Directions: Establish the following T-Accounts and compute ending balances of each account. Write your answers on a separate sheet of paper. On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: a. He deposited P400,000 in a bank account in the name of the business. b. He bought chairs and a table and paid them with P5,700 cash. c. He bought supplies on account from Morong Supply Inc. P3,250. d. He paid P5,750 for the monthly rental of the place. e. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on account. f. He earned P19,250 revenues on cash basis for the first half of the month. g. He bought insurance for one year for P5,800. h. He paid accounts to Bataan Equipment Corp. worth P7,000. i. He paid P7,000 for the electric bill. j. He earned P12,350 revenues on cash basis for the second half of the month. k. He paid P7,400 for the salaries of the part-time assistants. l. He withdrew P4,500 cash for personal use. m. He paid accounts to Morong Supply Inc. worth P2,750. n. He paid P2,800 to the city government for sidewalk repair assessment. o. He paid miscellaneous expenses for the month worth P1,000.

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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Directions: Establish the following T-Accounts and compute ending balances of each account. Write your answers on a separate sheet of paper. On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: a. He deposited P400,000 in a bank account in the name of the business. b. He bought chairs and a table and paid them with P5,700 cash. c. He bought supplies on account from Morong Supply Inc. P3,250. d. He paid P5,750 for the monthly rental of the place. e. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on account. f. He earned P19,250 revenues on cash basis for the first half of the month. g. He bought insurance for one year for P5,800. h. He paid accounts to Bataan Equipment Corp. worth P7,000. i. He paid P7,000 for the electric bill. j. He earned P12,350 revenues on cash basis for the second half of the month. k. He paid P7,400 for the salaries of the part-time assistants. l. He withdrew P4,500 cash for personal use. m. He paid accounts to Morong Supply Inc. worth P2,750. n. He paid P2,800 to the city government for sidewalk repair assessment. o. He paid miscellaneous expenses for the month worth P1,000.

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