Chinita Girl Spa ServicesFinancial Transaction WorksheetMonth of June, 2020OWNER'SDateASSETSLIABILITIESEQUITYAccountsOtherLoansAccountsKim,JuneCashFurnitures EquipmentReceivableAccountPayablePayable CapitalTitle12715182021222425273030Bal. -TotalBalances Kim invested Php 500,000.00 cash and equipinent amounting toShe bought tables and chairs from Maginhawa Furnitures andworksheet indicated on the next page. Write your answers on aDirections: Analyze the transactions of Kim as the owner of Chinita Girl SpaServices. Record the transactions using afinancial transactionseparate sheet of paper.Kim invested Php 500,000.00 cash and equipinent amountinSJune1Php100,000.00 to open Chinita Girl Spa.2She borrowved Php 50,000.00 cash from Bamba Bank to beused for her business.She bought tables and chairs from Maginhawa Furnitures7paid Php 20,000.00 cash.Various equipment were purchased on account from BeautyShoppy for Php 50,000.00.1518She made a withdrawal of Php 10,000.00 for her personal use20The account due to Beauty Shoppy was paid in cash.21Chinita Girl Spa Services was hired. The cash of Php 10.000.00was received from the customer.22Gas and oil worth Php 1,000.00 and equipment repairs worthPhp 1,000.00 were paid in a cashi transaction.Service was hired again by a customer for Php 15,000.00 butthis time the customer was only able to pay Kim 50% on thatday and she made a promise to pay the other 50% on June 30.2425She paid Php 1,000.00 for the telephone bill.27Another customer hired the services of Chinita Girl Spa Services.A bill was issued to them for Php 30,000.00 and 50% of it wascollected.30The remaining balance on the transaction last June 24 waspaid in cash.30She paid Php 5,000.00 for the office rental space and Php4.000.00 for employees' salaries.

The accounting equation states that assets equal to sum of liabilities and equity.

Kim invested Php 500,000.00 cash and equipinent amounting Php100,000.00 to open Chinita Girl Spa. une 1 to She borrowed Php 50,000.00 cash from Bamba Bank to be used for her business. She bought tables and chairs from Maginhawa Furnitures on paid Php 20,000.00 cash. 7 Various equipment were purchased on account from Beauty Shoppy for Php 50,000.00. 15 18 She made a withdrawal of Php 10,000.00 for her personal use 20 The account due to Beauty Shoppy was paid in cash. 21 Chinita Girl Spa Services was hired. The cash of Php 10,000.00 was received from the customer. 22 Gas and oil worth Php 1,000.00 and equipment repairs worth Php 1,000.00 were paid in a cashi transaction. Service was hired again by a customer for Php 15,000.00 but this time the customer was only able to pay Kim 50% on that day and she made a promise to pay the other 50% on June 30. 24 25 She paid Php 1,000.00 for the telephone bill. 27 Another customer hired the services of Chinita Girl Spa Services. A bill was issued to them for Php 30,000.00 and 50% of it was collected. 30 The remaining balance on the transaction last June 24 was paid in cash. 30 She paid Php 5,000.00 for the office rental space and Fip 4.000.00 for emnlovces

Kim invested Php 500,000.00 cash and equipinent amounting Php100,000.00 to open Chinita Girl Spa. une 1 to She borrowed Php 50,000.00 cash from Bamba Bank to be used for her business. She bought tables and chairs from Maginhawa Furnitures on paid Php 20,000.00 cash. 7 Various equipment were purchased on account from Beauty Shoppy for Php 50,000.00. 15 18 She made a withdrawal of Php 10,000.00 for her personal use 20 The account due to Beauty Shoppy was paid in cash. 21 Chinita Girl Spa Services was hired. The cash of Php 10,000.00 was received from the customer. 22 Gas and oil worth Php 1,000.00 and equipment repairs worth Php 1,000.00 were paid in a cashi transaction. Service was hired again by a customer for Php 15,000.00 but this time the customer was only able to pay Kim 50% on that day and she made a promise to pay the other 50% on June 30. 24 25 She paid Php 1,000.00 for the telephone bill. 27 Another customer hired the services of Chinita Girl Spa Services. A bill was issued to them for Php 30,000.00 and 50% of it was collected. 30 The remaining balance on the transaction last June 24 was paid in cash. 30 She paid Php 5,000.00 for the office rental space and Fip 4.000.00 for emnlovces

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 1BD

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