June 1 Invested P 90,000 in the dance studio 2 Paid P10,000 for three month's rent in advance 3 Purchased P 7,000 of equipment from Aston Co. on account 4. Received P 9,000 cash for fitness-training workshop for dancers 5 Purchased P 3,000 of supplies for cash 6 Billed Leslie Co. P 21,000 for group dance lesson for its employee 7 Paid P4,000 salaries of assistants 8 Withdrew P 1,500 from the business for personal use Paid P1,250 electricity bill 10 Paid P1,900 telephone bill for June

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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DUE IN 30 MINUTES. Please answer it in a very detailed solution. Thank you!

NOTE: Balancing is required.

There have some transactions that possess the same date, and I need an answer for that - for the different analysis.

 

 

On June 1, 2022, Melyn Topaz opened Topaz's Dance Studio. The following transactions occurred in June:
June 1 Invested P 90,000 in the dance studio
Paid P10,000 for three month's rent in advance
3
Purchased P 7,000 of equipment from Aston Co. on account
4.
Received P 9,000 cash for fitness-training workshop for dancers
Purchased P 3,000 of supplies for cash
6
Billed Leslie Co. P 21,000 for group dance lesson for its employee
7
Paid P4,000 salaries of assistants
8
Withdrew P 1,500 from the business for personal use
Paid P1,250 electricity bill
10
Paid P1,900 telephone bill for June
The chart of accounts for Topaz's Dance Studio is as follows:
Chart of Accounts
Owner's Equity
311 Melyn Topaz, Capital
312 Melyn Topaz, Withdrawals
Assets
111 Cash
112 Accounts Receivable
113 Prepaid Rent
114 Unused Supplies
131 Equipment
Revenue
411 Fees Earned
Expenses
511 Electrical Expense
521 Salaries Expense
531 Telephone Expense
Liabilities
211 Accounts Payable
5.
Transcribed Image Text:On June 1, 2022, Melyn Topaz opened Topaz's Dance Studio. The following transactions occurred in June: June 1 Invested P 90,000 in the dance studio Paid P10,000 for three month's rent in advance 3 Purchased P 7,000 of equipment from Aston Co. on account 4. Received P 9,000 cash for fitness-training workshop for dancers Purchased P 3,000 of supplies for cash 6 Billed Leslie Co. P 21,000 for group dance lesson for its employee 7 Paid P4,000 salaries of assistants 8 Withdrew P 1,500 from the business for personal use Paid P1,250 electricity bill 10 Paid P1,900 telephone bill for June The chart of accounts for Topaz's Dance Studio is as follows: Chart of Accounts Owner's Equity 311 Melyn Topaz, Capital 312 Melyn Topaz, Withdrawals Assets 111 Cash 112 Accounts Receivable 113 Prepaid Rent 114 Unused Supplies 131 Equipment Revenue 411 Fees Earned Expenses 511 Electrical Expense 521 Salaries Expense 531 Telephone Expense Liabilities 211 Accounts Payable 5.
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