Required: 1. Record the transactions for the month of August 2012 using a financial transaction worksheet. Use the following accounts with their corresponding beginning balances: Cash, PI02,000; Accounts Receivable, 55,000; Supplies 6,100; Office Equipment 42,000; Accounts Payable, 26,0003; Balingit, Capital, 179,100. If the owner's equity account is affected by a transaction, identify it as revenue, expense, investment or withdrawal. (write the specific expense account) 2. Using your journal notebook, please prepare the journal entries.
Required: 1. Record the transactions for the month of August 2012 using a financial transaction worksheet. Use the following accounts with their corresponding beginning balances: Cash, PI02,000; Accounts Receivable, 55,000; Supplies 6,100; Office Equipment 42,000; Accounts Payable, 26,0003; Balingit, Capital, 179,100. If the owner's equity account is affected by a transaction, identify it as revenue, expense, investment or withdrawal. (write the specific expense account) 2. Using your journal notebook, please prepare the journal entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![PROBLEM 3
Balingit Corporation is a public relations firm. During the month of August, the company completed the following
transactions:
Aug. 2
Paid rent for August, P6,500.
Received cash from customers on account, P23,000.
3
7
Ordered supplies, P3,800.
Billed customers for services rendered, P28,000.
Made payment on accounts payable, P11,000.
Received the supplies ordered on August 7, and agreed to pay in thirty days, P3,800.
Paid salaries for the first half of August, P19,000.
Discovered some of the supplies were not as ordered and returned them for full credit, P800.
Received cash from a customer for services rendered, P48,000.
Paid the electric and water bill for August,P1,600.
Paid telephone bill for August, PI,200.
Received a bill, to be paid in September, for advertisements placed in a national newspaper during the
month of August to promote Balingit Communications, P7,000.
Billed a customer for services rendered, P27,000.
Paid Salaries for the second half of August, P19,000.
Withdrew cash for personal use, P12,000.
10
12
14
15
17
19
24
25
26
29
30
31
Required:
'1. Record the transactions for the month of August 2012 using a financial transaction worksheet. Use the following
accounts with their corresponding beginning balances: Cash, PI02,000; Accounts Receivable, 55,000; Supplies
6,100; Office Equipment 42,000; Accounts Payable, 26,000; Balingit, Capital, 179,100. If the owner's equity
account is affected by a transaction, identify it as revenue, expense, investment or withdrawal. (write the specific
expense account)
2. Using your journal notebook, please prepare the journal entries.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F64eac774-72a7-42e2-8c9b-1762c2a62b51%2F8b15e68f-fe2d-4745-8525-a11129f26afe%2Fu32pvye_processed.jpeg&w=3840&q=75)
Transcribed Image Text:PROBLEM 3
Balingit Corporation is a public relations firm. During the month of August, the company completed the following
transactions:
Aug. 2
Paid rent for August, P6,500.
Received cash from customers on account, P23,000.
3
7
Ordered supplies, P3,800.
Billed customers for services rendered, P28,000.
Made payment on accounts payable, P11,000.
Received the supplies ordered on August 7, and agreed to pay in thirty days, P3,800.
Paid salaries for the first half of August, P19,000.
Discovered some of the supplies were not as ordered and returned them for full credit, P800.
Received cash from a customer for services rendered, P48,000.
Paid the electric and water bill for August,P1,600.
Paid telephone bill for August, PI,200.
Received a bill, to be paid in September, for advertisements placed in a national newspaper during the
month of August to promote Balingit Communications, P7,000.
Billed a customer for services rendered, P27,000.
Paid Salaries for the second half of August, P19,000.
Withdrew cash for personal use, P12,000.
10
12
14
15
17
19
24
25
26
29
30
31
Required:
'1. Record the transactions for the month of August 2012 using a financial transaction worksheet. Use the following
accounts with their corresponding beginning balances: Cash, PI02,000; Accounts Receivable, 55,000; Supplies
6,100; Office Equipment 42,000; Accounts Payable, 26,000; Balingit, Capital, 179,100. If the owner's equity
account is affected by a transaction, identify it as revenue, expense, investment or withdrawal. (write the specific
expense account)
2. Using your journal notebook, please prepare the journal entries.
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