2. Paid P12,500 for the accessory This transaction involves stand you bought for Kikay Kit therefore, it is recorded in. journal. Store 3. You purchased P 10,000 worth of accessories from Buting-thing This transaction involves_ Shops for resale and you therefore, it is recorded in promised to pay after 2 weeks journal. 4. A regular client bought 5 pcs of accessories from Kikay Kit Store This transaction involves_ and promised to pay the next therefore, it is recorded in. week. journal.

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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Question
A
BC
What's More
Activity 1.1 Where to record the transaction?
Answer the following by identifying which book to record the each transactions, follow the
example provided!
Transactions
Where to record?
1. You opened Kikay Kit Store and This transaction involves the receipt of cash;
therefore, it is recorded in cash receipts journal.
invested P50,000 cash.
2. Paid P12,500 for the accessory
This
stand you bought for Kikay Kit
transaction
involves_
therefore, it is recorded in
journal.
Store
3. You purchased P 10,000 worth of
accessories from Buting-thing This
Shops for resale and you therefore, it is recorded in
promised to pay after 2 weeks
transaction
involves.
journal.
4. A regular client bought 5 pcs of
accessories from Kikay Kit Store This
and promised to pay the next therefore, it is recorded in
transaction
involves.
journal.
week.
5. Collected
from
customer in payment of her therefore, it is recorded in
P150.00
This
transaction
involves
journal.
асcount
6.
Received P500.00 cash payment
This
transaction
involves.
from customer for 20 pcs of
therefore, it is recorded in
_journal.
accessories.
7. Paid utilities expense of the This
transaction
involves
store.
therefore, it is recorded in
journal.
This
transaction
involves
8. Paid salary of store staff, P6,000.
therefore, it is recorded in
_journal.
Although this transaction involves purchase on
from account, it does not qualify to be recorded
Woodcrafts Shop costing P5,000 purchase journal since the item purchased is not
a merchandise; therefore, it is recorded in general
9. Acquired
furniture
and issued a promissory note.
journal.
15
Although this transaction involves
it
10. You sold old store cabinet of
does not qualify to be recorded --_
Kikay Kit Store to a friend
amounting
promised to pay the next month.
since the item
is not a merchandise:
P2.000.00,
she
therefore,
it
recorded
in
Aotivity 12 Tru or Folee
Transcribed Image Text:A BC What's More Activity 1.1 Where to record the transaction? Answer the following by identifying which book to record the each transactions, follow the example provided! Transactions Where to record? 1. You opened Kikay Kit Store and This transaction involves the receipt of cash; therefore, it is recorded in cash receipts journal. invested P50,000 cash. 2. Paid P12,500 for the accessory This stand you bought for Kikay Kit transaction involves_ therefore, it is recorded in journal. Store 3. You purchased P 10,000 worth of accessories from Buting-thing This Shops for resale and you therefore, it is recorded in promised to pay after 2 weeks transaction involves. journal. 4. A regular client bought 5 pcs of accessories from Kikay Kit Store This and promised to pay the next therefore, it is recorded in transaction involves. journal. week. 5. Collected from customer in payment of her therefore, it is recorded in P150.00 This transaction involves journal. асcount 6. Received P500.00 cash payment This transaction involves. from customer for 20 pcs of therefore, it is recorded in _journal. accessories. 7. Paid utilities expense of the This transaction involves store. therefore, it is recorded in journal. This transaction involves 8. Paid salary of store staff, P6,000. therefore, it is recorded in _journal. Although this transaction involves purchase on from account, it does not qualify to be recorded Woodcrafts Shop costing P5,000 purchase journal since the item purchased is not a merchandise; therefore, it is recorded in general 9. Acquired furniture and issued a promissory note. journal. 15 Although this transaction involves it 10. You sold old store cabinet of does not qualify to be recorded --_ Kikay Kit Store to a friend amounting promised to pay the next month. since the item is not a merchandise: P2.000.00, she therefore, it recorded in Aotivity 12 Tru or Folee
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