f Facebook A HW 2 - Analysis of Transactions 06 Accounting Equation and Eler x 05 Accounting Concepts and Pri r x 04_Types of Business According t x + A cdassroom.google.com/c/NDY5MZK0OTY4MJ13/a/NDC1MDA3OTAWMJYX/details * O 0 : ! Apps f (4) Facebook © Home - Canva M Gmail O Google Meet A Google Classroom srcs portal O a Telegram A My Drive - Google. a For Students - Quizi. + Promoting Physical. Dashboard > YouTube W De Guzman, Raye Adrian, M. - HW 2- Analysis of Transactions.docx E Open with Google Docs Homework 2 Ikaw passed the very difficult CPA board examination in October and immediately set-up his bookkeeping practice. During the first month of operation he completed the following transactions: a) Began the bookkeeping practice by placing P20,000 in bank account established for the business. b) Purchased a laptop computer for P30,000 - P10,000 in cash, balance in 5 monthly installments. c) Purchased office supplies for P4,000 on credit. d) Accepted P5,000 in cash for completing a bookkeeping contract. e) Billed clients P19,500 for services rendered during the month. f) Paid P2,000 of the amount owned for office supplies. g) Received P12,500 in cash from one client who had been previously billed for services rendered. h) Paid rent for the month in the amount of P12,000. i) Withdrew P400 from the practice for personal use. j) Paid monthly installment on the liability from the purchase of the laptop computer. REQUIRED: Show the effect of these transactions on the accounting equation by completing the table below. Identify each owner's equity transaction: Page 1 I 2 - Q + 12:58 PM へロG ) 国 2/27/2022
f Facebook A HW 2 - Analysis of Transactions 06 Accounting Equation and Eler x 05 Accounting Concepts and Pri r x 04_Types of Business According t x + A cdassroom.google.com/c/NDY5MZK0OTY4MJ13/a/NDC1MDA3OTAWMJYX/details * O 0 : ! Apps f (4) Facebook © Home - Canva M Gmail O Google Meet A Google Classroom srcs portal O a Telegram A My Drive - Google. a For Students - Quizi. + Promoting Physical. Dashboard > YouTube W De Guzman, Raye Adrian, M. - HW 2- Analysis of Transactions.docx E Open with Google Docs Homework 2 Ikaw passed the very difficult CPA board examination in October and immediately set-up his bookkeeping practice. During the first month of operation he completed the following transactions: a) Began the bookkeeping practice by placing P20,000 in bank account established for the business. b) Purchased a laptop computer for P30,000 - P10,000 in cash, balance in 5 monthly installments. c) Purchased office supplies for P4,000 on credit. d) Accepted P5,000 in cash for completing a bookkeeping contract. e) Billed clients P19,500 for services rendered during the month. f) Paid P2,000 of the amount owned for office supplies. g) Received P12,500 in cash from one client who had been previously billed for services rendered. h) Paid rent for the month in the amount of P12,000. i) Withdrew P400 from the practice for personal use. j) Paid monthly installment on the liability from the purchase of the laptop computer. REQUIRED: Show the effect of these transactions on the accounting equation by completing the table below. Identify each owner's equity transaction: Page 1 I 2 - Q + 12:58 PM へロG ) 国 2/27/2022
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Can someone explain the answer because I can't understand it a little bit. Thank you so much!!!
Transcribed Image Text:f Facebook
A HW 2 - Analysis of Transactions
06_Accounting Equation and Elen x
05_Accounting Concepts and Prir ×
04_Types of Business According
+
O X
X
A classroom.google.com/c/NDY5Mzk0OTY4Mjl3/a/NDc1MDA3OTAwMjYx/details
: Apps f (4) Facebook
C Home - Canva
M Gmail
Google Meet
A Google Classroom
srcs portal
YouTube
A My Drive - Google.
Q For Students - Quizi...
Promoting Physical..
Dashboard
Telegram
>>
W De Guzman, Raye Adrian, M. - HW 2 - Analysis of Transactions.docx
Open with Google Docs
Homework 2
Ikaw passed the very difficult CPA board examination in October and immediately set-up his bookkeeping practice. During the first month of
operation he completed the following transactions:
a) Began the bookkeeping practice by placing P20,000 in bank account established for the business.
b) Purchased a laptop computer for P30,000 - P10,000 in cash, balance in 5 monthly installments.
c) Purchased office supplies for P4,000 on credit.
d) Accepted P5,000 in cash for completing a bookkeeping contract.
e) Billed clients P19,500 for services rendered during the month.
f) Paid P2,000 of the amount owned for office supplies.
g) Received P12,500 in cash from one client who had been previously billed for services rendered.
h) Paid rent for the month in the amount of P12,000.
i) Withdrew P400 from the practice for personal use.
j) Paid monthly installment on the liability from the purchase of the laptop computer.
REQUIRED: Show the effect of these transactions on the accounting equation by completing the table below. Identify each owner's equity
transaction:
Page
1 | 2
Q +
12:58 PM
^ O 4) E
W
2/27/2022
...
Transcribed Image Text:A HW 2 - Analysis of Transacti X
06_Accounting Equation an X
05_Accounting Concepts an x
04 Types of Business Accor X
b Answered: Ikaw passed the x
i.e. meaning - Google Searc x
+
O X
A bartleby.com/questions-and-answers/ikaw-passed-the-very-difficult-cpa-board-examination-in-october-and-immediately-set-up-his-bookkeepi/a7aba563-127b-4eed-9dd2-61b03...
H Apps f (4) Facebook
C Home - Canva
M Gmail
Google Meet
A Google Classroom
YouTube
4 Telegram
A My Drive - Google.
Q For Students - Quizi.
Promoting Physical.
srcs portal
Dashboard
E Q&A Library
Ikaw passed the very difficult CPA board examinatio...
Office
Type of owners
equity transaction
Accounts
Accounts
Cash
Office supplies
Ikaw, Capital
receivable
equipment payable
a
20,000
(20,000)
Capital brought
|(10,000)
30,000
|(20,000)
4,000
|(4,000)
d
5,000
(5,000)
Revenue
e
19,500
(19,500)
Revenue
f
|(2,000)
2,000
12,500
(12,500)
h
(12,000)
12,000
Expense
li
(400)
400
Capital withdrawal
|(4,000) (i.e
20,000/5)
4,000
Bal
9,100
7,000
4,000
30,000
(18,000)
32,100
Total 9,100
7,000
4,000
30,000
|(18,000)
32,100
2:47 PM
2/27/2022
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