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Juana dela Cruz, to be able to guide the accountancy students in their pursuits for passing the CPA exam, established the AA Tutorial Services. On May 1, 2013, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant

Juana dela Cruz, to be able to guide the accountancy students in their pursuits for passing the CPA exam, established the AA Tutorial Services. On May 1, 2013, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant

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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Juana dela Cruz, to be able to guide the accountancy students in their pursuits for passing the CPA exam, established the AA Tutorial Services. On May 1, 2013, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant. 

(+ ) ACCOUNTS (+ )OFFICE ACCOUNTS (+) NOTES (+) DELA CRUZ, CASH RECEIVABLE EQUIPMENT PAYABLE PAYABLE CAPITAL ANSWERS: + 70,000 + 70,000 Cash investment of Juana dela Cruz to the company. 1 - 45,000 + 45,000 2 + 30,000 + 10,000 + 20,000 3 + 18,000 + 18,000 4 - 5,000 - 5,000 5 + 15,000 - 15,000 REQUIRED: DESCRIBE EACH OF THE ABOVE TRANSACTIONS FROM 1 TO 5. INCOME AND EXPENSES INCOME EXPENSES PROFIT (LOSS) A 840,000 360,000 ? B 2,400,000 540,000 1,300,000 860,000 ? 2,000,000 720,000 1,800,000 (400,000) II
Transcribed Image Text:(+ ) ACCOUNTS (+ )OFFICE ACCOUNTS (+) NOTES (+) DELA CRUZ, CASH RECEIVABLE EQUIPMENT PAYABLE PAYABLE CAPITAL ANSWERS: + 70,000 + 70,000 Cash investment of Juana dela Cruz to the company. 1 - 45,000 + 45,000 2 + 30,000 + 10,000 + 20,000 3 + 18,000 + 18,000 4 - 5,000 - 5,000 5 + 15,000 - 15,000 REQUIRED: DESCRIBE EACH OF THE ABOVE TRANSACTIONS FROM 1 TO 5. INCOME AND EXPENSES INCOME EXPENSES PROFIT (LOSS) A 840,000 360,000 ? B 2,400,000 540,000 1,300,000 860,000 ? 2,000,000 720,000 1,800,000 (400,000) II
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