1. Deposited $500,000 cash in the bank for use by business. 2. Purchased $20,000 supplies on account. 3. Purchased land for future repair site for $240,000 cash. 4. Paid $18,000 to creditors 5. Withrew $25,000 for personal use. 6. Paid $28,000 rent for the month. 7. Performed services on account $65,000 8. Paid utilities, $21,000 9. Recieved $28,000 cash for earned repair services 10. Paid salaries, $15,000
1. Deposited $500,000 cash in the bank for use by business. 2. Purchased $20,000 supplies on account. 3. Purchased land for future repair site for $240,000 cash. 4. Paid $18,000 to creditors 5. Withrew $25,000 for personal use. 6. Paid $28,000 rent for the month. 7. Performed services on account $65,000 8. Paid utilities, $21,000 9. Recieved $28,000 cash for earned repair services 10. Paid salaries, $15,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1. Deposited $500,000 cash in the bank for use by business.
2. Purchased $20,000 supplies on account.
3. Purchased land for future repair site for $240,000 cash.
4. Paid $18,000 to creditors
5. Withrew $25,000 for personal use.
6. Paid $28,000 rent for the month.
7. Performed services on account $65,000
8. Paid utilities, $21,000
9. Recieved $28,000 cash for earned repair services
10. Paid salaries, $15,000

Transcribed Image Text:LA CRUZ, LPT
C25,000)
cas,oo0
C15,00)
It,000
65 900
20,o00
250 000
04 000
MexStidk on to che
59,000
6418 36
240 000
mentals of Accountancy, Business and Management 1: 2021 Edition
MMCIHS use only
Activity 4-3 Financial Transaction Worksheet
The assets, liabilities and owner's equity of Deogracia Corpuz who operates a repair shop are
expressed in equation form below. Corpuz completed the following transactions:
Liabilities
Accounts
Equity
Corpuz,
Сaptal
Assets
Accounts
Cash
+ Supplies +
Land
%3D
Receivable
Payable
1 Deposited P500,000

Transcribed Image Text:Bal
6 Paid P28,000 rent
for the month
(6)
Bal
7 Performed services
on account P65,000 (7)
Bal
8 Paid utilities,
P21,000
(8)
Bal
9 Received P28,000
Cash for earned
(6)
Bal
repair services
10 Paid salaries,
P15,000
(10),
Bal
Required: Complete the financial transaction worksheet. For each transaction, identify the
changes in owner's equity, if any, by placing the letter I (income), E (Expense), W (withdrawal),
or INV (investment) at the right of each increase or decrease of in equity. On the lines labeled
"Bal." (i.e. Balance) show the new equation resulting from transaction.
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