Nine transactions are reflected in the October transaction worksheet of the Teresi Galang Financial Planner presented below: Teresita Galang Financial Planner Financial Transaction Worksheet Month of October 2021 OE %3D Galang, Capital Cash + Supplies + Office Accounts %3D Accounts Receivable Equipment Payable Bal. P 130,000 P 15,000 7,000 (5,000) = P 60,000 P 17,500 (7,000) P 4,500 P 153,000 5,000 %3D 3 25,000 25,000 24,500 24,500 (16,000) %3D 16,000 (6,500) 3,700 (6,500) 3,700 8. %3D (2,500) (5,000) P 3,000 9 %3D (2,500) (5,000) P 131,000 %3D P 35,000 P 13,200 P 178,000 P 98,200 + P 229,200 P 229,200 Required: 1. Describe each of the above transactions. The last transaction is the only transaction affecting the capital account that does not affect profit. 2. What was the change in the Cash account for the month? In Galang, Capital? 12m4 S6700
Nine transactions are reflected in the October transaction worksheet of the Teresi Galang Financial Planner presented below: Teresita Galang Financial Planner Financial Transaction Worksheet Month of October 2021 OE %3D Galang, Capital Cash + Supplies + Office Accounts %3D Accounts Receivable Equipment Payable Bal. P 130,000 P 15,000 7,000 (5,000) = P 60,000 P 17,500 (7,000) P 4,500 P 153,000 5,000 %3D 3 25,000 25,000 24,500 24,500 (16,000) %3D 16,000 (6,500) 3,700 (6,500) 3,700 8. %3D (2,500) (5,000) P 3,000 9 %3D (2,500) (5,000) P 131,000 %3D P 35,000 P 13,200 P 178,000 P 98,200 + P 229,200 P 229,200 Required: 1. Describe each of the above transactions. The last transaction is the only transaction affecting the capital account that does not affect profit. 2. What was the change in the Cash account for the month? In Galang, Capital? 12m4 S6700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%

Transcribed Image Text:Problem #10
Transactions in a Completed Worksheet
Nine transactions are reflected in the October transaction worksheet of the Teresit
Galang Financial Planner presented below:
Teresita Galang Financial Planner
Financial Transaction Worksheet
Month of October 2021
OE
Galang,
Capital
Cash
Accounts
Supplies
Office
Accounts
+
Receivable
Equipment
Payable
P 15,000
7,000
(5,000)
Bal.
P 17,500
P 4,500
P 153,000
P 60,000
P 130,000
%3D
1
n (7,000)
5,000
3
25,000
25,000
24,500
24,500
(16,000)
5
16,000
(6,500)
3,700
6.
(6,500)
%3D
3,700
8
%3D
(2,500)
(5,000)
P 3,000
9.
(2,500)
(5,000)
P 131,000
P 35,000
P 13,200
P 178,000
P 98,200
%3D
P 229,200
P 229,200
Required:
1. Describe each of the above transactions. The last transaction is the only transaction
affecting the capital account that does not affect profit.
2. What was the change in the Cash account for the month? In Galang, Capital?
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images

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