Haydee Carpio opened a beach resort called Blue Lagoon in Nasugbu, Batangas by investing cash P100,000 and furniture P20,000 on April 1.She signed a contract of lease on the property for ten years promising to pay P25,000 monthly. The following are the additional transactions for April:Paid cash for the purchase of advertising billboards, P15,000.Paid P75,000 for the construction of 5 cottages, 10 huts and an office. Issued a note payable for P50,000 within 30 days.Total cash receipts for the week, P150,00.51011Billed Fortune Company for use of resort, P28,000.Paid P50,000 for the note.182025Utility bills paid amounted to P18,000.Fortune Company paid its account in full.Total cash receipts amounted to P122,500.Paid for salaries of clerks and helpers, P82,000.Paid for the monthly rental of the property plus advertis ing of P20,000.26272829Post to T-Accounts:CashAccounts Receivable100,000150,00028,0004/14/515,000111075,000252050,00027122,5002518,0002882,0002945,000Leasehold ImprovementFurniture and FixturesOffice EquipmentNotes PayableCarpio, CapitalBeach Resort Fees RevenuesAdvertising ExpenseSalaries ExpenseRent ExpenseUtilities Expense

A T-account is a colloquial term for a collection of financial documents that are kept using…

Haydee Carpio opened a beach resort called Blue Lagoon in Nasugbu, Batangas by investing cash P100,000 and furniture P20,000 on April 1. She signed a contract of lease on the property for ten years promising to pay P25,000 monthly. The following are the additional transactions for April: Paid cash for the purchase of advertising billboards, P15,000. Paid P75,000 for the construction of 5 cottages, 10 huts and an office. Iasued a note payable for P50,000 within 30 daya. Total cash receipts for the week, P150,000. Billed Fortune Company for use of resort, P28,000. Paid P50,000 for the note. Utility billa paid amounted to P18,000. Fortune Company paid its account in full. 10 11 18 20 25 26 27 Total cash receipta amounted to P122,500. 28 Paid for salaries of clerks and helpers, P82,000. Paid for the monthly rental of the property plus advertising of P20,000. 29 Post to TAccounts: Cash 100,000 Accounts Receivable 4/1 4/5 15,000 11 150,000 10 75,000 26 28,000 20 50,000 18,000 82,000 45,000 27 122,500 25 28 29 Leasehold Improvement Furniture and Fixtures Office Equipment Notes Payable Carpio, Capital Beach Resort Fees Revenues Advertising ExpDense Salaries Expense Rent Expense Utilities Expense SENN

Haydee Carpio opened a beach resort called Blue Lagoon in Nasugbu, Batangas by investing cash P100,000 and furniture P20,000 on April 1. She signed a contract of lease on the property for ten years promising to pay P25,000 monthly. The following are the additional transactions for April: Paid cash for the purchase of advertising billboards, P15,000. Paid P75,000 for the construction of 5 cottages, 10 huts and an office. Iasued a note payable for P50,000 within 30 daya. Total cash receipts for the week, P150,000. Billed Fortune Company for use of resort, P28,000. Paid P50,000 for the note. Utility billa paid amounted to P18,000. Fortune Company paid its account in full. 10 11 18 20 25 26 27 Total cash receipta amounted to P122,500. 28 Paid for salaries of clerks and helpers, P82,000. Paid for the monthly rental of the property plus advertising of P20,000. 29 Post to TAccounts: Cash 100,000 Accounts Receivable 4/1 4/5 15,000 11 150,000 10 75,000 26 28,000 20 50,000 18,000 82,000 45,000 27 122,500 25 28 29 Leasehold Improvement Furniture and Fixtures Office Equipment Notes Payable Carpio, Capital Beach Resort Fees Revenues Advertising ExpDense Salaries Expense Rent Expense Utilities Expense SENN

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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