Problem #4 Recording Transactions in T-Accounts Remedios Palaganas is an experienced events planner. The transactions and accounts for the business are as follows: 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. а. 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. h. Paid P10,000 for salaries. i. Settled in full the P4,500 balance for the fax machine. j. Received P7,000 in cash for services performed. 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 and Miscellaneous Expense. 2. Determine the balances of the T-accounts.
Problem #4 Recording Transactions in T-Accounts Remedios Palaganas is an experienced events planner. The transactions and accounts for the business are as follows: 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. а. 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. h. Paid P10,000 for salaries. i. Settled in full the P4,500 balance for the fax machine. j. Received P7,000 in cash for services performed. 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 and Miscellaneous Expense. 2. Determine the balances of the T-accounts.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter7: Receivables And Investments
Section: Chapter Questions
Problem 7.4DC
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Transcribed Image Text:Problem #4
Recording Transactions in T-Accounts
Remedios Palaganas is an experienced events planner. The transactions 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. 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.
h. 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.
k. Performed services for P12,000 on credit.
1. Paid P1,350 for the monthly telephone bill.
j.
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 and
Miscellaneous Expense.
2. Determine the balances of the T-accounts.
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