Indicate the effects of the transactions the form below & determine the ending balance of the accounts.
Indicate the effects of the transactions the form below & determine the ending balance of the accounts.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter1: Starting A Proprietorship: Changes That Affect The Accounting Equation
Section1.1: Accounting In Action
Problem 1OYO
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Question
Indicate the effects of the transactions the form below & determine the ending balance of the accounts.
(PS: don't mind the numbers that i wrote)
Transcribed Image Text:Exercise 6
Dominic Puzon has just passed the bar exam and started practicing law. Below
are his first month's transactions.
1 Began business by investing P 50,000 cash and land with a value
of P 200,000.
4 Purchased P7,500 worth of supplies on account.
9 Obtained a bank loan of P 500,000.
15 Bought laptop computers on account for P 49,000.
17 Paid salaries for month, P 1,900
21 Purchased printing equipment for P 15,000 cash.
24 Paid P25,000 of the outstanding liability for the purchase of
computers on January 15.
29 Constructed a building on the land, P 400,000.
31 Paid one year insurance premium of the building P 4,000.
Jan
Indicate the effects of the transactions in the form below and determine the
ending balances of the accounts.
Owner's
Liabilities
Assets
Prepaid
Jan. Cash Supplies Insurance Equipment Land Building
Equity
Owner's
Office
Office
Accounts
Loans
Payable Payable
Capital
250 000
4
15
1,90
17
15,0
24 5 )
29 4 K
31 4,n
10.
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