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 creditors5. Withrew $25,000 for personal use.6. Paid $28,000 rent for the month.7. Performed services on account $65,0008. Paid utilities, $21,0009. Recieved $28,000 cash for earned repair services10. Paid salaries, $15,000 LA CRUZ, LPTC25,000)cas,oo0C15,00)It,00065 90020,o00250 00004 000MexStidk on to che59,0006418 36240 000mentals of Accountancy, Business and Management 1: 2021 EditionMMCIHS use onlyActivity 4-3 Financial Transaction WorksheetThe assets, liabilities and owner's equity of Deogracia Corpuz who operates a repair shop areexpressed in equation form below. Corpuz completed the following transactions:LiabilitiesAccountsEquityCorpuz,СaptalAssetsAccountsCash+ Supplies +Land%3DReceivablePayable1 Deposited P500,000 Bal6 Paid P28,000 rentfor the month(6)Bal7 Performed serviceson account P65,000 (7)Bal8 Paid utilities,P21,000(8)Bal9 Received P28,000Cash for earned(6)Balrepair services10 Paid salaries,P15,000(10),BalRequired: Complete the financial transaction worksheet. For each transaction, identify thechanges 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.

Financial transaction worksheet Account…

Answered: 1. Deposited $500,000 cash in the bank…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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

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

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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