charges a fee based on the amount of research done to support a cost-effectivepurchase decision and the actual shopping time required. Dillena with the help of herJulieta Dillena established a proprietorship, The Professional Shoppers, The business"professional shoppers" will shop for almost anything from rorporate giveaways,Transportation Expense; Rent Expense and Utilities Expense.Accounts Receivable; Office Equipment; Notes Payable; Accounts Payable; Dillena,for setting up the T-accounts. The following accounts will be needed: Cash;Capital; Dillena, Withdrawals; Shopping Revenues; Commissions Expense;NAME:SECTIONSCORE:PROFESSOR:Problem #19Recording Transactions in T-Accountscomputers to office and home furnishings.Business is particularly heavy around Christmas and in early summer. The businessoperates from a rented office condominium unit The shoppers receive a commissionhe revenues they produce and a transportation allowance for the use of theirpersonal vehicles for shopping trips, The following transactions are for December 2021:a.Dillena invested P300,000 in the business.Acquired office equipment for P100.000, Dillena paid P20.000 in cash and promised topay the balance equally every end of the month.Paid rent for December, P5,000.d. Provided shopping services for corporate accounts, P52,000.Paid telephone bill, P900.Borrowed cash from the bank by signing a note payable, P50,000,E. Bought a computer for office use, P48,000 cash.Collected cash from clients for services performed on account, P40,000.b.e.f.h.Paid commissions to shoppers for revenues generated during the first half of themonth, P18,200.Paid electricity bill, P6,000.Earned shopping revenues of P132,000: P60,000 cash, P72,000 on account.k.Paid shoppers' commissians far last half of month, P46.200Paid transportation allowances for the month, P15.000.m.Paid P10,000 on note payable to bank.n.Paid cash on account for the office equipment purchased in transaction (b), P20.000p.Dillena withdrew P20,000 for personal use.Required:Rerord the transactions using -accounts, Use the accounting equation as a guide2. Determine the balances of the T-accounts

Accounting Equation: An accounting equation is a statement of equality between the resources and…

Capital; Dillena, Withdrawals; Shopping Revenues; Commissions Expense; Transportation Expense; Rent Expense and Utilities Expense. Accounts Receivable; Office Equipment; Notes Payable; Accounts Payable; Dillena, for setting up the T-accounts. The following accounts will be needed: Cash; Required: Dorord the transactions usingF-accounts, Use the accounting equation as a guide 2. Determine the balances of the T-accounts

Capital; Dillena, Withdrawals; Shopping Revenues; Commissions Expense; Transportation Expense; Rent Expense and Utilities Expense. Accounts Receivable; Office Equipment; Notes Payable; Accounts Payable; Dillena, for setting up the T-accounts. The following accounts will be needed: Cash; Required: Dorord the transactions usingF-accounts, Use the accounting equation as a guide 2. Determine the balances of the T-accounts

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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