for the business are as follows: a. Invested P100,000 in cash to start her own business. b. Paid P5,000 for one month's rent. c. Bought office furniture for P15,000 in cash. d. Received delivery of laptop computer, P54,000. Paid 50% down, balance due in 30 days. e. Performed services for P12,000 in cash. f. Performed services for P10,800 on credit. g. Acquired a fax machine for P7,500; paid P3,000 in cash, balance due in 10 days. h. Received P5,400 from clients on account. i. Paid P10,000 for salaries. j. Settled in full the P4,500 balance for the fax machine. k. Received P7,000 in cash for services performed. I. Performed services for P12,000 on credit. m. Paid P1,350 for the monthly telephone bill. n. Paid P2,400 for the electric and water bills. o. Collected P2,000 from.clients on account. p. Palaganas withdrew P7,000 in cash for personal expenses. Required: 1. With the aid of T-accounts, record the transactions listed above. Use the following accounts: Cash; Accounts Receivable; Office Furniture; Office Equipment; Accounts Payable; Palaganas, Capital; Palaganas, Withdrawals; Consulting Revenues; Salaries Expense; Rent Expense: Utilities Exnense and Miscellaneour Exnonco
for the business are as follows: a. Invested P100,000 in cash to start her own business. b. Paid P5,000 for one month's rent. c. Bought office furniture for P15,000 in cash. d. Received delivery of laptop computer, P54,000. Paid 50% down, balance due in 30 days. e. Performed services for P12,000 in cash. f. Performed services for P10,800 on credit. g. Acquired a fax machine for P7,500; paid P3,000 in cash, balance due in 10 days. h. Received P5,400 from clients on account. i. Paid P10,000 for salaries. j. Settled in full the P4,500 balance for the fax machine. k. Received P7,000 in cash for services performed. I. Performed services for P12,000 on credit. m. Paid P1,350 for the monthly telephone bill. n. Paid P2,400 for the electric and water bills. o. Collected P2,000 from.clients on account. p. Palaganas withdrew P7,000 in cash for personal expenses. Required: 1. With the aid of T-accounts, record the transactions listed above. Use the following accounts: Cash; Accounts Receivable; Office Furniture; Office Equipment; Accounts Payable; Palaganas, Capital; Palaganas, Withdrawals; Consulting Revenues; Salaries Expense; Rent Expense: Utilities Exnense and Miscellaneour Exnonco
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:After journalizing and posting (to T-accounts) the transactions below, you are to
answer the succeeding questions. Attach your solution/analysis.
Remedios Palaganas is an experienced events planner. The transactions and accounts
for the business are as follows:
a. Invested P100,000 in cash to start her own business.
b. Paid P5,000 for one month's rent.
c. Bought office furniture for P15,000 in cash.
d. Received delivery of laptop computer, P54,000. Paid 50% down,
balance due in 30 days.
e. Performed services for P12,000 in cash.
f. Performed services for P10,800 on credit.
g. Acquired a fax machine for P7,500; paid P3,000 in cash, balance due in
10 days.
h. Received P5,400 from clients on account.
i. Paid P10,000 for salaries.
j. Settled in full the P4,500 balance for the fax machine.
k. Received P7,000 in cash for services performed.
I.
Performed services for P12,000 on credit.
m. Paid P1,350 for the monthly telephone bill.
n. Paid P2,400 for the electric and water bills.
o. Collected P2,000 from.clients on account.
p. Palaganas withdrew P7,000 in cash for personal expenses.
Required:
1. With the aid of T-accounts, record the transactions listed above. Use the following
accounts: Cash; Accounts Receivable; Office Furniture; Office Equipment; Accounts
Payable; Palaganas, Capital; Palaganas, Withdrawals; Consulting Revenues; Salaries
Expense; Rent Expense; Utilities Expense and Miscellaneous Expense.
Transcribed Image Text:5. How much is Palaganas Capital and Palaganas, withdrawals,
respectively to be reported to the trial balance? *
P100,000 debit and P68,000 credit
P100,000 credit and P7,000 debit
P100,000 debit and P7,000 credit
O P100,000 credit and P68,000 debit
answer not given
6. How much is the consultancy revenue to be reported in the trial
balance? *
P41,800 debit
O P20,800 credit
O P19,000 credit
O P41,800 credit
O P34,800 credit
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