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b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950. paying P1,000 in cash and the balance on account.

b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950. paying P1,000 in cash and the balance on account.

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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Record the transactions directly into the t accounts. The second pic is the example

IMMODULE below summarizes illustration What Is It the recorded the rules of debit and credit The which account its increase The side from is the normai Debit Credit Assets Assets Liabilities Drawings Expenses Equity Credit De bit Income Decreases Increases Normal Balance Matulungin deposited P350.000 to start her new business. April 1: credits and decreases are on debits. Owner's Equity Liabilities Assets (Increase) Owner's Equity (Increase) Credit De bit Credit De bit Cash + Matulungin, Capital Credit (-) Increases Debit (+) Debit (-) Increases Decreases Credit (+) Decreases P350,000 4-1 4-1 P350,000 Normal Balance Normal Balance lustration adapted from Busic Financiaıl Accounting and Reporting. 22 Edition For income and expense accounts, the rules of debits and credits are based on the relationship of these accounts to owner's equity. If there is an income, it will increase owner's equity while if there is an expense, it is considered as a decrease in owner's equity. If there is an increase in income, it will be recorded as credits and if there is an adjustment (decrease), it will be recorded as debits. Increases in expenses Analysis: Cash Increase in Asset: Increasc in Owncr's Equity: Matulungin, Capital P350,000 Debit P350,000 Credit are recorded as debits and decreases are as credits. Matulungin bought a computer amounting to P50,000 by issuing a note payable to Ardiente Computer Store. Еxpenses April 2: Income De bit Credít De bit Credit Assets (Increase) Liabilities (Increase) Decreases Increases Increases Decreases Notes Payable Computer Credit (-) Debit (-) Credit (+) Normal Balance Normal Balance Debit (+) 4-2 P50,000 4-2 P50,000 Rules of Dehit and Credi Adapted from Basic Financial Acouming and Repartiny, 2I st Faitum lustration udapted from Basic Fmanciat Accounting und Reporting. 22 Edition normal are
Transcribed Image Text:IMMODULE below summarizes illustration What Is It the recorded the rules of debit and credit The which account its increase The side from is the normai Debit Credit Assets Assets Liabilities Drawings Expenses Equity Credit De bit Income Decreases Increases Normal Balance Matulungin deposited P350.000 to start her new business. April 1: credits and decreases are on debits. Owner's Equity Liabilities Assets (Increase) Owner's Equity (Increase) Credit De bit Credit De bit Cash + Matulungin, Capital Credit (-) Increases Debit (+) Debit (-) Increases Decreases Credit (+) Decreases P350,000 4-1 4-1 P350,000 Normal Balance Normal Balance lustration adapted from Busic Financiaıl Accounting and Reporting. 22 Edition For income and expense accounts, the rules of debits and credits are based on the relationship of these accounts to owner's equity. If there is an income, it will increase owner's equity while if there is an expense, it is considered as a decrease in owner's equity. If there is an increase in income, it will be recorded as credits and if there is an adjustment (decrease), it will be recorded as debits. Increases in expenses Analysis: Cash Increase in Asset: Increasc in Owncr's Equity: Matulungin, Capital P350,000 Debit P350,000 Credit are recorded as debits and decreases are as credits. Matulungin bought a computer amounting to P50,000 by issuing a note payable to Ardiente Computer Store. Еxpenses April 2: Income De bit Credít De bit Credit Assets (Increase) Liabilities (Increase) Decreases Increases Increases Decreases Notes Payable Computer Credit (-) Debit (-) Credit (+) Normal Balance Normal Balance Debit (+) 4-2 P50,000 4-2 P50,000 Rules of Dehit and Credi Adapted from Basic Financial Acouming and Repartiny, 2I st Faitum lustration udapted from Basic Fmanciat Accounting und Reporting. 22 Edition normal are
Directions: Record the transactions directly into the T-accounts. The transactions are independent from one another. Write your answers on a separate sheet of paper. Use the following account titles: | Owner's Withdrawals Professional Fees Salaries Expernse Rent Expense Utilities Expense Miscellaneous Expense Cash Accounts Receivable Office Equipment Office Furniture Accounts Payable Owner's Capital a. The owner deposired P280.000 in the name of his business. b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950. paying P1,000 in cash and the balance on account. c. He bought chairs and tables for the office for P12,300 cash. d. He purchased furniture from Orion Company for P2,750 in cash. e. He received and paid the telephone bill from Ph Telecom amounting to P1,080. 15
Transcribed Image Text:Directions: Record the transactions directly into the T-accounts. The transactions are independent from one another. Write your answers on a separate sheet of paper. Use the following account titles: | Owner's Withdrawals Professional Fees Salaries Expernse Rent Expense Utilities Expense Miscellaneous Expense Cash Accounts Receivable Office Equipment Office Furniture Accounts Payable Owner's Capital a. The owner deposired P280.000 in the name of his business. b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950. paying P1,000 in cash and the balance on account. c. He bought chairs and tables for the office for P12,300 cash. d. He purchased furniture from Orion Company for P2,750 in cash. e. He received and paid the telephone bill from Ph Telecom amounting to P1,080. 15
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