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:

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:

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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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