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Journal Entries

The document contains accounting transactions for a restaurant called Tapacio Restaurant from April 1 to April 30. It records the owner's initial investment, a loan from the bank, purchases of land, building, equipment and supplies using cash and credit, revenue earned from operations, and payment of salaries. The transactions are recorded using debit and credit entries in general journal format.

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468 views

Journal Entries

The document contains accounting transactions for a restaurant called Tapacio Restaurant from April 1 to April 30. It records the owner's initial investment, a loan from the bank, purchases of land, building, equipment and supplies using cash and credit, revenue earned from operations, and payment of salaries. The transactions are recorded using debit and credit entries in general journal format.

Uploaded by

Amary
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Mary Rogeilyn S.

Calimpong
Section J

Problem 1:

Date Account Titles and Explanation Debit Credit

Cash ₱1,000,000
Food Supplies ₱500,000
April 1 Tapacio Restaurant, Capital ₱1,500,000
To record owner’s investment in the
business

Cash ₱500,000
April 2 Loans Payable ₱500,000
To record loan from the bank

Land ₱250,000
Building ₱250,000
April 3 Cash ₱500,000
To record purchase of land and building

Equipment ₱100,000
April 4 Cash ₱100,000
To record purchase of kitchen equipment

Kitchen Supplies ₱50,000


April 5 Cash ₱50,000
To record purchase of kitchen supplies

Cash ₱100,000
April 30 Revenue ₱100,000
To record the operation resulted in cash
revenue

Salaries Expense ₱50,000


April 30 Cash ₱50,000
To record payment of salaries
Problem 2:

Date Account Titles and Explanation Debit Credit

Cash ₱1,000,000
Food Supplies ₱500,000
April 1 Tapacio Restaurant, Capital ₱1,500,000
To record owner’s investment in the
business

Cash ₱450,000
April 2 Service Fee ₱50,000
Loans Payable ₱500,000
To record loan from the bank

Land ₱200,000
Building ₱300,000
Accounts Payable ₱500,000
April 3 To record purchase of land and building
on account with 50% that will be paid on
upcoming April 23 and the rest will be
paid the following year.

Equipment ₱100,000
April 4 Cash ₱500.00
Accounts Payable ₱99,500
To record purchase of kitchen equipment

Kitchen Supplies ₱50,000


April 5 Notes Payable ₱50,000
To record purchase of kitchen supplies

Food Supplies Expense ₱25,000


Kitchen Supplies Expense ₱5,000
April 30 Food Supplies ₱25,000
Kitchen Supplies ₱5,000
To record the food and kitchen supplies
expended

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