15 Paid for the salaries of clerks, drivers and conductors, P 125,000 20 Charges Holy Angel University P 80,000 for the use of two buses for an educational tour. The school made 50% payment, the balance payable next month 21 Cargo fares amounting to P 70,000 were billed and collected from various customers 25 The owner made a cash withdrawal of P 50,000 27 Utility bills were paid in the amount of P 40,000 28 Lessor sent a bill for rental due on the bus terminalP 75,000 29 Summary of revenues collected: Passenger Fares P 360,000 and cargo fares P 120,000 30 Paid salaries of employees P 125,000 31 Paid Petron P 90,000 Required: a. Analyze the above transaction. Include money columns for the accounts: Cash, Accounts Receivable, Furniture and Fixtures, Transport Buses, Accounts Payable, Notes Payable, Rent Payable, and Brown Capital. Use the following temporary titles to explain the changes in his capital account: Transportation Fare, Cargo fare, Advertising Expense, Gas and Oil expenses, Rent Expense, Salaries Expense, Utilities Expense and Brown Drawings.

15 Paid for the salaries of clerks, drivers and conductors, P 125,000 20 Charges Holy Angel University P 80,000 for the use of two buses for an educational tour. The school made 50% payment, the balance payable next month 21 Cargo fares amounting to P 70,000 were billed and collected from various customers 25 The owner made a cash withdrawal of P 50,000 27 Utility bills were paid in the amount of P 40,000 28 Lessor sent a bill for rental due on the bus terminalP 75,000 29 Summary of revenues collected: Passenger Fares P 360,000 and cargo fares P 120,000 30 Paid salaries of employees P 125,000 31 Paid Petron P 90,000 Required: a. Analyze the above transaction. Include money columns for the accounts: Cash, Accounts Receivable, Furniture and Fixtures, Transport Buses, Accounts Payable, Notes Payable, Rent Payable, and Brown Capital. Use the following temporary titles to explain the changes in his capital account: Transportation Fare, Cargo fare, Advertising Expense, Gas and Oil expenses, Rent Expense, Salaries Expense, Utilities Expense and Brown Drawings.

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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