On July1 1, 2016, Mr. Jan Jacob C. Solon opened the Hubbies Hair and Beauty Salon. The following transactions took place during the first month of operation: July 1 Php 200,000.00 was invested by the owner. Paid installation of utilities, Php 7,200.00 Paid business permits and licenses to the government, Php 3,500.00 Paid advance rent for the salon space, Php 10,000.00 Purchased equipment on account amounting to Php 85,000.00 Purchases salon supplies in cash, Php 25,000.00 Served various customers and received cash, Php 9,600.00 7 Rendered services, Php 12,000.00 and only 9,000 cash was received. The rest was on account. 10 Received cash, Php 8,200.00 from various customers. 13 Received Php 23,500.00 cash from various customers while Php 2,400.00 worth of services were still receivables. 15 Paid salaries of salon assistants, Php 7,600.00 18 Received cash for services rendered, Php 14,100.00 21 Received and paid bill on utilities, Php 2,200.00 23 Received cash of Php 7,500.00 from various customers. 28 Collected 50% of the account on July 7, 2016. 29 Received cash for services rendered, Php 10,200.00 30 Collected the account on July 13. 31 Withdrew Php 10,000.00 cash for personal use. Paid salaries of assistants, Php 7,600.00 Instructions: Plot the transactions in the t-accounts using the following account titles: Section Break(Continuous) a. Cash on Hand Accounts Receivable Salon Supplies Prepaid Rent Salon Equipment Accounts Payable Solon, Capital Solon, Withdrawal Salon Services Revenue Permits and Licenses b. C. d. е. f. g. h. i. Utilities Expense Salaries Expense-- k. I.
On July1 1, 2016, Mr. Jan Jacob C. Solon opened the Hubbies Hair and Beauty Salon. The following transactions took place during the first month of operation: July 1 Php 200,000.00 was invested by the owner. Paid installation of utilities, Php 7,200.00 Paid business permits and licenses to the government, Php 3,500.00 Paid advance rent for the salon space, Php 10,000.00 Purchased equipment on account amounting to Php 85,000.00 Purchases salon supplies in cash, Php 25,000.00 Served various customers and received cash, Php 9,600.00 7 Rendered services, Php 12,000.00 and only 9,000 cash was received. The rest was on account. 10 Received cash, Php 8,200.00 from various customers. 13 Received Php 23,500.00 cash from various customers while Php 2,400.00 worth of services were still receivables. 15 Paid salaries of salon assistants, Php 7,600.00 18 Received cash for services rendered, Php 14,100.00 21 Received and paid bill on utilities, Php 2,200.00 23 Received cash of Php 7,500.00 from various customers. 28 Collected 50% of the account on July 7, 2016. 29 Received cash for services rendered, Php 10,200.00 30 Collected the account on July 13. 31 Withdrew Php 10,000.00 cash for personal use. Paid salaries of assistants, Php 7,600.00 Instructions: Plot the transactions in the t-accounts using the following account titles: Section Break(Continuous) a. Cash on Hand Accounts Receivable Salon Supplies Prepaid Rent Salon Equipment Accounts Payable Solon, Capital Solon, Withdrawal Salon Services Revenue Permits and Licenses b. C. d. е. f. g. h. i. Utilities Expense Salaries Expense-- k. I.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.7E
Related questions
Question
100%
T-Account
![l 1:40
n 73%
[Template] E..T-ACCOUNT
Exercise 1
On July1 1, 2016, Mr. Jan Jacob C. Solon opened the Hubbies Hair and Beauty Salon.
The following transactions took place during the first month of operation:
July 1
Php 200,000.00 was invested by the owner.
Paid installation of utilities, Php 7,200.00
Paid business permits and licenses to the government,
Php 3,500.00
Paid advance rent for the salon space, Php 10,000.00
3
Purchased equipment on account amounting to
Php 85,000.00
Purchases salon supplies in cash, Php 25,000.00
Served various customers and received cash,
Php 9,600.00
7
Rendered services, Php 12,000.00 and only 9,000 cash
was received. The rest was on account.
Received cash, Php 8,200.00 from various customers.
Received Php 23,500.00 cash from various customers
10
13
while Php 2,400.00 worth of services were still
receivables.
15
Paid salaries of salon assistants, Php 7,600.00
18
Received cash for services rendered, Php 14,100.00
21
Received and paid bill on utilities, Php 2,200.00
23
Received cash of Php 7,500.00 from various
customers.
28
Collected 50% of the account on July 7, 2016.
29
Received cash for services rendered, Php 10,200.00
Collected the account on July 13.
30
31
Withdrew Php 10,000.00 cash for personal use.
Paid salaries of assistants, Php 7,600.00
Instructions: Plot the transactions in the t-accounts using the following account titles:
Section Break(Comtinuous)--
****......
a.
Cash on Hand
b.
Accounts Receivable
Salon Supplies
Prepaid Rent
Salon Equipment
C.
d.
e.
f.
Accounts Payable
Solon, Capital
g.
9.
h.
Solon, Withdrawal
i.
Salon Services Revenue
j.
k.
Permits and Licenses
Utilities Expense
Salaries Expense-
I.
------....
()
II](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F46e8c9e7-8346-452c-a618-66dcac25da13%2F2723fe5b-4883-4178-bc14-7274553400cb%2Fj8jf0f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:l 1:40
n 73%
[Template] E..T-ACCOUNT
Exercise 1
On July1 1, 2016, Mr. Jan Jacob C. Solon opened the Hubbies Hair and Beauty Salon.
The following transactions took place during the first month of operation:
July 1
Php 200,000.00 was invested by the owner.
Paid installation of utilities, Php 7,200.00
Paid business permits and licenses to the government,
Php 3,500.00
Paid advance rent for the salon space, Php 10,000.00
3
Purchased equipment on account amounting to
Php 85,000.00
Purchases salon supplies in cash, Php 25,000.00
Served various customers and received cash,
Php 9,600.00
7
Rendered services, Php 12,000.00 and only 9,000 cash
was received. The rest was on account.
Received cash, Php 8,200.00 from various customers.
Received Php 23,500.00 cash from various customers
10
13
while Php 2,400.00 worth of services were still
receivables.
15
Paid salaries of salon assistants, Php 7,600.00
18
Received cash for services rendered, Php 14,100.00
21
Received and paid bill on utilities, Php 2,200.00
23
Received cash of Php 7,500.00 from various
customers.
28
Collected 50% of the account on July 7, 2016.
29
Received cash for services rendered, Php 10,200.00
Collected the account on July 13.
30
31
Withdrew Php 10,000.00 cash for personal use.
Paid salaries of assistants, Php 7,600.00
Instructions: Plot the transactions in the t-accounts using the following account titles:
Section Break(Comtinuous)--
****......
a.
Cash on Hand
b.
Accounts Receivable
Salon Supplies
Prepaid Rent
Salon Equipment
C.
d.
e.
f.
Accounts Payable
Solon, Capital
g.
9.
h.
Solon, Withdrawal
i.
Salon Services Revenue
j.
k.
Permits and Licenses
Utilities Expense
Salaries Expense-
I.
------....
()
II
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 2 steps with 2 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
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College