3. Given below are selected transactions for January for Leah Garcia, interior designer: Jan. 2 Invested P200,000 cash to start the business. 3 Paid P6,000 cash for advertising and P10,000 for rent. Purchased equipment. 50% was in cash P30,000 and the balance with a not payable in two installments. Billed customers P25,000 for services performed. Collected 50% from then Purchased materials and supplies on account for P15,000 25 Received P10,000 cash from customers billed on January 11 Paid for the first installment due on the note. 28 Withdrew P5,000 for food spent in entertaining friends. Used up P5,000 of the materials and supplies purchased. Received bills from PLDT, P2,000 and Meralco, P3,000. 30 31 5 11 16 20 a) Open T accounts based on the following Chart of Accounts: Current Assets - 101 to 103 101 Cash 102 Accounts Receivable 103 Materials and Supplies Plant and Equipment - 201 201 Equipment Current Liability - 301 301 Accounts Payable Long-Term Liability - 401 401 Notes Payable 402 Utilities Payable Equity - 501 to 502 501 Garcia, Capital 502 Garcia, Drawings Revenue - 601 601 Service Income Expenses - 701 to 704 701 Advertising Expense 702 Rent Expense 703 Representation Expense 704 Supplies Expense 705 Utilities Expenses b) Using T Accounts, analyze the above transactions, post, foot the debit side and credi side, and extract the balances.
3. Given below are selected transactions for January for Leah Garcia, interior designer: Jan. 2 Invested P200,000 cash to start the business. 3 Paid P6,000 cash for advertising and P10,000 for rent. Purchased equipment. 50% was in cash P30,000 and the balance with a not payable in two installments. Billed customers P25,000 for services performed. Collected 50% from then Purchased materials and supplies on account for P15,000 25 Received P10,000 cash from customers billed on January 11 Paid for the first installment due on the note. 28 Withdrew P5,000 for food spent in entertaining friends. Used up P5,000 of the materials and supplies purchased. Received bills from PLDT, P2,000 and Meralco, P3,000. 30 31 5 11 16 20 a) Open T accounts based on the following Chart of Accounts: Current Assets - 101 to 103 101 Cash 102 Accounts Receivable 103 Materials and Supplies Plant and Equipment - 201 201 Equipment Current Liability - 301 301 Accounts Payable Long-Term Liability - 401 401 Notes Payable 402 Utilities Payable Equity - 501 to 502 501 Garcia, Capital 502 Garcia, Drawings Revenue - 601 601 Service Income Expenses - 701 to 704 701 Advertising Expense 702 Rent Expense 703 Representation Expense 704 Supplies Expense 705 Utilities Expenses b) Using T Accounts, analyze the above transactions, post, foot the debit side and credi side, and extract the balances.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Required: A,B and C
![N
M
Alt
Ctrl
-
Current Assets
101 Cash
102 Accounts Receivable
103 Office Supplies
↑ Shift
A❤
Plant and Equipment - 201 to 202
201 Office Equipment
▼4
End
0
Ins
ND
c) Prepare a trial balance to prove that the fundamental rule of equality of balances is still
maintained.
3
Pg Dn
4. The June transactions of Dave Mac for Speedy Delivery Service are given below. Use the
following Chart of Accounts:
101 to 103
Equity - 501 to 502
501 Mac, Capital
502 Mac, Drawings
Revenue - 601
Del
601 Delivery Fees Earned
Expenses - 701 to 702
701 Rent Expense
Enter](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe26f2b52-172c-4257-ad77-f45be63b6647%2F98fde3a1-e519-4fea-9d72-d7cc6043208e%2F794mko_processed.jpeg&w=3840&q=75)
Transcribed Image Text:N
M
Alt
Ctrl
-
Current Assets
101 Cash
102 Accounts Receivable
103 Office Supplies
↑ Shift
A❤
Plant and Equipment - 201 to 202
201 Office Equipment
▼4
End
0
Ins
ND
c) Prepare a trial balance to prove that the fundamental rule of equality of balances is still
maintained.
3
Pg Dn
4. The June transactions of Dave Mac for Speedy Delivery Service are given below. Use the
following Chart of Accounts:
101 to 103
Equity - 501 to 502
501 Mac, Capital
502 Mac, Drawings
Revenue - 601
Del
601 Delivery Fees Earned
Expenses - 701 to 702
701 Rent Expense
Enter
![which of the above accounts will have a normal
3. Given below are selected transactions for January for Leah Garcia, interior designer:
Invested P200,000 cash to start the business.
Jan. 2
3
5
11
16
20
25
Paid P6,000 cash for advertising and P10,000 for rent.
Purchased equipment. 50% was in cash P30,000 and the balance with a note
payable in two installments.
Billed customers P25,000 for services performed. Collected 50% from them.
Purchased materials and supplies on account for P15,000
Received P10,000 cash from customers billed on January 11
Paid for the first installment due on the note.
28
30
31
Withdrew P5,000 for food spent in entertaining friends.
Used up P5,000 of the materials and supplies purchased.
Received bills from PLDT, P2,000 and Meralco, P3,000.
Open T accounts based on the following Chart of Accounts:
Current Assets - 101 to 103
Equity - 501 to 502
501 Garcia, Capital
502 Garcia, Drawings
Revenue - 601
101 Cash
102 Accounts Receivable
103 Materials and Supplies
Plant and Equipment - 201
201 Equipment
Current Liability - 301
301 Accounts Payable
Long-Term Liability - 401
401 Notes Payable
402 Utilities Payable
601 Service Income
Expenses - 701 to 704
701 Advertising Expense
702 Rent Expense
703 Representation Expense
704 Supplies Expense
705 Utilities Expenses
b) Using T Accounts, analyze the above transactions,
side, and extract the balances.
post, foot the debit side and credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe26f2b52-172c-4257-ad77-f45be63b6647%2F98fde3a1-e519-4fea-9d72-d7cc6043208e%2F3j0alr7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:which of the above accounts will have a normal
3. Given below are selected transactions for January for Leah Garcia, interior designer:
Invested P200,000 cash to start the business.
Jan. 2
3
5
11
16
20
25
Paid P6,000 cash for advertising and P10,000 for rent.
Purchased equipment. 50% was in cash P30,000 and the balance with a note
payable in two installments.
Billed customers P25,000 for services performed. Collected 50% from them.
Purchased materials and supplies on account for P15,000
Received P10,000 cash from customers billed on January 11
Paid for the first installment due on the note.
28
30
31
Withdrew P5,000 for food spent in entertaining friends.
Used up P5,000 of the materials and supplies purchased.
Received bills from PLDT, P2,000 and Meralco, P3,000.
Open T accounts based on the following Chart of Accounts:
Current Assets - 101 to 103
Equity - 501 to 502
501 Garcia, Capital
502 Garcia, Drawings
Revenue - 601
101 Cash
102 Accounts Receivable
103 Materials and Supplies
Plant and Equipment - 201
201 Equipment
Current Liability - 301
301 Accounts Payable
Long-Term Liability - 401
401 Notes Payable
402 Utilities Payable
601 Service Income
Expenses - 701 to 704
701 Advertising Expense
702 Rent Expense
703 Representation Expense
704 Supplies Expense
705 Utilities Expenses
b) Using T Accounts, analyze the above transactions,
side, and extract the balances.
post, foot the debit side and credit
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