A. On the transaction summary table, indicate the effect of each transaction on eachaccount. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account.
A. On the transaction summary table, indicate the effect of each transaction on eachaccount. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Required:
A. On the transaction summary table, indicate the effect of each transaction on eachaccount. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account.
B. Construct T-accounts for the account titles used with the normal balances.
C. Prepare the
![Date
Transaction
March 1
Caleb invested P50,000 cash and P20,000 equipment to his Kaizen
Consultancy Services.
3 Bought P15,000 equipment from Triple M Čo., on credit.
6 Consultancy services rendered on account, P12,000.
6 Paid Triple M Co., P5,000 as partial payment of account.
7 Consultancy services rendered for cash, P8,000.
8 Collected P3,000 from a customer.
10 Received electric bill from Meralco, P2,800.
12 Returned P1,500 defective equipment to Triple M Co.
Caleb withdrew P9,000 from the company's bank account and deposited it
13
to his own acCount.
14 Paid electric bill to Meralco.
15 Caleb withdrew P40,000 for his vacation.
23 Paid Triple M Co., in fullI.
24 Caleb deposited P14,000 to the company's bank account.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac7254d2-7756-4879-b536-61b89d4c0306%2F2d6a2f16-b370-4f00-9635-2acfea6c79a0%2Fi0l3i4w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Date
Transaction
March 1
Caleb invested P50,000 cash and P20,000 equipment to his Kaizen
Consultancy Services.
3 Bought P15,000 equipment from Triple M Čo., on credit.
6 Consultancy services rendered on account, P12,000.
6 Paid Triple M Co., P5,000 as partial payment of account.
7 Consultancy services rendered for cash, P8,000.
8 Collected P3,000 from a customer.
10 Received electric bill from Meralco, P2,800.
12 Returned P1,500 defective equipment to Triple M Co.
Caleb withdrew P9,000 from the company's bank account and deposited it
13
to his own acCount.
14 Paid electric bill to Meralco.
15 Caleb withdrew P40,000 for his vacation.
23 Paid Triple M Co., in fullI.
24 Caleb deposited P14,000 to the company's bank account.
![Kaizen Consultancy Services
Chart of AcCounts
Balance Sheet Accounts
Assets:
Liabilities:
110 Cash
210 Accounts Payable
120 Accounts Receivable
220 Notes Payable
130 Equipment
230 Utilities Payable
135 Accumulated Depreciation
260 Unearned Service Revenue
Owner's Equity
310 C. Hahn, Capital
320 C. Hahn, Drawing
330 Income Summary
Income Statement Accounts
Income:
Expenses:
410 Service Revenue
510 Rent Expense
520 Utilities Expense
530 Depreciation Expense - Office
Equipment](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac7254d2-7756-4879-b536-61b89d4c0306%2F2d6a2f16-b370-4f00-9635-2acfea6c79a0%2F4muctjc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Kaizen Consultancy Services
Chart of AcCounts
Balance Sheet Accounts
Assets:
Liabilities:
110 Cash
210 Accounts Payable
120 Accounts Receivable
220 Notes Payable
130 Equipment
230 Utilities Payable
135 Accumulated Depreciation
260 Unearned Service Revenue
Owner's Equity
310 C. Hahn, Capital
320 C. Hahn, Drawing
330 Income Summary
Income Statement Accounts
Income:
Expenses:
410 Service Revenue
510 Rent Expense
520 Utilities Expense
530 Depreciation Expense - Office
Equipment
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