Asuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPA glory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 as rksheet 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 Accounts Office Accounts Notes Cash Receivable Payable Payable Equipment + %3D +70,000 +70,000 -45,000 1. +45,000 2. 3. +10,000 +20,000 +30,000 +18,000 -5,000 000 ,ר+ 4. +18,000 -5,000 +7,000 5. 6. 7. -10,000 -10,000 8. +15,000 -15,000 -7,000 9. -7,000 Required: 1. Describe each of the above transactions. 2. If these transactions represent the operations of AA Tutorial Services during t month of May, what was the amount of profit or loss before depreciation?
Asuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPA glory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 as rksheet 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 Accounts Office Accounts Notes Cash Receivable Payable Payable Equipment + %3D +70,000 +70,000 -45,000 1. +45,000 2. 3. +10,000 +20,000 +30,000 +18,000 -5,000 000 ,ר+ 4. +18,000 -5,000 +7,000 5. 6. 7. -10,000 -10,000 8. +15,000 -15,000 -7,000 9. -7,000 Required: 1. Describe each of the above transactions. 2. If these transactions represent the operations of AA Tutorial Services during t month of May, what was the amount of profit or loss before depreciation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![transactions. Note that she made no withdrawals during the month. The following is
glory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 as
Transactions in a Completed Worksheet
erates a repair
Asuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPA
equity by placing the letter I (income), E (expense), W (withdrawal), or INV (investment)
at the right of each increase or decrease in owner's equity. On the lines labeled "Bal."
For each transaction, identify
he following
(i.e.
Balance) show the new equation resulting from the transaction.
OE
Corpuz,
Capital
Problem #9
glory, established the AA Tutorial Services On May 1, 2021, she contributed P70,000 as
investment to start the business.
During the month, she entered into several
the transaction worksheet prepared by her student-assistant:
Notes
Alcala,
Accounts
Office
Accounts
Cash
Payable
Capital
Receivable
Equipment
Payable
%3D
+70,000
+70,000
-45,000
1.
+45,000
2.
3.
+10,000
+20,000
+30,000
+18,000
4. .
+18,000
-5,000
5.
-5,000
+7,000
6.
+7,000
7.
-10,000
-10,000
8.
+15,000
-15,000
-7,000
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff346b04a-3c02-40d1-a093-2b2d5695937d%2F1235fbe1-28f0-46c8-aa57-8dbeb160cb6a%2Fzvm6w3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:transactions. Note that she made no withdrawals during the month. The following is
glory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 as
Transactions in a Completed Worksheet
erates a repair
Asuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPA
equity by placing the letter I (income), E (expense), W (withdrawal), or INV (investment)
at the right of each increase or decrease in owner's equity. On the lines labeled "Bal."
For each transaction, identify
he following
(i.e.
Balance) show the new equation resulting from the transaction.
OE
Corpuz,
Capital
Problem #9
glory, established the AA Tutorial Services On May 1, 2021, she contributed P70,000 as
investment to start the business.
During the month, she entered into several
the transaction worksheet prepared by her student-assistant:
Notes
Alcala,
Accounts
Office
Accounts
Cash
Payable
Capital
Receivable
Equipment
Payable
%3D
+70,000
+70,000
-45,000
1.
+45,000
2.
3.
+10,000
+20,000
+30,000
+18,000
4. .
+18,000
-5,000
5.
-5,000
+7,000
6.
+7,000
7.
-10,000
-10,000
8.
+15,000
-15,000
-7,000
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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