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
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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
Transcribed Image Text: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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