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Christoffe Yap is the owner of the CY Small Appliance Repair Shop. On January 1, 2022, the assets. liabilities and proprietor's canital in the buoin

Christoffe Yap is the owner of the CY Small Appliance Repair Shop. On January 1, 2022, the assets. liabilities and proprietor's canital in the buoin

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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III- Illustrative Problem: Christoffe Yap is the owner of the CY Small Appliance Repair Shop. On January 1, 2022, the assets, liabilities and proprietor's capital in the business were: Cash Php 20,000 4,000 5,000 60,000 Accounts Payable Yap, Capital Php 9,000 80,000 Accounts Receivable Supplies Equipment The business transactions for the month of January were as follows: a. Paid Php3,000 of the outstanding accounts payable. b. Received Php1.000 on account (part payment) from customers.
Transcribed Image Text:III- Illustrative Problem: Christoffe Yap is the owner of the CY Small Appliance Repair Shop. On January 1, 2022, the assets, liabilities and proprietor's capital in the business were: Cash Php 20,000 4,000 5,000 60,000 Accounts Payable Yap, Capital Php 9,000 80,000 Accounts Receivable Supplies Equipment The business transactions for the month of January were as follows: a. Paid Php3,000 of the outstanding accounts payable. b. Received Php1.000 on account (part payment) from customers.
c. Purchased Php2,500 worth of supplies on accounts (on credit) d. Returned defective piece of equipment that was purchased last month and received a cash refund of Php12,000. e. Borrowed Php10,000 from a supplier, giving word to repay the loan in 30 days. f. Paid creditorPhp2,000 on account (part payment). g. Purchased equipment for Php8,000. Giving Php2,000 cash and promising to pay the balance in 60 days. h. Bought supplies, paying P650 cash. i. Received a Php2,500 check from customer on account. Required: 1. Set up a Chart using the table below. 2. Record the January 1 balances immediately under the various Assets, Liabilities and Owner's Equity or Capital item headings. 3. Record the business transactions listed above. 4. Add the column after each transaction has been recorded to verify the balance in the accounting equation. OWNER'S EQUITY %3D LIABILITIES ASSETS TRANSACTION Balances A H
Transcribed Image Text:c. Purchased Php2,500 worth of supplies on accounts (on credit) d. Returned defective piece of equipment that was purchased last month and received a cash refund of Php12,000. e. Borrowed Php10,000 from a supplier, giving word to repay the loan in 30 days. f. Paid creditorPhp2,000 on account (part payment). g. Purchased equipment for Php8,000. Giving Php2,000 cash and promising to pay the balance in 60 days. h. Bought supplies, paying P650 cash. i. Received a Php2,500 check from customer on account. Required: 1. Set up a Chart using the table below. 2. Record the January 1 balances immediately under the various Assets, Liabilities and Owner's Equity or Capital item headings. 3. Record the business transactions listed above. 4. Add the column after each transaction has been recorded to verify the balance in the accounting equation. OWNER'S EQUITY %3D LIABILITIES ASSETS TRANSACTION Balances A H
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