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Problem 1 and Problem 2

Problem 1 and Problem 2

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 1 and Problem 2

Instructions: 1. Answer the following using the space provided below. 2. The following transaction of De Belen's Catering Services occurred in the month of December, 19_ Record the transaction in the columns provide for below: 3. Compute for the total assets, liabilities and equity using the T-Account. J. De Belen made an initial investment P75, 000 cash. b. Bought chairs and tables from Alcuz Furniture on credit, P23, 000. c. Purchased service equipment from Virgil Co. on credit, P9, 000. Received P15, 000 for service rendered at a birth day party. Paid P7, 000 for the food supplies used at the party. 9. d. e. f. Billed J. Torres, P23, 000 for the catering service at his son's wedding. Paid P18, 000 for food used at J. Tores' party. General expenses paid, P350. Paid one-half of the account due to Alcuz. Furniture. J. Torres sent P13, 000 as partial payment of his account. 9. h. i. j. k. Paid the wages of the helper, P2, 500. Paid monthly rent of space, P4, 500. Received P13, 000 from customer for catering service rendered. I. m. Debit Сredit a. b. C. d. e. f. g- h. i, j. k.
Transcribed Image Text:Instructions: 1. Answer the following using the space provided below. 2. The following transaction of De Belen's Catering Services occurred in the month of December, 19_ Record the transaction in the columns provide for below: 3. Compute for the total assets, liabilities and equity using the T-Account. J. De Belen made an initial investment P75, 000 cash. b. Bought chairs and tables from Alcuz Furniture on credit, P23, 000. c. Purchased service equipment from Virgil Co. on credit, P9, 000. Received P15, 000 for service rendered at a birth day party. Paid P7, 000 for the food supplies used at the party. 9. d. e. f. Billed J. Torres, P23, 000 for the catering service at his son's wedding. Paid P18, 000 for food used at J. Tores' party. General expenses paid, P350. Paid one-half of the account due to Alcuz. Furniture. J. Torres sent P13, 000 as partial payment of his account. 9. h. i. j. k. Paid the wages of the helper, P2, 500. Paid monthly rent of space, P4, 500. Received P13, 000 from customer for catering service rendered. I. m. Debit Сredit a. b. C. d. e. f. g- h. i, j. k.
Problem 1 Requirement: 1. Answer the following using the space provided below. 2. State the sccount to be debited and credited in the following transaction of Julie's Dress Shop: 3. Compute for the total assets, liabilities and equity using the T-Account. a. The owner, J. De Vega, invested P150, 000 to start the business. b. Bought on account from ABC Trading Sewing machines worth P29, 000. c. Bought sewing supplies and pieces of cloth P5, 000 for cash. d. Receive P420 cash from a customer for dressed made. e. Sent a bill to A. Alegre P750 for the dressed made f. Paid the wages of the shop helper, P800. g. Bought additional pieces of cloth from ABC Trading on credit, P3, 500. h. Received P15, 000 from various customers for dressed made. Paid P9, 000 to ABC Trading as partial settlement of its account. j. Received P750 from A. Alegre as full settlement of its account. i. k. Paid the monthly utility bills, P950. Debit Credit a. b. C. d. e. f. g- h. j. k. I. m.
Transcribed Image Text:Problem 1 Requirement: 1. Answer the following using the space provided below. 2. State the sccount to be debited and credited in the following transaction of Julie's Dress Shop: 3. Compute for the total assets, liabilities and equity using the T-Account. a. The owner, J. De Vega, invested P150, 000 to start the business. b. Bought on account from ABC Trading Sewing machines worth P29, 000. c. Bought sewing supplies and pieces of cloth P5, 000 for cash. d. Receive P420 cash from a customer for dressed made. e. Sent a bill to A. Alegre P750 for the dressed made f. Paid the wages of the shop helper, P800. g. Bought additional pieces of cloth from ABC Trading on credit, P3, 500. h. Received P15, 000 from various customers for dressed made. Paid P9, 000 to ABC Trading as partial settlement of its account. j. Received P750 from A. Alegre as full settlement of its account. i. k. Paid the monthly utility bills, P950. Debit Credit a. b. C. d. e. f. g- h. j. k. I. m.
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