Pio Baconga started Baconga Industrial Spray Service on Apr. 1, 2019. During April, Baconga completed the following transactions: a. Invested cash in the business, P60,000. b. Bought a service vehicle from CDO Meters for P112,500, paying P22,500 in cash, with the remainder due in thirty days. c. Bought spray equipment on account from Misamis Farm Supplies, P18,000. d. Paid rent for the month, P5,600. Paid cash for insurance on service vebiele for the vear P5. 760
Pio Baconga started Baconga Industrial Spray Service on Apr. 1, 2019. During April, Baconga completed the following transactions: a. Invested cash in the business, P60,000. b. Bought a service vehicle from CDO Meters for P112,500, paying P22,500 in cash, with the remainder due in thirty days. c. Bought spray equipment on account from Misamis Farm Supplies, P18,000. d. Paid rent for the month, P5,600. Paid cash for insurance on service vebiele for the vear P5. 760
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Follow the instructions and do it nicely.
Transcribed Image Text:Pio Baconga started Baconga Industrial Spray Service on Apr. 1, 2019. During April,
Baconga completed the following transactions:
a. Invested cash in the business, P60,000.
b. Bought a service vehicle from CDO Motors for P112,500, paying P22,500 in
cash, with the remainder due in thirty days.
c. Bought spray equipment on account from Misamis Farm Supplies, P18,000.
d. Paid rent for the month, P5,600.
Paid cash for insurance on service vehicle for the year, P5,760.
f. Received cash for spray services done on a building, P21,750.
g. Bought supplies for cash, P5,730,
h. Billed customers on account for services performed, P4,440.
i. Paid cash for utilities, P960,
j. Received bill for gasoline used by the service vehicle during the month, P3,270.
k. Receipts from cash customers, P16,420.
I. Baconga withdrew cash for personal use, P10,500.
Paid salaries to employees, P20,400.
e.
m.
Required:
Record the transactions for the month of April 2019 using a financial transaction
worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; Prepaid
Insurance; Spray Equipment; Service Vehiele; Accounts Payable; and Baconga, Capital. If
the owner's equity account is affected by à transaction, identify it as revenue, expense
investment or withdrawal.
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