Prepare a Classified Balance Sheet
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 2PA
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Question
Prepare a Classified Balance Sheet
![April
Ms. Ann Chavez, the owner of the business, transferred cash
from personal bank account to the account of the business. P
1,000,000.
Purchased Plain shirts for cash, P 50,000.
Bought Screen Printing Machine for notes payable, P 30,000.
Bought Ink for cash, P 25,000.
Bought Computer Equipment for notes payable, P 10,000.
Paid water & electricity bill, P 3,500.
Ms. Ann Chavez withdrew P 4,000 cash for personal use.
Purchased Office Supplies for cash, P 2,000.
Paid May rent for office, P 15,000.
Received cash from a customer for service rendered, P3,400.
Received cash from a customer for service rendered, P 4,400.
Made payment on notes payable, P 40,000.
Received cash from a customer for service rendered, P 6,450.
Paid annual insurance policies, P 10,000.
Paid salaries, P 12,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F77af9b30-e58b-4b23-80c7-4ef94c50b6e2%2F3a1e7469-e4b6-4ef7-920b-91690c4526f3%2F67zm96e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:April
Ms. Ann Chavez, the owner of the business, transferred cash
from personal bank account to the account of the business. P
1,000,000.
Purchased Plain shirts for cash, P 50,000.
Bought Screen Printing Machine for notes payable, P 30,000.
Bought Ink for cash, P 25,000.
Bought Computer Equipment for notes payable, P 10,000.
Paid water & electricity bill, P 3,500.
Ms. Ann Chavez withdrew P 4,000 cash for personal use.
Purchased Office Supplies for cash, P 2,000.
Paid May rent for office, P 15,000.
Received cash from a customer for service rendered, P3,400.
Received cash from a customer for service rendered, P 4,400.
Made payment on notes payable, P 40,000.
Received cash from a customer for service rendered, P 6,450.
Paid annual insurance policies, P 10,000.
Paid salaries, P 12,000.
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