Hello accounting tutors. Can you help me to answer this?.kindly see the attached image below or this link >> https://drive.google.com/file/d/1D4KNMJHHVMxVKdYvbABzQLTSijz2ZU9m/view Problem #3Recording Transactions in a Financial Transaction WorksheetOn Mar. 1, 2020, Froilan Labausa established Labausa Catering Service. Transactions completed during themonth are as follows:a. Labausa deposited P165,000 in a bank account in the name of the business.b. Bought a service vehicle from Elpidio Motors for P194,900, paying P25,000 in cash and placing thebalance on account.c. Bought catering equipment on account from Quirino Equipment, P28,500.d. Paid rent for the month, P6,200.e. Rendered catering services for cash for the first half of the month, P24,200.f. Bought supplies for cash, P1,800.g. Bought insurance for the service vehicle for one year, P4,000.h. Received and paid the utilities bill, P6,040.Received a bill from Manila Gas for gas and oil used by the service vehicle for the month, P6,080.Rendered catering services on account, P28,240.k. Performed catering services for cash for the remainder of the month, P25,200.1. Paid salaries of the part-time assistants, P11,200.m. Labausa withdrew cash for personal use, P15,500.i.j.Required:Record the transactions for the month of March 2020 using a financial transaction worksheet. Use the followingaccounts: Cash; Accounts Receivable; Prepaid Insurance; Service Vehicle; Equipment; Accounts Payable; andLabausa, Capital. If the owner's equity account is affected by a transaction, identify it as revenue, expense,investment or withdrawal.Problem #4Recording Transactions in T-AccountsRemedios Palaganas is an experienced events planner. The transactions and accounts for the business are asfollows:a. Invested P100,000 in cash to start her own business.b. Paid P5,000 for one month's rent.c. Bought office furniture for P15,000 in cash.d. Received delivery of laptop computer, P54,000. Paid 50% down, balance due in 30 days.e. Performed services for P12,000 in cash.f. Acquired a fax machine for P7,500; paid P3,000 in cash, balance due in 10 days.g. Received P5,400 from clients on account.Paid P10,000 for salaries.i.Settled in full the P4,500 balance for the fax machine.Received P7,000 in cash for services performed.j.k. Performed services for P12,000 on credit.1. Paid P1,350 for the monthly telephone bill.m. Paid P2,400 for the electric and water bills.n. Collected P2,000 from clients on account.o. Palaganas withdrew P7,000 in cash for personal expenses.Required:1. With the aid of T-accounts, record the transactions listed above. Use the following accounts: Cash;Accounts Receivable; Office Furniture; Office Equipment; Accounts Payable; Palaganas, Capital;Palaganas, Withdrawals; Consulting Revenues; Salaries Expense; Rent Expense; Utilities Expenses andMiscellaneous Expense.2. Determine the balances of the T-accounts. Problem #1Elements of Financial Statementsa. Using the accounting equation, complete the following table:AssetsLiabilitiesEquity1.P457,000P270,0002.P1,006,000P500,0003.P309,000P120,000P756,000P148,0004.P451,0005.P895,0006.P668,000P222,000b. The following figures are extracted from various sole proprietorships. Using the expanded accountingequation, complete the following table:AssetsLiabilitiesEquityCapitalP56,000IncomeExpensesP32,5001.P96,000P46,500P151,000P182,0002.P39,000P86,000P48,000P25,5003.P65,000P37,0004.P123,000P54,000P42,000P26,0005.P94,000P25,000P37,000P67,500Problem #2Transactions in a Completed WorksheetAsuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory, established theAA Tutorial Services. On May 1, 2020, she contributed P70,000 as investment to start the business. During themonth, she entered into several transactions. Note that she made no withdrawals during the month. Thefollowing is the transaction worksheet prepared by her student-assistant:CashAccountsReceivableOfficeAlcala,Capital+70,000AccountsNotesEquipmentPayablePayable1.+70,000-45,000+45,000+30,0002.3.+10,000+20,0004.+18,000+18,000-5,000+7,000-5,000+7,000-10,000+15,000-7,0005.6.7.-10,0008.-15,0009.-7,000Required:1. Describe each of the above transactions2. If these transactions represent the operations of AA Tutorial Services during the month of May, whatwas the amount of profit or loss before depreciation?

“Since you have asked multiple questions, we will solve the first question for you. If you want any…

Problem #1 Elements of Financial Statements a. Using the accounting equation, complete the following table: Assets Liabilities Equity 1. P457,000 P270,000 2. P1,006,000 P500,000 3. P309,000 P120,000 4. P756,000 P451,000 5. P895,000 P148,000 6. P668,000 P222,000 b. The following figures are extracted from various sole proprietorships. Using the expanded accounting equation, complete the following table: Assets Liabilities Equity Capital Income Expenses P32,500 1. P96,000 P56,000 P46,500 2. P86,000 P37,000 P48,000 P25,500 P151,000 P39,000 3. P182,000 P65,000 P123,000 P26,000 P54,000 P25,000 4. P42,000 5. P94,000 P37,000 P67,500 Problem #2 Transactions in a Completed Worksheet Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory, established the AA Tutorial Services. On May 1, 2020, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Notes Payable Office Alcala, Capital +70,000 Cash Accounts Accounts Receivable Equipment Payable +70,000 -45,000 1. 2. +45,000 +30,000 3. +10,000 +20,000 +18,000 +18,000 -5,000 +7,000 4. 5. -5,000 +7,000 -10,000 6. 7. -10,000 8. +15,000 -7,000 -15,000 9. -7,000 Required: 1. Describe each of the above transactions 2. If these transactions represent the operations of AA Tutorial Services during the month of May, what was the amount of profit or loss before depreciation?

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q