Enrichment Activity Since it was already discussed the theory of debit and credit in the use of a T account and the effect on assets, liabilities, capital, income, and expenses, record the following transactions in their corresponding T account by answering the remaining transactions Number 1-3 is already done for you. Use 1 whole sheet of paper. 4. Rendered services to Lao Ay on account P3,000.00. 5. The owner withdraws P4,000.00 for his personal use. 6. Received P20,000.00 cash from the customer for services rendered. 7. Paid electricity bill P10,000.00

Enrichment Activity Since it was already discussed the theory of debit and credit in the use of a T account and the effect on assets, liabilities, capital, income, and expenses, record the following transactions in their corresponding T account by answering the remaining transactions Number 1-3 is already done for you. Use 1 whole sheet of paper. 4. Rendered services to Lao Ay on account P3,000.00. 5. The owner withdraws P4,000.00 for his personal use. 6. Received P20,000.00 cash from the customer for services rendered. 7. Paid electricity bill P10,000.00

Name: Enrichment ActivitySince it was already discussed the theory of debit
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Enrichment ActivitySince it was already discussed the theory of debit and credit in the use of a Taccount and the effect on assets, liabilities, capital, income, and expenses, record thefollowing transactions in their corresponding T account by answ

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

H1. Account
REQUIRED: • JOURNAL ENTRIES • T-Accounts Note: PLEASE NO TO HANDWRITTEN. Make it TYPEWRITTEN thank you!
Please answer asap thanks
While passing a journal entry for the following transaction which account would be debited? "Commission of $5,000 received"
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)
Problem 2 The value of ABCDE are; A=1 B=5 C=7 D=6 E=8 Direction: Please answer it correctly. List the given, required and solution that will be use. Complete the steps and solution. Provide graph if necessary and box the final answers.
Account for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).
Purchased equitment with $6,000 cash. What accounts does this go into in the journal?
Provide the t-accounts and trial balance of the ff. Kindly attach the file of the answers if ever. Ty.
INSTRUCTION: Determine the ending balances of the accounts (Cash, Supplies, Equipment, Account Payable, and Note Payable) based on the following journal entries. You may want to prepare a T-account for each account to determine the answer. See exhibit 2.11 on textbook page 66 for examples of how this is done. DR CR a) Cash $3,900.00 Note Payable $ 3,900.00 b) Equipment $1,000.00 Note Payable $ 1,000.00 c) Supplies $300.00 Cash $300.00 d) Supplies $700.00 Account Payable $700.00 e) Note Payable $900.00 Cash $900.00 For example, The ending balance of the 'Equipment' account is $1000 DR(There is only one debit entry for equipment-see…
wner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500