May Fedor started a delivery service, Fed Deliveries, on July 1, 2015. The following transactions occurred during the month of July. July 1. She contributed P100,000 cash. July 2. Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance July 3. Paid P15,000 for office rent for the month July 5. Delivery services amounted to P44,000, half on account July 9. Cash of P2,000 withdrawn by May July 12. Purchased supplies for P1,500 on account July 15. Received cash of P12,500 for services rendered provided on July 5 July 17. Purchased gasoline for P7,500 on account July 20. Received P15,000 from customers of which P5,000 was for past accounts July 23. Made a cash payment of P25,000 on notes payable July 26. Paid P2,500 for utilities July 29. Paid for the gasoline purchased on account on June 17 July 30. Paid P30,000 for employee salaries Use the following accounts: Cash, Accounts Receivable, Office Supplies, Delivery Van, Notes Payable, Fedor, Capital
May Fedor started a delivery service, Fed Deliveries, on July 1, 2015. The following transactions occurred during the month of July. July 1. She contributed P100,000 cash. July 2. Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance July 3. Paid P15,000 for office rent for the month July 5. Delivery services amounted to P44,000, half on account July 9. Cash of P2,000 withdrawn by May July 12. Purchased supplies for P1,500 on account July 15. Received cash of P12,500 for services rendered provided on July 5 July 17. Purchased gasoline for P7,500 on account July 20. Received P15,000 from customers of which P5,000 was for past accounts July 23. Made a cash payment of P25,000 on notes payable July 26. Paid P2,500 for utilities July 29. Paid for the gasoline purchased on account on June 17 July 30. Paid P30,000 for employee salaries Use the following accounts: Cash, Accounts Receivable, Office Supplies, Delivery Van, Notes Payable, Fedor, Capital
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
May Fedor started a delivery service, Fed Deliveries, on July 1, 2015. The following transactions occurred
during the month of July.
| July 1. She contributed P100,000 cash. |
| July 2. Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance |
| July 3. Paid P15,000 for office rent for the month |
| July 5. Delivery services amounted to P44,000, half on account |
| July 9. Cash of P2,000 withdrawn by May |
| July 12. Purchased supplies for P1,500 on account |
| July 15. Received cash of P12,500 for services rendered provided on July 5 |
| July 17. Purchased gasoline for P7,500 on account |
| July 20. Received P15,000 from customers of which P5,000 was for past accounts |
| July 23. Made a cash payment of P25,000 on notes payable |
| July 26. Paid P2,500 for utilities |
| July 29. Paid for the gasoline purchased on account on June 17 |
| July 30. Paid P30,000 for employee salaries |
Use the following accounts: Cash,
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education