R. Allado Appliance Center Chart of Accounts ASSETS: Cash REVENUE Sales ts Recei

Question

R. Allado Appliance Center Chart of Accounts ASSETS: Cash REVENUE Sales ts Receivable- Customers Sales Returns Allowance Merchandise Inventory Rent Deposit Delivery Truck Store Equipment Furniture Office Equipment COST OF GOODS SOLD: Cost of Sales OPERATING EXPENSES Rent Expense Supplies Expense Gasoline and Oil Expense LIABILITIES Account Payable -Suppliens Notes Payable SSS Premiums Payable Philhealth Premiums Payable Expense Repairs Expense ommission Salaries Expense SS$ and Philhealth Premiums Income Taxes Withheld Payable Telephone Expense Expense Water and Electricity Expense Installation Expense Taxes and Licenses CAPITAL: R. Allado, Capital R. Alado, Drawing . Miscellaneous Expense Sales Discounts

Explanation / Answer

The journal entries are as below:

Office Rent Dr. 5000

Prepaid Expense Dr. 5000

Rates and Taxes Dr. 675

General and admininstration expense 268

To Cash A/c Rs. 10943

2. Typewriter A/c 500

Purchase A/c 500

To Cash A/c Rs. 1000

3. General and adminstration expense 300

To Cash A/c 300

4. Color Television A/c Dr. 1000

To National Appliances Co. 1000

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