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analyze for the debit 7. On April 5, Timothy established an interior decorating business, Tim's Design, with cash investment of P200,000. Timothy completed the following transactions for April: 6 Paid rent for the month, P8,000. 7 Purchased from Delta Co office equipment, P55,000, using his credit card. 8 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for the remainder. 10 12 20 23 Purchased supplies and materials for cash, P11,315. Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used up amounting to P8,250. Purchased materials and supplies on credit, P15,000. Recorded job completed for Mr. Ferrer. Term: on account 10 days, P14,950. Supplies were used up amounting to P3,500. 24 Received an invoice for repairs on car and paid P4,500. 25 Paid utilities expense, P1,750. 26 Paid P20,000 on the bank loan

analyze for the debit 7. On April 5, Timothy established an interior decorating business, Tim's Design, with cash investment of P200,000. Timothy completed the following transactions for April: 6 Paid rent for the month, P8,000. 7 Purchased from Delta Co office equipment, P55,000, using his credit card. 8 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for the remainder. 10 12 20 23 Purchased supplies and materials for cash, P11,315. Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used up amounting to P8,250. Purchased materials and supplies on credit, P15,000. Recorded job completed for Mr. Ferrer. Term: on account 10 days, P14,950. Supplies were used up amounting to P3,500. 24 Received an invoice for repairs on car and paid P4,500. 25 Paid utilities expense, P1,750. 26 Paid P20,000 on the bank loan

FINANCIAL ACCOUNTING
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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Chapter 5: Question 7 On April 5, Timothy established an interior decorating business, Tim's Design. Required: A,B, and C.
114 Asset increase, debit cash P200,000. Owner's Equity increase, credit Leynes, Capital P200,000. (You should analyze for the debit side first) 7. On April 5, Timothy established an interior decorating business, Tim's Design, with cash investment of P200,000. Timothy completed the following transactions for April: For exa Oct. 1 6 7 8 10 12 20 23 Paid rent for the month, P8,000. Purchased from Delta Co office equipment, P55,000, using his credit card. Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for the remainder. Purchased supplies and materials for cash, P11,315. Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used up amounting to P8,250. Purchased materials and supplies on credit, P15,000. Recorded job completed for Mr. Ferrer. Term: on account 10 days, P14,950. Supplies were used up amounting to P3,500. 24 Received an invoice for repairs on car and paid P4,500. 25 Paid utilities expense, P1,750. 26 Paid P20,000 on the bank loan. 27 Received cash from Mr. Ferrer, P10,000. 28 Paid salary of worker, P5,000. 29 Paid Delta a portion of the amount owed for equipment, P5,000. 30 Withdrew cash for personal use, P3,500.
Transcribed Image Text:114 Asset increase, debit cash P200,000. Owner's Equity increase, credit Leynes, Capital P200,000. (You should analyze for the debit side first) 7. On April 5, Timothy established an interior decorating business, Tim's Design, with cash investment of P200,000. Timothy completed the following transactions for April: For exa Oct. 1 6 7 8 10 12 20 23 Paid rent for the month, P8,000. Purchased from Delta Co office equipment, P55,000, using his credit card. Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for the remainder. Purchased supplies and materials for cash, P11,315. Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used up amounting to P8,250. Purchased materials and supplies on credit, P15,000. Recorded job completed for Mr. Ferrer. Term: on account 10 days, P14,950. Supplies were used up amounting to P3,500. 24 Received an invoice for repairs on car and paid P4,500. 25 Paid utilities expense, P1,750. 26 Paid P20,000 on the bank loan. 27 Received cash from Mr. Ferrer, P10,000. 28 Paid salary of worker, P5,000. 29 Paid Delta a portion of the amount owed for equipment, P5,000. 30 Withdrew cash for personal use, P3,500.
Be guide Services effect 50% for # Required: a. Record each transaction in a journal. Refer to the following chart of accounts in selecting the accounts to be debited and credited. 31 32 41 51 53 54 55 59 b. c. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Bank Loan Payable 22 Accounts Payable Timothy, Capital Timothy, Drawing Service Fees Earned Salaries Expense Rent Expense Repairs Expense Supplies Expense Utilities Expense Post the journal to the ledger, foot and extract the balances. Prepare a trial balance for Timothy Designs as of April 30. 8. On October 1, Sancho Dy, business consultant, opened Business Solutions Company. A of consulting services is provided but his expertise lies in computer system
Transcribed Image Text:Be guide Services effect 50% for # Required: a. Record each transaction in a journal. Refer to the following chart of accounts in selecting the accounts to be debited and credited. 31 32 41 51 53 54 55 59 b. c. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Bank Loan Payable 22 Accounts Payable Timothy, Capital Timothy, Drawing Service Fees Earned Salaries Expense Rent Expense Repairs Expense Supplies Expense Utilities Expense Post the journal to the ledger, foot and extract the balances. Prepare a trial balance for Timothy Designs as of April 30. 8. On October 1, Sancho Dy, business consultant, opened Business Solutions Company. A of consulting services is provided but his expertise lies in computer system
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