Carol Gaston opens her own law office on July 1, 2019. During the first month of operations, the following transactions occurred. 1. Invested P100,000 in cash in the law practice. 2. Paid P8,000 for July rent on office space. 3. Purchased office equipment on account, P30,000. 4. Rendered legal services to clients for cash, P15,000. 5. Borrowed P7,000 cash from a bank on a note payable. 6. Rendered legal services to client on account, P20,000. 7. Paid monthly expenses, salaries, P5,000, utilities, P1,000 and telephone, P800. 8. Withdrew cash for personal use, P4,000. Instruction: Prepare a Financial Transaction Worksheet. If the Owner's Equity is affected, indicate if it is due to Revenue, Expense, Investment or Withdrawals.

Carol Gaston opens her own law office on July 1, 2019. During the first month of operations, the following transactions occurred. 1. Invested P100,000 in cash in the law practice. 2. Paid P8,000 for July rent on office space. 3. Purchased office equipment on account, P30,000. 4. Rendered legal services to clients for cash, P15,000. 5. Borrowed P7,000 cash from a bank on a note payable. 6. Rendered legal services to client on account, P20,000. 7. Paid monthly expenses, salaries, P5,000, utilities, P1,000 and telephone, P800. 8. Withdrew cash for personal use, P4,000. Instruction: Prepare a Financial Transaction Worksheet. If the Owner's Equity is affected, indicate if it is due to Revenue, Expense, Investment or Withdrawals.

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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