Complete the matrix by identifying on which side (debit or credit) will each of the following increase:ITEMSANSWER1. Cash2. Suppliers' Accounts3. Rent Expense4. Robles, CapitalDebit5. Laboratory Fees Revenues6. Customers'Accounts7. Bank Loan8. Robles, Drawings9. Deposit for Rent10. Advances from ClientsHaydee Carpio opened a beach resort called Blue Lagoon in Nasugbu, Batangas by investing cash P100,000 and furniture P20,000 on April 1.She signed a contract of lease on the property for ten years promising to pay P25,000 monthly. The following are the additional transactions for April:5Paid cash for the purchase of advertising billboards, P15,000.Paid P75,000 for the construction of 5 cottages, 10 huts and an office. Issued a note payable for P50,000 within 30 days.Totalcash receipts for the week, P150,000.Billed Fortune Company for use of resort, P28,000.Paid P50,000 for the note.Utility bills paid amounted to P18,000.Fortune Company paid its account in full.Totalcash receipts amounted to P122,500.Paid for salaries of clerks and helpers, P82,000.Paid for the monthly rental of the property plus advertis ing of P20,000.101118202526272829Post to TAccounts:CashAccounts Receivable15,00075,00050,00018,00082,0004/1100,0004/5150,00028,000122,500111026202725282945,000Leasehold ImprovementFurniture and FixturesOffice EquipmentNotes PayableCarpio, CapitalBeach Resort Fees RevenuesAdvertising ExpenseSalaries ExpenseRent ExpenseUtilities Expense

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Complete the matrix by identifying on which side (debit or cradit) will each of the following inerease: ITEMS ANSWER 1. Cash 2. Suppliers' Accounts 3. Rent Expense 4. Robles, Capital 5. Laboratory Fees Revenues 6. Customers' Accounts 7. Bank Loan 8. Robles, Drawings 9. Deposit for Rent 10. Advances from Clients Debit

Complete the matrix by identifying on which side (debit or cradit) will each of the following inerease: ITEMS ANSWER 1. Cash 2. Suppliers' Accounts 3. Rent Expense 4. Robles, Capital 5. Laboratory Fees Revenues 6. Customers' Accounts 7. Bank Loan 8. Robles, Drawings 9. Deposit for Rent 10. Advances from Clients Debit

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Complete the matrix by identifying on which side (debit or credit) will each of the following increase:
ITEMS
ANSWER
1. Cash
2. Suppliers' Accounts
3. Rent Expense
4. Robles, Capital
Debit
5. Laboratory Fees Revenues
6. Customers'Accounts
7. Bank Loan
8. Robles, Drawings
9. Deposit for Rent
10. Advances from Clients
Haydee Carpio opened a beach resort called Blue Lagoon in Nasugbu, Batangas by investing cash P100,000 and furniture P20,000 on April 1.
She signed a contract of lease on the property for ten years promising to pay P25,000 monthly. The following are the additional transactions for April:
5
Paid cash for the purchase of advertising billboards, P15,000.
Paid P75,000 for the construction of 5 cottages, 10 huts and an office. Issued a note payable for P50,000 within 30 days.
Totalcash receipts for the week, P150,000.
Billed Fortune Company for use of resort, P28,000.
Paid P50,000 for the note.
Utility bills paid amounted to P18,000.
Fortune Company paid its account in full.
Totalcash receipts amounted to P122,500.
Paid for salaries of clerks and helpers, P82,000.
Paid for the monthly rental of the property plus advertis ing of P20,000.
10
11
18
20
25
26
27
28
29
Post to TAccounts:
Cash
Accounts Receivable
15,000
75,000
50,000
18,000
82,000
4/1
100,000
4/5
150,000
28,000
122,500
11
10
26
20
27
25
28
29
45,000
Leasehold Improvement
Furniture and Fixtures
Office Equipment
Notes Payable
Carpio, Capital
Beach Resort Fees Revenues
Advertising Expense
Salaries Expense
Rent Expense
Utilities Expense

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