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.I. 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.

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Description: 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

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Recording Transactions in a Financial Transaction Worksheet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Problem #3
Recording Transactions in a Financial Transaction Worksheet
On Mar. 1, 2020, Froilan Labausa established Labausa Catering Service. Transactions completed during the
month 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 the
balance 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 following
accounts: Cash; Accounts Receivable; Prepaid Insurance; Service Vehicle; Equipment; Accounts Payable; and
Labausa, Capital. If the owner's equity account is affected by a transaction, identify it as revenue, expense,
investment or withdrawal.
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.
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.
I. 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.

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