PROBLEM 3Balingit Corporation is a public relations firm. During the month of August, the company completed the followingtransactions:Aug. 2Paid rent for August, P6,500.Received cash from customers on account, P23,000.37Ordered 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 themonth 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, P12,000.101214151719242526293031Required:'1. Record the transactions for the month of August 2012 using a financial transaction worksheet. Use the followingaccounts with their corresponding beginning balances: Cash, PI02,000; Accounts Receivable, 55,000; Supplies6,100; Office Equipment 42,000; Accounts Payable, 26,000; Balingit, Capital, 179,100. If the owner's equityaccount is affected by a transaction, identify it as revenue, expense, investment or withdrawal. (write the specificexpense account)2. Using your journal notebook, please prepare the journal entries.

Name: PROBLEM 3Balingit Corporation is a public relations firm. During the
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Description: PROBLEM 3Balingit Corporation is a public relations firm. During the month of August, the company completed the followingtransactions:Aug. 2Paid rent for August, P6,500.Received cash from customers on account, P23,000.37Ordered supplies, P3,800.Bill

Journal: Journal is a book in which transactions are recorded chronological order. journal is called…

Business

Accounting

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.

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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Question

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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