Prepare a tabular analysis of the above transactions and compute the balance of each account after each transaction. Determine the balances of the following account titles to be used in preparing the tabular analysis: Cash Furniture Accounts Receivable Accounts Payable Repair Materials Loan Payable Prepaid Rent Nuttie, Capital Sewing Machines NOTE: Do not use Peso sign or "P". If the answer has decimal amount, round off your answer to two decimal places. Do not forget to use comma as separator, if necessary. For example, if your answer is P90,000, you should type 90,000 or P 15,000.75 as 115,000.75

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

46

Prepare a tabular analysis of the above transactions and compute the balance of each account after each transaction. Determine the
balances of the following account titles to be used in preparing the tabular analysis:
Cash
Furniture
Accounts Receivable
Accounts Payable
Repair Materials
Loan Payable
Prepaid Rent
Nuttie, Capital
Sewing Machines
NOTE: Do not use Peso sign or "P". If the answer has decimal amount, round off your answer to two decimal places. Do not forget to
use comma as separator, if necessary. For example, if your answer is P90,000, you should type 90,000 or P 15,000.75 as 115,000.75
Transcribed Image Text:Prepare a tabular analysis of the above transactions and compute the balance of each account after each transaction. Determine the balances of the following account titles to be used in preparing the tabular analysis: Cash Furniture Accounts Receivable Accounts Payable Repair Materials Loan Payable Prepaid Rent Nuttie, Capital Sewing Machines NOTE: Do not use Peso sign or "P". If the answer has decimal amount, round off your answer to two decimal places. Do not forget to use comma as separator, if necessary. For example, if your answer is P90,000, you should type 90,000 or P 15,000.75 as 115,000.75
Hazel Nuttie opened a dress repair shop. She completed the following transactions for the month of February:
Transferred P80,000 from personal bank account to the business account named HN Dress Repair Shop.
Hired two workers with monthly salary of P10,000 each.
3
Purchased repair materials for shop use, P5,000, on credit.
4
Purchased two sewing machines in cash, P7,500 each.
5
Paid rent in advance for six months, P12,000.
6
Applied for loan from Masho Bank, P200,000.
7
Performed dress repair services to Aluya de Pinya on account, P5,000.
8
Bought furniture from Ralph Quatro Cantos on account, P10,000.
The loan from Masho Bank was granted and directly credited to the business account.
10
Rendered services to Katrina Magah Mata received in cash, P6,000.
12
Repair materials used amounted to P2,000 (refer to #3 transaction).
13
Paid utilities expenses: water, P500; electricity, 4,000; and telephone, P1,000.
15
Repaired dresses of Mr. Dextrose Ganzon, P10,000 received in cash.
15
Paid fırst half of salary of workers.
17
Bought additional repair materials in cash, P5,000.
Received payment from Aluya de Pinya in full.
18
20
Paid half of the account due to Ralph Quatro Cantos.
23
Received payment from various cash customers, P15,000.
25
Made partial payment to Masho Bank, P50,000.
28
Paid the salaries for the second half.
Performed services to various customers amounted to 8,000, of which P3,500 was received in cash.
29
Rental for the first month was expensed out.
Transcribed Image Text:Hazel Nuttie opened a dress repair shop. She completed the following transactions for the month of February: Transferred P80,000 from personal bank account to the business account named HN Dress Repair Shop. Hired two workers with monthly salary of P10,000 each. 3 Purchased repair materials for shop use, P5,000, on credit. 4 Purchased two sewing machines in cash, P7,500 each. 5 Paid rent in advance for six months, P12,000. 6 Applied for loan from Masho Bank, P200,000. 7 Performed dress repair services to Aluya de Pinya on account, P5,000. 8 Bought furniture from Ralph Quatro Cantos on account, P10,000. The loan from Masho Bank was granted and directly credited to the business account. 10 Rendered services to Katrina Magah Mata received in cash, P6,000. 12 Repair materials used amounted to P2,000 (refer to #3 transaction). 13 Paid utilities expenses: water, P500; electricity, 4,000; and telephone, P1,000. 15 Repaired dresses of Mr. Dextrose Ganzon, P10,000 received in cash. 15 Paid fırst half of salary of workers. 17 Bought additional repair materials in cash, P5,000. Received payment from Aluya de Pinya in full. 18 20 Paid half of the account due to Ralph Quatro Cantos. 23 Received payment from various cash customers, P15,000. 25 Made partial payment to Masho Bank, P50,000. 28 Paid the salaries for the second half. Performed services to various customers amounted to 8,000, of which P3,500 was received in cash. 29 Rental for the first month was expensed out.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Loanable Funds Theory
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