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Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory, established the AA Tutorial Services. On May 1, 2020, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Alcala, Capital +70,000 Cash Accounts Office Accounts Notes Receivable Equipment Payable Payable +70,000 -45,000 2. +45,000 +30,000 3. +10,000 +20,000 +18,000 +18,000 -5,000 +7,000 4. -5,000 +7,000 -10,000 +15,000 -7,000 7. -10,000 8. -15,000 9. -7,000 Required: 1. Describe each of the above transactions 2. If these transactions represent the operations of AA Tutorial Services during the month of May, what was the amount of profit or loss before depreciation? F11561

Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory, established the AA Tutorial Services. On May 1, 2020, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Alcala, Capital +70,000 Cash Accounts Office Accounts Notes Receivable Equipment Payable Payable +70,000 -45,000 2. +45,000 +30,000 3. +10,000 +20,000 +18,000 +18,000 -5,000 +7,000 4. -5,000 +7,000 -10,000 +15,000 -7,000 7. -10,000 8. -15,000 9. -7,000 Required: 1. Describe each of the above transactions 2. If these transactions represent the operations of AA Tutorial Services during the month of May, what was the amount of profit or loss before depreciation? F11561

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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Problem #2 Transactions in a Completed Worksheet Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory, established the AA Tutorial Services. On May 1, 2020, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Alcala, Capital +70,000 Cash Accounts Office Accounts Notes Receivable Equipment Payable Payable +70,000 -45,000 1. 2. +45,000 +30,000 3. +10,000 +20,000 +18,000 -5,000 +7,000 4. +18,000 -5,000 +7,000 -10,000 +15,000 -7,000 5. 6. 7. -10,000 8. -15,000 9. -7,000 Required: 1. Describe each of the above transactions 2. If these transactions represent the operations of AA Tutorial Services during the month of May, what was the amount of profit or loss before depreciation?
Transcribed Image Text:Problem #2 Transactions in a Completed Worksheet Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory, established the AA Tutorial Services. On May 1, 2020, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Alcala, Capital +70,000 Cash Accounts Office Accounts Notes Receivable Equipment Payable Payable +70,000 -45,000 1. 2. +45,000 +30,000 3. +10,000 +20,000 +18,000 -5,000 +7,000 4. +18,000 -5,000 +7,000 -10,000 +15,000 -7,000 5. 6. 7. -10,000 8. -15,000 9. -7,000 Required: 1. Describe each of the above transactions 2. If these transactions represent the operations of AA Tutorial Services during the month of May, what was the amount of profit or loss before depreciation?
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