Bought washing machines and dryers from Bataan Equipment Corp., P115,000. following transactions were completed: b. Bought chairs and a table paying cash, P6,700. Problem #8 С. d. Paid rent for the month, P5,750. e. cg paying P35,000 in.cash and the balance on account. bi Revenues earned on cash basis for the first half of the month, P19,250. g. Bought insurance for one year, P5,600. f. h. Paid accounts to Bataan Equipment Corp., P7,000. i. Received and paid electric bill, P2,080. Revenues earned on cash basis for the second half of the month, P12,350. k. Paid salaries of the part-time assistant, P7,400. I. Evangelista withdrew cash for personal use, P5,000. j. Ipe bisy m. Paid accounts to Subic Supply Inc., P2,750. Paid the city government for sidewalk repair assessment, P2,800. opelienzim,ais n. Required: 1. Establish the following T-accounts: Cash; Accounts Receivable; Prepaid Insurance Equipment; Furniture and Fixtures; Accounts Payable; Evangelista, Capita Evangelista, Withdrawals; Laundry Revenues; Salaries Expense; Supplies Expens= Rent Expense; Utilities Expense and Miscellaneous Expense. 2. Record the transactions directly into the T-accounts using the alphabets to identi each transaction. 3. Prepare a trial balance.
Bought washing machines and dryers from Bataan Equipment Corp., P115,000. following transactions were completed: b. Bought chairs and a table paying cash, P6,700. Problem #8 С. d. Paid rent for the month, P5,750. e. cg paying P35,000 in.cash and the balance on account. bi Revenues earned on cash basis for the first half of the month, P19,250. g. Bought insurance for one year, P5,600. f. h. Paid accounts to Bataan Equipment Corp., P7,000. i. Received and paid electric bill, P2,080. Revenues earned on cash basis for the second half of the month, P12,350. k. Paid salaries of the part-time assistant, P7,400. I. Evangelista withdrew cash for personal use, P5,000. j. Ipe bisy m. Paid accounts to Subic Supply Inc., P2,750. Paid the city government for sidewalk repair assessment, P2,800. opelienzim,ais n. Required: 1. Establish the following T-accounts: Cash; Accounts Receivable; Prepaid Insurance Equipment; Furniture and Fixtures; Accounts Payable; Evangelista, Capita Evangelista, Withdrawals; Laundry Revenues; Salaries Expense; Supplies Expens= Rent Expense; Utilities Expense and Miscellaneous Expense. 2. Record the transactions directly into the T-accounts using the alphabets to identi each transaction. 3. Prepare a trial balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem #8
following transactions were completed:
business.
a.
ought laundry supplies on account from Subic Supply Inc., P3,250.
Paid rent for the month, P5,750.
d.
С.
P115,000,
Bought washing machines and drvers from Bataan Equipment Corp.,
Revenues earned on cash basis for the first half of the month, P19,250.
g. Bought insurance for one year, P5,600.
h. Paid accounts to Bataan Equipment Corp., P7,000.
i.
paying P35,000 in .cash and the balance on account.
f.
Received and paid electric bill, P2,080.
j.
Revenues earned on cash basis for the second half of the month, P12,350.
k. Paid salaries of the part-time assistant, P7,400.
I.
Evangelista withdrew cash for personal use, P5,000.
m. Paid accounts to Subic Supply Inc., P2,750.
Paid the city government for sidewalk repair assessment, P2,800.
n.
Required:
1. Establish the following T-accounts: Cash; Accounts Receivable; Prepaid Insurance;
Equipment; Furniture and Fixtures; Accounts Payable; Evangelista, Capital;
Evangelista, Withdrawals; Laundry Revenues; Salaries Expense; Supplies Expense;
Rent Expense; Utilities Expense and Miscellaneous Expense.
2.
Record the transactions directly into the T-accounts using the alphabets to identiy
each transaction.
3. Prepare a trial balance.
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