affecting the capital account that does not affect profit. 2. What was the change in the Cash account for the month? In Galang, Capital? Nine transactions are reflected in the October transaction worksheet of the Teresita Galang Financial Planner presented below: Teresita Galang Financial Planner Financial Transaction Worksheet Month of October 2018 OE %3D Galang, Capital + Supplies Office Accounts %3D Cash Accounts Receivable Equipment Payable P 4,500 P 153,000 P 60,000 P 130,000 P 17,500 (7,000) %3D P 15,000 7,000 (5,000) Bal. %3D %3D 2 5,000 25,000 25,000 %3D 3 24,500 %3D 4 24,500 (16,000) 16,000 (6,500) 3,700 5 (6,500) %3D 7 3,700 (2,500) (5,000) P 131,000 8 (2,500) (5,000) P 3,000 P 178,000 P 98,200 %3D P 35,000 P 13,200 P 229,200 P 229,200 %3D Required: 1. Describe each of the above transactions. The last transaction is the only transaction affecting the capital account that does not affect profit.
affecting the capital account that does not affect profit. 2. What was the change in the Cash account for the month? In Galang, Capital? Nine transactions are reflected in the October transaction worksheet of the Teresita Galang Financial Planner presented below: Teresita Galang Financial Planner Financial Transaction Worksheet Month of October 2018 OE %3D Galang, Capital + Supplies Office Accounts %3D Cash Accounts Receivable Equipment Payable P 4,500 P 153,000 P 60,000 P 130,000 P 17,500 (7,000) %3D P 15,000 7,000 (5,000) Bal. %3D %3D 2 5,000 25,000 25,000 %3D 3 24,500 %3D 4 24,500 (16,000) 16,000 (6,500) 3,700 5 (6,500) %3D 7 3,700 (2,500) (5,000) P 131,000 8 (2,500) (5,000) P 3,000 P 178,000 P 98,200 %3D P 35,000 P 13,200 P 229,200 P 229,200 %3D Required: 1. Describe each of the above transactions. The last transaction is the only transaction affecting the capital account that does not affect profit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![2. What was the change in the Cash account for the month? In Galang, Capital?
equity by placing the letter I (income), E (expense), W (withdrawal), or INV (investment)
transactions on the equation. For each transaction, identify the changes in owner's
On each of the numbered lines, show by addition or subtraction the effect of each of the
me Accounting Equation and the Double Entry System | 101
Required:
at the right of each increase or decrease in owner's equity, On the lines labeled "Bal."
ie Balance) show the new equation resulting from the transaction.
Problem #8
Transactions in a Completed Worksheet
Nine transactions are reflected in the October transaction worksheet of the Teresita
Galang Financial Planner presented below:
Teresita Galang Financial Planner
Financial Transaction Worksheet
Month of October 2018
L
OE
Galang,
Capital
Supplies
Office
Accounts
%3D
Cash
+
Accounts
Receivable
Equipment
Payable
P 4,500
P 153,000
P 60,000
P 130,000
P 15,000
7,000
(5,000)
P 17,500
(7,000)
Bal.
1
2
5,000
25,000
25,000
3
24,500
4
24,500
(16,000)
16,000
(6,500)
3,700
(6,500)
7
3,700
(2,500)
(5,000)
P 131,000
8
(2,500)
(5,000)
P 3,000
P 13,200
P 178,000
P 98,200
+
P 35,000
P 229,200
P 229,200
Required:
1. Describe each of the above transactions. The last transaction is the only transaction
affecting the capital account that does not affect profit.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd49f448d-af1e-4bf1-aef1-690a15d7de85%2F7c35e064-a908-4472-84e5-fcf6e1298f6c%2Fgc6p9e8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. What was the change in the Cash account for the month? In Galang, Capital?
equity by placing the letter I (income), E (expense), W (withdrawal), or INV (investment)
transactions on the equation. For each transaction, identify the changes in owner's
On each of the numbered lines, show by addition or subtraction the effect of each of the
me Accounting Equation and the Double Entry System | 101
Required:
at the right of each increase or decrease in owner's equity, On the lines labeled "Bal."
ie Balance) show the new equation resulting from the transaction.
Problem #8
Transactions in a Completed Worksheet
Nine transactions are reflected in the October transaction worksheet of the Teresita
Galang Financial Planner presented below:
Teresita Galang Financial Planner
Financial Transaction Worksheet
Month of October 2018
L
OE
Galang,
Capital
Supplies
Office
Accounts
%3D
Cash
+
Accounts
Receivable
Equipment
Payable
P 4,500
P 153,000
P 60,000
P 130,000
P 15,000
7,000
(5,000)
P 17,500
(7,000)
Bal.
1
2
5,000
25,000
25,000
3
24,500
4
24,500
(16,000)
16,000
(6,500)
3,700
(6,500)
7
3,700
(2,500)
(5,000)
P 131,000
8
(2,500)
(5,000)
P 3,000
P 13,200
P 178,000
P 98,200
+
P 35,000
P 229,200
P 229,200
Required:
1. Describe each of the above transactions. The last transaction is the only transaction
affecting the capital account that does not affect profit.
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