RECORDING TRANSACTIONS IN A FINANCIAL TRANSACTION WORKSHEET Part I. Directions: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Office Equipment; Professional Library; Accounts Payable; and Uzumaki, Capital. If the owner's equity account is affected by a transaction, identify it as revenue, expense, investment, or withdrawal. Uzumaki Naruto opened his Ninja Academy on Dec. 1, 2021. The following transactions were completed during the month. a. Deposited P 110,000 in the bank in the name of the business. b. Bought office equipment on account from Uchiha Corp., P 147,000. c. Invested his personal library into the business, P57,000. d. Received tuition fees from ninja students, P11,700. e. Paid office rent for the month, P7,600. f. Bought office supplies for cash, P8,850. g. Paid premium for a one-year fire insurance policy on the equipment and the library, P1,860. h. Acquired office equipment for cash, P 19,350. i. Received electricity bill, P4,820, no payments made yet. j. Billed tuition fees for ninja students, P24,600, no payments received yet. k. Received and paid bill for the use of internet, P2,280. 1. Paid salaries of two part-time ninja sensei, P9, 600. m. Paid car rental expenses, P2,880. n. Paid the electricity bill received earlier. o. Received partial payments from previously billed tuition fees, P21,200. p. Paid Uchiha Corp. a portion of the amount owed for the acquisition of the office equipment recorded earlier, Pl5,000. q. Naruto withdrew cash for personal use, P20,750.
RECORDING TRANSACTIONS IN A FINANCIAL TRANSACTION WORKSHEET Part I. Directions: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Office Equipment; Professional Library; Accounts Payable; and Uzumaki, Capital. If the owner's equity account is affected by a transaction, identify it as revenue, expense, investment, or withdrawal. Uzumaki Naruto opened his Ninja Academy on Dec. 1, 2021. The following transactions were completed during the month. a. Deposited P 110,000 in the bank in the name of the business. b. Bought office equipment on account from Uchiha Corp., P 147,000. c. Invested his personal library into the business, P57,000. d. Received tuition fees from ninja students, P11,700. e. Paid office rent for the month, P7,600. f. Bought office supplies for cash, P8,850. g. Paid premium for a one-year fire insurance policy on the equipment and the library, P1,860. h. Acquired office equipment for cash, P 19,350. i. Received electricity bill, P4,820, no payments made yet. j. Billed tuition fees for ninja students, P24,600, no payments received yet. k. Received and paid bill for the use of internet, P2,280. 1. Paid salaries of two part-time ninja sensei, P9, 600. m. Paid car rental expenses, P2,880. n. Paid the electricity bill received earlier. o. Received partial payments from previously billed tuition fees, P21,200. p. Paid Uchiha Corp. a portion of the amount owed for the acquisition of the office equipment recorded earlier, Pl5,000. q. Naruto withdrew cash for personal use, P20,750.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Hello please help me by answering this. Thank you so much
Transcribed Image Text:RECORDING TRANSACTIONS IN A FINANCIAL TRANSACTION WORKSHEET
Part I. Directions: Record the transactions for the month of December
2021 using a financial transaction worksheet. Use the following accounts:
Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Office
Equipment; Professional Library; Accounts Payable; and Uzumaki, Capital.
If the owner's equity account is affected by a transaction, identify it
as revenue, expense, investment,
or withdrawal.
Uzumaki Naruto opened his Ninja Academy on Dec. 1, 2021. The following
transactions were completed during the month.
a. Deposited P 110,000 in the bank in the name of the business.
b. Bought office equipment on account from Uchiha Corp., P 147,000.
c. Invested his personal library into the business, P57,000.
d. Received tuition fees from ninja students, P11, 700.
e. Paid office rent for the month, P7, 600.
f. Bought office supplies for cash, P8,850.
g. Paid premium for a one-year fire insurance policy on the
equipment and the library, Pl,860.
h. Acquired office equipment for cash, P 19,350.
i. Received electricity bill, P4,820, no payments made yet.
j. Billed tuition fees for ninja students, P24,600, no payments
received yet.
k. Received and paid bill for the use of internet, P2,280.
1. Paid salaries of two part-time ninja sensei, P9,600.
m. Paid car rental expenses, P2,880.
n. Paid the electricity bill received earlier.
o. Received partial payments from previously billed tuition fees,
P21,200.
p. Paid Uchiha Corp. a portion of the amount owed for the
acquisition of the office equipment recorded earlier, P15,000.
q. Naruto withdrew cash for personal use, P20,750.
Nothing follows
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education