Mita Arenas recently established a business that will operate as Mitas Cleaning Service. The Transactions for February 2015 are presentedbelow:FebDeposited P62, 000 cash in a bank accountin the name of the new entity3Acquired cleaning supplies on account, P21, 400.acquired cleaning equipment on account, P15, 600.Acquired an old service vehicle costing P47,000 for the business, paying P10,000 cash, and financing the remaining P37,000 byissuing a note payable.7Paid renton office space for the month, P7, 300.Received P31,800 cash for cleaning services rendered91Paid for a newspaper advertisement, P1, 700.Paid for insurance for the nextsix months by recording prepared insurance, P4, 800.1Paid P9, 000 on account1Paid miscellaneous expenses, P2, 2001Billed customers P18, 600 for cleaning services rendered1Paid salaries, P8, 400.2Received P9, 800 from customers billed on Feb 15.Paid Amount Due on the Note Payable, P2, 4002Paid Telephone expenses, P9002Paid salaries, P7, 9002Billed customers for cleaning services rendered, P22, 500.2Withdrew P10, 000 from the business Required:• Indicate the effect of each transaction and the balances after each transaction, in a tabular form. The following accounts will beneeded:CashAccounts ReceivableCleaning SuppliesPrepaid InsuranceCleaning EquipmentService VehicleNotes PayableMitas, CapitalMitas, WithdrawalsCleaning RevenuesSalaries ExpensesRent ExpenseAdvertising ExpenseTelephone ExpenseMiscellaneousPrepare an income statement, a statement of changes in owner's equity and a balance sheet.

Name: Mita Arenas recently established a business that will operate as Mita
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Description: Mita Arenas recently established a business that will operate as Mitas Cleaning Service. The Transactions for February 2015 are presentedbelow:FebDeposited P62, 000 cash in a bank accountin the name of the new entity3Acquired cleaning supplies on ac

Ledger Account The preparation of the ledger account to know the ending balance of each account…

Business

Accounting

• Indicate the effectof each transaction and the balances after each transaction, in a tabular form. The following accounts will b needed: Cash Accounts Receivable Cleaning Supplies Prepaid Insurance Cleaning Equipment Service Vehicle Notes Payable Mitas, Capital Mitas, Withdrawals Cleaning Revenues Salaries Expenses Rent Expense Advertising Expense

• Indicate the effectof each transaction and the balances after each transaction, in a tabular form. The following accounts will b needed: Cash Accounts Receivable Cleaning Supplies Prepaid Insurance Cleaning Equipment Service Vehicle Notes Payable Mitas, Capital Mitas, Withdrawals Cleaning Revenues Salaries Expenses Rent Expense Advertising Expense

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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