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Analyze the following transactions using ONE T-Account. The following are the transactions of A. Austria, owner of "AA Typing and Stenographic Services", for the month of October 2018. 1. A.Austria invested P3,500 and typewriter P35,000. 2. Purchased supplies for cash P350. 3. Purchased a typewriter table on credit from Ace Furniture P4,500 4. Received P22,000 from various customers for typing services rendered. 5. Sent a bill to K. Garcia for typing service rendered, P3,750. 6. Paid Ace Furniture in full amount due. 7. Received P2,000 from K. Garcia as partial payment of her account. 8. Withdrew P1,800 for personal use. 9. Paid the helper's wages, P2,000. 10. Received P590 from J. Santos for typing service rendered. CHART OF ACCOUNTS ASSETS 111 Cash 112 Accounts Receivable 113 Supplies 114 Furniture & Fixtures CAPITAL 311 Austria, Capital 312 Austria, Drawing INCOME 411 Service Income 115 Equipment LIABILITIES 211 Accounts Payable EXPENSE 511 Salaries & Wages

Analyze the following transactions using ONE T-Account. The following are the transactions of A. Austria, owner of "AA Typing and Stenographic Services", for the month of October 2018. 1. A.Austria invested P3,500 and typewriter P35,000. 2. Purchased supplies for cash P350. 3. Purchased a typewriter table on credit from Ace Furniture P4,500 4. Received P22,000 from various customers for typing services rendered. 5. Sent a bill to K. Garcia for typing service rendered, P3,750. 6. Paid Ace Furniture in full amount due. 7. Received P2,000 from K. Garcia as partial payment of her account. 8. Withdrew P1,800 for personal use. 9. Paid the helper's wages, P2,000. 10. Received P590 from J. Santos for typing service rendered. CHART OF ACCOUNTS ASSETS 111 Cash 112 Accounts Receivable 113 Supplies 114 Furniture & Fixtures CAPITAL 311 Austria, Capital 312 Austria, Drawing INCOME 411 Service Income 115 Equipment LIABILITIES 211 Accounts Payable EXPENSE 511 Salaries & Wages

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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Analyze the following transactions using ONE T-Account. The following are the transactions of A. Austria, owner of "AA Typing and Stenographic Services", for the month of October 2018. 1. A.Austria invested P3,500 and typewriter P35,000. 2. Purchased supplies for cash P350. 3. Purchased a typewriter table on credit from Ace Furniture P4,500 4. Received P22,000 from various customers for typing services rendered. 5. Sent a bill to K. Garcia for typing service rendered, P3,750. 6. Paid Ace Furniture in full amount due. 7. Received P2,000 from K. Garcia as partial payment of her account. 8. Withdrew P1,800 for personal use. 9. Paid the helper's wages, P2,000. 10. Received P590 from J. Santos for typing service rendered. CHART OF ACCOUNTS ASSETS 111 Cash CAPITAL 311 Austria, Capital 312 Austria, Drawing 112 Accounts Receivable 113 Supplies 114 Furniture & Fixtures 115 Equipment INCOME 411 Service Income LIABILITIES 211 Accounts Payable EXPENSE 511 Salaries & Wages ANSWERS: Debit Credit
Transcribed Image Text:Analyze the following transactions using ONE T-Account. The following are the transactions of A. Austria, owner of "AA Typing and Stenographic Services", for the month of October 2018. 1. A.Austria invested P3,500 and typewriter P35,000. 2. Purchased supplies for cash P350. 3. Purchased a typewriter table on credit from Ace Furniture P4,500 4. Received P22,000 from various customers for typing services rendered. 5. Sent a bill to K. Garcia for typing service rendered, P3,750. 6. Paid Ace Furniture in full amount due. 7. Received P2,000 from K. Garcia as partial payment of her account. 8. Withdrew P1,800 for personal use. 9. Paid the helper's wages, P2,000. 10. Received P590 from J. Santos for typing service rendered. CHART OF ACCOUNTS ASSETS 111 Cash CAPITAL 311 Austria, Capital 312 Austria, Drawing 112 Accounts Receivable 113 Supplies 114 Furniture & Fixtures 115 Equipment INCOME 411 Service Income LIABILITIES 211 Accounts Payable EXPENSE 511 Salaries & Wages ANSWERS: Debit Credit
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