Directions: Analyze the transactions of Kim as the owner of Chinita Girl SpaServices. Record the transactions using a financial transactionworksheet indicated on the next page. Write your answers on aseparate sheet of paper.June 1Kim invested Php 500,000.00 cash and equipment amounting toPhp100,000.00 to open Chinita Girl Spa.She borrowed Php 50,000.00 cash from Bamba Bank to beused for her business.She bought tables and chairs from Maginhawa Furnitures andpaid Php 20,000.00 cash.Various equipment were purchased on account from BeautyShoppy for Php 50,000.00.1518She made a withdrawal of Php 10,000.00 for her personal use.20The account due to Beauty Shoppy was paid in cash.21Chinita Girl Spa Services was hired. The cash of Php 10,000.00was received from the customer.Gas and oil worth Php 1,000.00 and equipment repairs worthPhp 1,000.00 were paid in a cash transaction.22Service was hired again by a customer for Php 15,000.00 butthis time the customer was only able to pay Kim 50% on thatday and she made a promise to pay the other 50% on June 30.2425She paid Php 1,000.00 for the telephone bill.27Another customer hired the services of Chinita Girl Spa Services.A bill was issued to them for Php 30,000.00 and 50% of it wascollected.30The remaining balance on the transaction last June 24 waspaid in cash.30She paid Php 5,000.00 for the office rental space and Php4,000.00 for employees' salaries.142.

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Description: Directions: Analyze the transactions of Kim as the owner of Chinita Girl SpaServices. Record the transactions using a financial transactionworksheet indicated on the next page. Write your answers on aseparate sheet of paper.June 1Kim invested Php 50

Accounting process: It is a process of recording financial information in a systematic format. This…

Business

Accounting

Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction worksheet indicated on the next page. Write your answers on a separate sheet of paper. Kim invested Php 500,000.00 cash and equipment amounting to Php100,000.00 to open Chinita Girl Spa. June 1 She borrowed Php 50,000.00 cash from Bamba Bank to be used for her business. 7 She bought tables and chairs from Maginhawa Furnitures and id Phn 20.000 00 cash

Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction worksheet indicated on the next page. Write your answers on a separate sheet of paper. Kim invested Php 500,000.00 cash and equipment amounting to Php100,000.00 to open Chinita Girl Spa. June 1 She borrowed Php 50,000.00 cash from Bamba Bank to be used for her business. 7 She bought tables and chairs from Maginhawa Furnitures and id Phn 20.000 00 cash

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

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa
Services. Record the transactions using a financial transaction
worksheet indicated on the next page. Write your answers on a
separate sheet of paper.
June 1
Kim invested Php 500,000.00 cash and equipment amounting to
Php100,000.00 to open Chinita Girl Spa.
She borrowed Php 50,000.00 cash from Bamba Bank to be
used for her business.
She bought tables and chairs from Maginhawa Furnitures and
paid Php 20,000.00 cash.
Various equipment were purchased on account from Beauty
Shoppy for Php 50,000.00.
15
18
She made a withdrawal of Php 10,000.00 for her personal use.
20
The account due to Beauty Shoppy was paid in cash.
21
Chinita Girl Spa Services was hired. The cash of Php 10,000.00
was received from the customer.
Gas and oil worth Php 1,000.00 and equipment repairs worth
Php 1,000.00 were paid in a cash transaction.
22
Service was hired again by a customer for Php 15,000.00 but
this time the customer was only able to pay Kim 50% on that
day and she made a promise to pay the other 50% on June 30.
24
25
She paid Php 1,000.00 for the telephone bill.
27
Another customer hired the services of Chinita Girl Spa Services.
A bill was issued to them for Php 30,000.00 and 50% of it was
collected.
30
The remaining balance on the transaction last June 24 was
paid in cash.
30
She paid Php 5,000.00 for the office rental space and Php
4,000.00 for employees' salaries.
14
2.

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