Question Directions: Record the transactions directly into the T-accounts. The transactions are independent of one another. Use the following account titles: Cash Owner’s Withdrawals Accounts Receivable Professional Fees Office Equipment Salaries Expense Office Furniture Rent Expense Accounts Payable Utility Expense Owner’s Capital Miscellaneous Expense a. The owner deposited P280,000 in the name of his business. b. He purchased 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on the account. c. He bought chairs and tables for the office for P12,300 cash. d. He purchased furniture from Orion Company for P2,750 in cash. e. He received and paid the telephone bill from Ph Telecom amounting to P1,080. f. He billed his customers P12,940 for services on account. g. He paid P1,850 for the electric bill from BEBECO. h. He paid P3,500 for the membership fee. i. He received P17,650 in cash for services rendered. j. He paid P1,000 to partially settle accounts with Orion Company.
Question
Directions: Record the transactions directly into the T-accounts. The transactions are independent of one another.
Use the following account titles:
Cash
Owner’s Withdrawals
Professional Fees
Office Equipment
Salaries Expense
Office Furniture
Rent Expense
Accounts Payable
Utility Expense
Owner’s Capital
Miscellaneous Expense
a. The owner deposited P280,000 in the name of his business.
b. He purchased 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on the account.
c. He bought chairs and tables for the office for P12,300 cash.
d. He purchased furniture from Orion Company for P2,750 in cash.
e. He received and paid the telephone bill from Ph Telecom amounting to P1,080.
f. He billed his customers P12,940 for services on account.
g. He paid P1,850 for the electric bill from BEBECO.
h. He paid P3,500 for the membership fee.
i. He received P17,650 in cash for services rendered.
j. He paid P1,000 to partially settle accounts with Orion Company.
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