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VICTORINO

The document contains 13 journal entries recording transactions for Victorino Photography. It records the initial capital deposited of $146,200. Equipment was purchased on account for $71,210 and $51,620 was personally invested for additional equipment. Expenses are recorded for rent, supplies, insurance and other operating costs. Revenue is recorded from photography services. Payment is made to reduce accounts payable and for salaries, telephone and other expenses. The financial worksheet balances the accounting equation and shows cash, equipment, prepaid insurance, payables and capital.

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Denise Ortiz Manolong
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5K views6 pages

VICTORINO

The document contains 13 journal entries recording transactions for Victorino Photography. It records the initial capital deposited of $146,200. Equipment was purchased on account for $71,210 and $51,620 was personally invested for additional equipment. Expenses are recorded for rent, supplies, insurance and other operating costs. Revenue is recorded from photography services. Payment is made to reduce accounts payable and for salaries, telephone and other expenses. The financial worksheet balances the accounting equation and shows cash, equipment, prepaid insurance, payables and capital.

Uploaded by

Denise Ortiz Manolong
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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ACC111

PROBLEM13 page 2-50

LUDIVINIA VICTORINO

Journal Entries:

A.
CASH 146200.00
VICTORINO,CAPITAL 146200.00
to record the deposited capital of Victorino
#
B.
PHOTOGRAPHY EQUIPMENT 71210.00
ACCOUNTS PAYABLE 71210.00
to record the photography equipment bought on accounts
#
C.
PHOTOGRAPHY EQUIPMENT 51620.00
VICTORINO,CAPITAL 51620.00
to record the photography equipment personally invested by Victorino to the business
#
D.
RENT EXPENSE 5500.00
CASH 5500.00
to record the payment for the rent
#
E.
PHOTOGRAPHY SUPPLIES 7960.00
CASH 7960.00
to record the photography supplies bought for the business
#
F.
PREPAID INSURANCE 1240.00
CASH 1240.00
to record the payment for premium insurance
#
G.
CASH 8960.00
SERVICE INCOME 8960.00
to record the professional fee received from the service rendered
#
H.
SALARIES EXPENSE 6000.00
CASH 6000.00
to record payment of the salary of the assistant
#
I.
TELEPHONE EXPENSE 640.00
CASH 640.00
to record the payment of the telephone service fee
#
J.
ACCOUNTS PAYABLE 4200.00
CASH 4200.00
to record the payment of the equipment on account
#
K.
CASH 15480.00
SERVICE INCOME 15480.00
to record the received payment from the rendered service
#
L.
REPAIR AND MAINTAINANCE EXPENSE 760.00
CASH 760.00
to record the payment for the minor repairs of the equipment
#
M.
VICTORINO, WITHDRAWAL 9600.00
CASH 9600.00
to record the withdrwal of Victorino
#

FINANCIAL TRANSACTION WORKSHEET

CASH + ACCOUNTS RECEIVABLE + SUPPLIES + PREPAID INSURANCE


A. 146200.00
B.
C.
D. -5500.00
E. -7960.00 7960.00
F. -1240.00 1240.00
G. 8960.00
H. -6000.00
I. -640.00
J. -4200.00
K. 15480.00
L. -760.00
M. -9600.00
TOTAL 134740.00 7960.00 1240.00
266770.00
PREPAID INSURANCE+ PHOTOGRAPHY EQUIPMENT = ACCOUNTS PAYABLE + VICTORINO, CAPITAL
146200.00
71210.00 71210.00
51620.00 51620.00
-5500.00

8960.00
-6000.00
-640.00
-4200.00
15480.00
-760.00
-9600.00
122830.00 67010.00 199760.00
266770.00
VICTORINO, CAPITAL

Investment
Expense

Revenue
Expense
Expense

Revenue
Expense
Withdrawal

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