Mark Young opens his own company, Sunrise Travel and Tours, and completes the following transactions in December 2020: a. Deposited Php 150,000.00 for Sunrise Travel and Tours. b. Purchased office supplies on account, Php 75,000.00. c. Paid creditors on account, Php 45,000.00 d. Received cash from the provision of ticketing and tour services to clients, Php 95,000.00. e. Billed clients on account worth Php 135,000.00 for services performed. f. Determined that the cost of supplies on hand at the end of the month was P 35,500.00. g. Paid office rent, Php 10,000.00. h. Paid utilities expenses for December, Php 5,500.00 and miscellaneous expense, Php 1,000.00. i. Paid office salaries Php 15,000.00. j. Withdrew cash for personal use, Php 7,500 Indicate the effect of each transaction to the accounting equation elements and accounts using the following tabular headings. Write the balances after each transaction and the total balances for the year ended December 2020. Assets = Liabilities + Owner's Equity Cash + Accounts Receivable + Supplies = + Accounts Payable + Mark Young, Capital - Mark Young, Drawings + Fees Earned - Supplies Expense - Salaries Exp. - Rent Exp. - Utilities Exp. - Misc. Exp.
Mark Young opens his own company, Sunrise Travel and Tours, and completes the following transactions in December 2020:
a. Deposited Php 150,000.00 for Sunrise Travel and Tours.
b. Purchased office supplies on account, Php 75,000.00.
c. Paid creditors on account, Php 45,000.00
d. Received cash from the provision of ticketing and tour services to clients, Php 95,000.00.
e. Billed clients on account worth Php 135,000.00 for services performed.
f. Determined that the cost of supplies on hand at the end of the month was P 35,500.00.
g. Paid office rent, Php 10,000.00.
h. Paid utilities expenses for December, Php 5,500.00 and miscellaneous expense, Php 1,000.00.
i. Paid office salaries Php 15,000.00.
j. Withdrew cash for personal use, Php 7,500
Indicate the effect of each transaction to the
|
Assets |
= |
|
Liabilities |
+ |
Owner's Equity |
||||||||||||||||||
|
Cash |
+ |
Accounts Receivable |
+ |
Supplies |
= |
+ |
Accounts Payable |
+ |
Mark Young, Capital |
- |
Mark Young, Drawings |
+ |
Fees Earned |
- |
Supplies Expense |
- |
Salaries Exp. |
- |
Rent Exp. |
- |
Utilities Exp. |
- |
Misc. Exp. |
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