Nelson Daganta formed the Liceo Signages on Oct. 1, 2019. He deposited P250,000 in GE Money Bank under the name of the new business entity. During the month of October 2019, the following transactions occurred: Oct. 2 Acquired a service vehicle in the amount of P195,000 on account. Acquired supplies for cash, P57,000. Received P87,500 cash for signs painted. 3 9 10 Paid the month's ront D25 000
Nelson Daganta formed the Liceo Signages on Oct. 1, 2019. He deposited P250,000 in GE Money Bank under the name of the new business entity. During the month of October 2019, the following transactions occurred: Oct. 2 Acquired a service vehicle in the amount of P195,000 on account. Acquired supplies for cash, P57,000. Received P87,500 cash for signs painted. 3 9 10 Paid the month's ront D25 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Follow the instructions and do it nicely.
Transcribed Image Text:Nelson Daganta formed the Liceo Signages on Oct. 1, 2019. He deposited P250,000 in
GE Money Bank under the name of the new business entity. During the month of
October 2019, the following transactions occurred:
Oct. 2
Acquired a service vehicle in the amount of P195,000 on account.
Acquired supplies for cash, P57,000.
Received P87,500 cash for signs painted.
Paid the month's rent, P25,000.
Painted signs for Cagayan Mobile on account, P170,000.
Paid P55,000 on account from Oct. 2.
Withdrew P25,000 for personal use.
Collected P35,000 from Cagayan Mobile.
Paid salaries of P57,000 for the month.
Paid BayanTel P7,500 for communication services for the month.
Paid a bill from AdAsia for P5,500 of advertising for the month.
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Required:
Establish the following accounts in a financial transaction worksheet: Cash; Accounts
Receivable; Supplies; Service Vehicle; Accounts Payable; and Daganta, Capital. Record in
the worksheet the transactions listed above.
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