On July 1, 2022, Paul Brite started a TV repair business. JULY 1 He invested 50 000 in cash to start his business 3 Purchased for cash shop supplies costing 3 500. 5 Brite bought from X Co. repair equipment costing 20 000 on credit. 8 Customers paid 12 000 cash for repair services rendered. 10 Brite made a partial payment to X. 20 000 12 Customers were billed on account 14 000 for repair services rendered. 14 Rental for the month of July was paid 6 000 17 Collected 8 000 from customers as payment of their accounts 19 Paid wages of assistant helper for the month of July, 4 000. 22 Bought additional shop supplies costing 9 500. A down payment of 3 000 was made and the balance is payable at the end of the month. 25 Repair services rendered, 9 000. Received 5 500 as partial payment. 28 Repair supplies bought for cash and used for repairs amounted to 6 500. 31 Brite withdrew 12 000 for his personal use. Requirements: ACTIVITY #3 ILLUSTRATIVE PROBLEM JOURNALIZING-plut AL T-ACCOUNT TRIAL BALANCE -un

On July 1, 2022, Paul Brite started a TV repair business. JULY 1 He invested 50 000 in cash to start his business 3 Purchased for cash shop supplies costing 3 500. 5 Brite bought from X Co. repair equipment costing 20 000 on credit. 8 Customers paid 12 000 cash for repair services rendered. 10 Brite made a partial payment to X. 20 000 12 Customers were billed on account 14 000 for repair services rendered. 14 Rental for the month of July was paid 6 000 17 Collected 8 000 from customers as payment of their accounts 19 Paid wages of assistant helper for the month of July, 4 000. 22 Bought additional shop supplies costing 9 500. A down payment of 3 000 was made and the balance is payable at the end of the month. 25 Repair services rendered, 9 000. Received 5 500 as partial payment. 28 Repair supplies bought for cash and used for repairs amounted to 6 500. 31 Brite withdrew 12 000 for his personal use. Requirements: ACTIVITY #3 ILLUSTRATIVE PROBLEM JOURNALIZING-plut AL T-ACCOUNT TRIAL BALANCE -un

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Description: On July 1, 2022, Paul Brite started a TV repair business.ACTIVITY #3 ILLUSTRATIVE PROBLEMJULY 1 He invested 50 000 in cash to start his business3 Purchased for cash shop supplies costing 3 500.5 Brite bought from X Co. repair equipment costing 20 00

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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On July 1, 2022, Paul Brite started a TV repair business.
ACTIVITY #3 ILLUSTRATIVE PROBLEM
JULY 1 He invested 50 000 in cash to start his business
3 Purchased for cash shop supplies costing 3 500.
5 Brite bought from X Co. repair equipment costing 20 000 on credit.
8 Customers paid 12 000 cash for repair services rendered.
10 Brite made a partial payment to XR. 20 000
12 Customers were billed on account 14 000 for repair services rendered.
14 Rental for the month of July was paid 6 000
17 Collected 8 000 from customers as payment of their accounts
19 Paid wages of assistant helper for the month of July, 4 000.
22 Bought additional shop supplies costing 9 500. A down payment of 3 000 was made and the
balance is payable at the end of the month.
25 Repair services rendered, 9 000. Received 5 500 as partial payment.
28 Repair supplies bought for cash and used for repairs amounted to 6 500.
31 Brite withdrew 12 000 for his personal use.
Requirements:
JOURNALIZING- plot ALLE
T-ACCOUNT
TRIAL BALANCE
ivon

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