Homework Help is Here – Start Your Trial Now!
Business
Accounting
Owner's Withdrawals ash Ecounts Receivable Tice Equipment fice Furniture counts Payable ner's Capital Professional Fees Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense he owner deposited P280,000 in the name of his business.

Owner's Withdrawals ash Ecounts Receivable Tice Equipment fice Furniture counts Payable ner's Capital Professional Fees Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense he owner deposited P280,000 in the name of his business.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

The first picture is the example. 

piractions: Record the transactions directly into the T-accounts. The transactions are independent from one another. Write your answers on a separate sheet of paper. Is Use the following account titles: Owner's Withdrawals Cash Accounts Receivable Office Equipment Office Furniture Professional Fees Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense Accounts Payable Owner's Capital The owner deposited P280,000 in the name of bis business. a. b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on account. He bought chairs and tables for the office for P12,300 cash. C. d. He purchased furniture from Orion Company for P2,750 in cash. He received and paid the telephone bill from Ph Telecom amounting to P1,080. e. 15
Transcribed Image Text:piractions: Record the transactions directly into the T-accounts. The transactions are independent from one another. Write your answers on a separate sheet of paper. Is Use the following account titles: Owner's Withdrawals Cash Accounts Receivable Office Equipment Office Furniture Professional Fees Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense Accounts Payable Owner's Capital The owner deposited P280,000 in the name of bis business. a. b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on account. He bought chairs and tables for the office for P12,300 cash. C. d. He purchased furniture from Orion Company for P2,750 in cash. He received and paid the telephone bill from Ph Telecom amounting to P1,080. e. 15
P50,000 Debit Computer Notes Payable P50,000 Credit Analysis: Increase in Asset: Increase in Liability: April 3: months of April, May, and June. Assets (Increase) Assets (Decrease) Prepaid Rent Debit (+) Credit (-) Cash Credit (-) 4-3 P15,000 Debit (+) P350,000 4-3 P15,000 4-1 Austration adapted from Basic Financial Accounting and Reporting, 22nd Rdicion P15,000 Credit Analysis: Cash P15,000 Debit Decrease in Asset: Prepaid Rent Increase in Asset: Ralph Polo gave P18, 000 as an advanced payment for services April 4: on the next three months. Liabilities (Increase) Assets Increase) Unearned Revenues Cash Debit (+) Credit (-) Debit (-) Credit (+) 4-1 P350,000 4-3 P15,000 4-4 P18,000 4-4 18,000 Mustration adapted from Basic Financial Accounting and Reporting, 22nd Edition Analysis: Increase in Assets: Cash P18,000 Uneamed Revenues P18,000 Debit Increase in Liability: Credit April 5: Matulungin bought computer in the amount of P145,000.00 on cash basis. Assets (Decrease) Assets (Increase) Cash Debit (+) Credit (-) Computer 4-1 Debit (+) P350,000 4-3 18,000 4-5 P15,000 Credit (-) 4-4 4-2 P50,000 145,000 145,000 4-5 Hihustrarion adapted from Basic Financial Accouniing and Reporting. 22 Edition 92
Transcribed Image Text:P50,000 Debit Computer Notes Payable P50,000 Credit Analysis: Increase in Asset: Increase in Liability: April 3: months of April, May, and June. Assets (Increase) Assets (Decrease) Prepaid Rent Debit (+) Credit (-) Cash Credit (-) 4-3 P15,000 Debit (+) P350,000 4-3 P15,000 4-1 Austration adapted from Basic Financial Accounting and Reporting, 22nd Rdicion P15,000 Credit Analysis: Cash P15,000 Debit Decrease in Asset: Prepaid Rent Increase in Asset: Ralph Polo gave P18, 000 as an advanced payment for services April 4: on the next three months. Liabilities (Increase) Assets Increase) Unearned Revenues Cash Debit (+) Credit (-) Debit (-) Credit (+) 4-1 P350,000 4-3 P15,000 4-4 P18,000 4-4 18,000 Mustration adapted from Basic Financial Accounting and Reporting, 22nd Edition Analysis: Increase in Assets: Cash P18,000 Uneamed Revenues P18,000 Debit Increase in Liability: Credit April 5: Matulungin bought computer in the amount of P145,000.00 on cash basis. Assets (Decrease) Assets (Increase) Cash Debit (+) Credit (-) Computer 4-1 Debit (+) P350,000 4-3 18,000 4-5 P15,000 Credit (-) 4-4 4-2 P50,000 145,000 145,000 4-5 Hihustrarion adapted from Basic Financial Accouniing and Reporting. 22 Edition 92
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Database design
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
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS