FABM1_PETA3MMake a Financial transaction worksheet that summarizes the effects of these transactions on the accountingequation (Table is provided)On February 1. Aaron Cho established AC Travel Agency. The following transactions were completedduring the month of February 2021.Feb. 1Invested P700,000 cash to start the business.Paid P19,000 cash for February office rent.Purchase office equipment from Archer Hardware for P36,000 on account.Paid salaries P15,000.Paid P15,000 cash for office supplies.Collected P14,000 cash from Mr. Adonis for processing their travel papers.Withdrew P50,000 cash for personal use.Paid Archer Hardware half of the account on Feb 8.Billed JRCC professors P30,000 for processing of their travel papers.Paid P5,000 Advertising cost in the Asian 24-Hour-News.Collected P15,000 in cash from customers who have been previously billedon February 22.481014161819222528Record the transactions in the financial transaction worksheet.= LIABILITIES + OWNER'SEQUITYASSETSCHO,CAPITALDATECASH +ACCOU NTSACCOU NTSSUPPLIES + OFFICEEQUIPMENT%3DRECEIVABLE +PAYABLEFeb.%3D%3D%3D%3D%3D%3D%3DTOTAL%3D

Solution Concept Accounting equation is expressed as Asset = liabilities + equity Assets include…

Make a Financial transaction worksheet that summarizes the effects of these transactions on the accounting equation (Table is provided) On February 1. Aaron Cho established AC Travel Agency. The following transactions were completed during the month of February 2021. Feb. Invested P700,000 cash to start the business. Paid P19,000 cash for February office rent. Purchase office equipment from Archer Hardware for P36,000 on account. Paid salaries P15,000. Paid P15,000 cash for office suppies. Collected P14,000 cash from Mr. Adonis for processing their travel papers. 18 4 8 10 14 16 Withdrew P50,000 cash for personal use. Paid Archer Hardware half of the account on Feb 8. 19 22 Billed JRCC professors P30,000 for processing of their travel papers. Paid P5,000 Advertising cost in the Asian 24-Hour-News. Collected P15,000 in cash from customers who have been previously billed 25 28

Make a Financial transaction worksheet that summarizes the effects of these transactions on the accounting equation (Table is provided) On February 1. Aaron Cho established AC Travel Agency. The following transactions were completed during the month of February 2021. Feb. Invested P700,000 cash to start the business. Paid P19,000 cash for February office rent. Purchase office equipment from Archer Hardware for P36,000 on account. Paid salaries P15,000. Paid P15,000 cash for office suppies. Collected P14,000 cash from Mr. Adonis for processing their travel papers. 18 4 8 10 14 16 Withdrew P50,000 cash for personal use. Paid Archer Hardware half of the account on Feb 8. 19 22 Billed JRCC professors P30,000 for processing of their travel papers. Paid P5,000 Advertising cost in the Asian 24-Hour-News. Collected P15,000 in cash from customers who have been previously billed 25 28

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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