Homework Help is Here – Start Your Trial Now!
Business
Accounting
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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
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
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
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
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS