Problem #1 - Recording Transactions in a Financial Transaction WorksheetJennie Kim established her own business called First Problem Pa Lang Hirap Na Ako Storage Services.Transactions completed during the month follow.a. Deposited P120,000 in a bank account in the name of the business.b. Bought office equipment on account from PHINMA Corporation, P31,000.c. Paid rent for the month, P24,000.d. Bought supplies for cash, P4,500.e. Paid salaries, P9,800.f. Received cash for storage services, P36,000.g. Received and paid the utility bill, P2,520.h. Paid Errol Umerez Graphics for advertising, P4,280.i Paid for one-year liability insurance policy, P8,350.j. Billed customers for storage services, P23,000.k. Paid salaries, P9,900.I. Paid PHINMA Corporation P11,000 as part payment on the office equipment bought in transactionb.m. Jennie withdrew P12,000 for personal use.Use the following accounts: Cash, Accounts Receivable, Prepaid Insurance, Office Equipment, AccountsPayable, Jennie Kim, Capital.Required:1. Record the transaction in columnar form (using a columnar pad), write plus and minus signs, andshow the balance after each transaction to be sure the equation remains in balance.2. Write the proof of totals at the bottom to show that one side of the equation equals the other side. Problem #2 – Recording Transactions in T-AccountsHazel Equacion, the owner of Sabi Ko Na Mas Mahirap Tong Problem 2, is an experienced events planner.The transaction and accounts for the business are as follows.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. Performed services for P10,800 on credit.g. Acquired a fax machine for P7,500; paid P3,000 in cash, balance due in 10 days.h. Received P5,400 from clients on account.I. Paid P10,000 for salaries.j. Settled in full the P4,500 balance for the fax machine.k. Received P7,000 in cash for services performed.I. Performed services for P12,000 on credit.m. Paid P1,350 for the monthly telephone bill.n. Paid P2,400 for the electric and water bills.o. Collected P2,000 from clients on account.p. Equacion withdrew P7,000 in cash for personal expenses.Required:1. With the aid of T-Accounts, record the transactions listed above (use the back portion of thecolumnar pad). Use the following accounts: Cash; Accounts Receivable; O fice Furniture; O ficeEquipment; Accounts Payable; E quacion, Capital; Equacion, W ithdrawals; Consulting R evenues;Salaries Expense; Rent Expense; Utilitie Expense.2. Determine the balances of the T-Accounts.

Name: Problem #1 - Recording Transactions in a Financial Transaction Worksh
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Problem #1 - Recording Transactions in a Financial Transaction WorksheetJennie Kim established her own business called First Problem Pa Lang Hirap Na Ako Storage Services.Transactions completed during the month follow.a. Deposited P120,000 in a bank