On Sept. 1, 2021, Christopher Abelinde establ Find six errors that were made in recording the transactions, and state how they should month, the entity had the following transactions: Abelinde, Capital). down payment (increase Delivery Equipment, P200,000; decrease Cash, P50,000- increase Accounts Payable, P150,000). b. Bought two used delivery vans from The Van Lot for P200,000 and paid P50,000 as a C. Received P25,000 in cash for delivery services (increase Cash; increase Delivery Revenues). d. Received bill from Bicol News for advertising, P3,500 (increase Advertising Expense; decrease Cash). e. Billed Naga Surgical Supply for delivery services provided, P6,200 (increase Accounts Receivable; increase Delivery Revenues). f. Received and paid telephone bill, P1,000 (decrease Cash; decrease Telephone Expense). g. Abelinde invested in his business office equipment having a fair market value of P9,600 (increase Office Equipment; decrease Cash). h. Received and paid bill for gas and oil, P1,500 (decrease Cash; increase Maintenance Expense). i Paid P3,500 to Bicol News to pay account in full (increase Advertising Expense; increase Cash). i Received P29,000 cash for delivery services performed (increase Cash; increase Delivery Revenues). k. Abelinde withdrew P11,000 for personal use (decrease Cash; increase Salaries Expense). I. Received P4,000 from Naga Surgical Supply to apply on account (increase Cash; increase Delivery Revenues). m. Paid salaries to part-time employee, P8,000 (increase Salaries Expense; decrease Cash). Required: have been recorded.
On Sept. 1, 2021, Christopher Abelinde establ Find six errors that were made in recording the transactions, and state how they should month, the entity had the following transactions: Abelinde, Capital). down payment (increase Delivery Equipment, P200,000; decrease Cash, P50,000- increase Accounts Payable, P150,000). b. Bought two used delivery vans from The Van Lot for P200,000 and paid P50,000 as a C. Received P25,000 in cash for delivery services (increase Cash; increase Delivery Revenues). d. Received bill from Bicol News for advertising, P3,500 (increase Advertising Expense; decrease Cash). e. Billed Naga Surgical Supply for delivery services provided, P6,200 (increase Accounts Receivable; increase Delivery Revenues). f. Received and paid telephone bill, P1,000 (decrease Cash; decrease Telephone Expense). g. Abelinde invested in his business office equipment having a fair market value of P9,600 (increase Office Equipment; decrease Cash). h. Received and paid bill for gas and oil, P1,500 (decrease Cash; increase Maintenance Expense). i Paid P3,500 to Bicol News to pay account in full (increase Advertising Expense; increase Cash). i Received P29,000 cash for delivery services performed (increase Cash; increase Delivery Revenues). k. Abelinde withdrew P11,000 for personal use (decrease Cash; increase Salaries Expense). I. Received P4,000 from Naga Surgical Supply to apply on account (increase Cash; increase Delivery Revenues). m. Paid salaries to part-time employee, P8,000 (increase Salaries Expense; decrease Cash). Required: have been recorded.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Transcribed Image Text:On Sept. 1, 2021, Christopher Abelinde established Abeli
Find six errors that were made in recording the transactions, and state how they should
month, the entity had the following transactions:
D. Bought two used delivery vans from The Van Lot for P200,000 and paid P50,000 as a
down payment (increase Delivery Equipment, P200,000; decrease Cash, P50,000:
increase Accounts Payable, P150,000).
Received P25,000 in cash for delivery services (increase Cash; increase Delivery
Revenues).
Abelinde, Capital).
C.
d. Received bill from Bicol News for advertising, P3,500 (increase Advertising Expense;
decrease Cash).
e. Billed Naga Surgical Supply for delivery services provided, P6,200 (increase Accounts
Receivable; increase Delivery Revenues).
f. Received and paid telephone bill, P1,000 (decrease Cash; decrease Telephone
Expense).
g. Abelinde invested in his business office equipment having a fair market value of
P9,600 (increase Office Equipment; decrease Cash).
h. Received and paid bill for gas and oil, P1,500 (decrease Cash; increase Maintenance
Expense).
i. Paid P3,500 to Bicol News to pay account in full (increase Advertising Expense;
increase Cash).
i. Received P29,000 cash for delivery services performed (increase Cash; increase
Delivery Revenues).
k. Abelinde withdrew P11,000 for personal use (decrease Cash; increase Salaries
Expense).
I. Received P4,000 from Naga Surgical Supply to apply on account (increase Cash;
increase Delivery Revenues).
m. Paid salaries to part-time employee, P8,000 (increase Salaries Expense; decrease
Cash).
Required:
have been recorded.
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