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Directions: Record the transactions directly into the T-accounts. The transaction: are independent from one another. Write your answers on a separate sheet of paper. Use the following account titles: Cash Owner's Withdrawals | Accounts Receivable Office Equipment Office Furiture Accounts Payable Owner's Capital Professional Fees Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense a. The owner deposired P280,000 in the name of his business. b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on account. c. He bought chairs and tables for the office for P12,300 cash. He purchased furniture from Orion Company for P2,750 in cash. He received and paid the telephone bill from Ph Telecom amounting to P1,080. 15

Directions: Record the transactions directly into the T-accounts. The transaction: are independent from one another. Write your answers on a separate sheet of paper. Use the following account titles: Cash Owner's Withdrawals | Accounts Receivable Office Equipment Office Furiture Accounts Payable Owner's Capital Professional Fees Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense a. The owner deposired P280,000 in the name of his business. b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on account. c. He bought chairs and tables for the office for P12,300 cash. He purchased furniture from Orion Company for P2,750 in cash. He received and paid the telephone bill from Ph Telecom amounting to P1,080. 15

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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Hr billed his customers Pl2,940 for services on accouD g. He paid P1,850 the electric bill from BEBECO. h. He paid P3,500 for the membership fee. . He received P17,650 in cash for services rendered. j. He paid P1,000 to partially settle accounts with Orion Company. k. He paid P8,400 for the monthly rental of the place. 1. He paid P3,500 for the salaries of employees.
Transcribed Image Text:Hr billed his customers Pl2,940 for services on accouD g. He paid P1,850 the electric bill from BEBECO. h. He paid P3,500 for the membership fee. . He received P17,650 in cash for services rendered. j. He paid P1,000 to partially settle accounts with Orion Company. k. He paid P8,400 for the monthly rental of the place. 1. He paid P3,500 for the salaries of employees.
Directions: Record the transactions directly into the T-accounts. The transactions are independent from one another. Write your answers on a separate sheet of paper. Use the following account titles: Cash Owner's Withdrawals Professional Fees Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense Accounts Receivable Office Equipment Office Furniture Accounts Payable Owner's Capital a. The owner deposited P280,000 in the name of his business. b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on account. He bought chairs and tables for the office for P12,300 cash. с. d. He purchased furniture from Orion Company for P2,750 in cash. He received and paid the telephone bill from Ph Telecom amounting to P1,080. е. 15
Transcribed Image Text:Directions: Record the transactions directly into the T-accounts. The transactions are independent from one another. Write your answers on a separate sheet of paper. Use the following account titles: Cash Owner's Withdrawals Professional Fees Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense Accounts Receivable Office Equipment Office Furniture Accounts Payable Owner's Capital a. The owner deposited P280,000 in the name of his business. b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on account. He bought chairs and tables for the office for P12,300 cash. с. d. He purchased furniture from Orion Company for P2,750 in cash. He received and paid the telephone bill from Ph Telecom amounting to P1,080. е. 15
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