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Journal Entry

1) On May 2, Sison invested 136,300 cash into the business as capital. 2) On May 3, a service vehicle was purchased for 80,000 using 50,000 cash and a 30,000 note payable. 3) By May 5, cash had increased to 128,300 through service income of 75,000 and payments reducing accounts receivable to 15,000. Total assets were 85,000 for the service vehicle and 5,000 for medical supplies, with liabilities of 5,000 in accounts payable and 30,000 in notes payable. Sison's capital investment remained at 136,300.

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JEYASHREE ESTEBAN
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327 views3 pages

Journal Entry

1) On May 2, Sison invested 136,300 cash into the business as capital. 2) On May 3, a service vehicle was purchased for 80,000 using 50,000 cash and a 30,000 note payable. 3) By May 5, cash had increased to 128,300 through service income of 75,000 and payments reducing accounts receivable to 15,000. Total assets were 85,000 for the service vehicle and 5,000 for medical supplies, with liabilities of 5,000 in accounts payable and 30,000 in notes payable. Sison's capital investment remained at 136,300.

Uploaded by

JEYASHREE ESTEBAN
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

JOURNAL ENTRY

May

2 (DR)CASH136,300(CR)SISON,CAPITAL136,300

3 (DR)SERVICEVEHICLE80,000(CR)CASH50,000(CR)NOTESPAYABLE30,000

4 (DR)MEDICALSUPPLIES5,000(CR)ACCOUNTSPAYABLE5,000

5 (DR)CASH45,000(DR)ACCOUNTSRECEIVABLE30,000(CR)SERVICEINCOME75,000

11 (DR)CASH15,000(CR)ACCOUNTSRECEIVABLE15,000

15 (DR)SALARIESEXPENSE15,000(CR)CASH15,000

24 (DR)SISON,WITHDRAWAL3,000(CR)CASH3,000

CASH

DATE EXPLANATION DEBIT CREDIT BALANCE


2 INVESTED 136,300
3 PURCHASES 50,000
5 SERVICE 45,000
RENDERED
11 SERVICE INCOME 15,000
15 EXPENSE 15,000
24 WITHDRAWAL 3,000 128,300

SERVICE VEHICLE

DATE EXPLANATION DEBIT CREDIT BALANCE


3 SERVICE VEHICLE 80,000

ACCOUNTS RECEIVABLE

DATE EXPLANATION DEBIT CREDIT BALANCE


5 SERVICE 30,000
RENDERED
11 PAID 15,000 15,000

MEDICAL SUPPLIES

DATE EXPLANATION DEBIT CREDIT BALANCE


4 SUPPLIES 5,000
ACCOUNTS PAYABLE

DATE EXPLANATION DEBIT CREDIT BALANCE


4 MEDICAL 5,000
SUPPLIES

NOTES PAYABLE

DATE EXPLANATION DEBIT CREDIT BALANCE


3 SERVICE VEHICLE 30,000

SISON, CAPITAL

DATE EXPLANATION DEBIT CREDIT BALANCE


2 INVESTMENT 136,300

SISON, WITHDRAWALS

DATE EXPLANATION DEBIT CREDIT BALANCE


24 WITHDRAWALS 3,000

SERVICE INCOME

DATE EXPLANATION DEBIT CREDIT BALANCE


5 SERVICE 75,000
RENDRED

SALARIES EXPENSE

DATE EXPLANATION DEBIT CREDIT BALANCE


15 SALARIES 15,000

Cash

Debit Credit

136,300 50,000
45,000 15,000
+ 15,000 + 3,000
196,300 68,000
196,300

-68,000

128,300

Accounts Receivable

30,000

- 15,000

15,000

Total Assets

Service Vehicle 80,000

Medical Supplies - 5,000

85,000

Liabilities

Accounts payable 5,000

Notes payable - 30,000

35,000

Sison, Capital

101,000

+ 35,300

136,300

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