cash for the December rent.
3 Purchased P13,000 of electrical equipment by paying P4,800 cash and agreeing to pay
the P8,200 balance in 30 days.
5 Purchased office supplies by paying P800 cash.
6 Completed electrical work and immediately collected P1,200 cash for the work.
8 Purchased P2,530 of office equipment on credit.
15 Completed electrical work on credit in the amount of P5,000.
18 Purchased P350 of office supplies on credit.
20 Paid P2,530 cash for the office equipment purchased on December 8.
24 Billed a client P900 for electrical work completed; the balance is due in 30 days.
28 Received P5,000 cash for the work completed on December 15.
29 Paid the assistant’s salary of P1,400 cash for this month.
30 Paid P540 cash for this month’s utility bill.
31 Ander withdrew P950 cash for personal use.

CHART OF ACCOUNTS

Account Code Account Title


101 Cash
102 Supplies
103 Accounts Receivable
104 Electrical Equipment
114 Accumulated Dep’n- Electrical Equipment
105 Office Equipment
115 Accumulated Dep’n- Office Equipment
106 Prepaid Expenses
201 Accounts Payable
301 Ander, Capital
302 Ander, Withdrawal
311 Service Revenue
321 Salaries Expenses
322 Utilities Expenses
323 Depreciation Expenses- Equipment

Required:
1. An analysis sheet is provided for you to fill-up
2. Journalize the above transactions using the General Journal Provided

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