Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

I'LL UPVOTE IF IT IS COMPLETE. THANK YOU

Exercise 1. Financial Transaction Worksheet 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 Transaction Worksheet Assets Liabilities Owner's Equity Cash Accounts Equipment Notes Accounts Gaston, Payable Capital 100,000 (8,000) Receivable Payable 1. 100,000 (8,000) Ва Investment 2. Expenses 92,000 92,000 3. Ва 4. Ва 5. Ва 6. ba 7. Ва 8 Ba
Transcribed Image Text:Exercise 1. Financial Transaction Worksheet 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 Transaction Worksheet Assets Liabilities Owner's Equity Cash Accounts Equipment Notes Accounts Gaston, Payable Capital 100,000 (8,000) Receivable Payable 1. 100,000 (8,000) Ва Investment 2. Expenses 92,000 92,000 3. Ва 4. Ва 5. Ва 6. ba 7. Ва 8 Ba
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Planning
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS