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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.

FINANCIAL ACCOUNTING
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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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) 

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.
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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