Anne Marty Ramirez is an experienced certified public accountant. The transaction and accountsfor the business are as follows:Jan2Invested P350,000 and P150,000 cash and computer equipment to start her ownbusiness.3Paid three months advance rent, P12,000.4Bought office furniture for P12,500.8Rendered services to client P4,500 on account.Acquired a fax machine for P10,500; paid P4,000 in cash, balance due in 10 days.Rendered services to client P9,500 cash. On the same day, Ms. Ramirez, bought office915supplies on account, P3,500.18Rendered services to client P5,400 on account.19Collected P4,500 from client on account.20Paid salaries of employees, P6,500.25Settled in full the balance for the fax machine.26Received payment for the services rendered, P10,500.27Paid utilities amounted P3,400.Paid insurance premium, P12,000 for one year coverage.Billed a client for the services rendered, P9,500.Ramirez withdrew P10,000 in cash for her personal expenses.282930Required:1. With aid of T-accounts record the transactions listed above. Use the following accounts:Cash; Accounts Receivable; Office Supplies; Prepaid insurance; Prepaid Rent; OfficeEquipment; Office Furniture; Accounts Payable; Ramirez, Capital; Ramirez, Drawing,Fees Earned; Utilities Expense; Salaries Expense.2. Determine the balances of T-accounts.3. Prepare the trial balance

Name: Anne Marty Ramirez is an experienced certified public accountant. The
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Description: Anne Marty Ramirez is an experienced certified public accountant. The transaction and accountsfor the business are as follows:Jan2Invested P350,000 and P150,000 cash and computer equipment to start her ownbusiness.3Paid three months advance rent, P1

Posting is a process of transferring the transactions in the books of original entry in the related…

Business

Accounting

Required: 1. With aid of T-accounts record the transactions listed above. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid insurance; Prepaid Rent; Office Equipment; Office Furniture; Accounts Payable; Ramirez, Capital; Ramirez, Drawing, Fees Earned; Utilities Expense; Salaries Expense. 2. Determine the balances of T-accounts. 3. Prepare the trial balance

Required: 1. With aid of T-accounts record the transactions listed above. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid insurance; Prepaid Rent; Office Equipment; Office Furniture; Accounts Payable; Ramirez, Capital; Ramirez, Drawing, Fees Earned; Utilities Expense; Salaries Expense. 2. Determine the balances of T-accounts. 3. Prepare the trial balance

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

Anne Marty Ramirez is an experienced certified public accountant. The transaction and accounts
for the business are as follows:
Jan
2
Invested P350,000 and P150,000 cash and computer equipment to start her own
business.
3
Paid three months advance rent, P12,000.
4
Bought office furniture for P12,500.
8
Rendered services to client P4,500 on account.
Acquired a fax machine for P10,500; paid P4,000 in cash, balance due in 10 days.
Rendered services to client P9,500 cash. On the same day, Ms. Ramirez, bought office
9
15
supplies on account, P3,500.
18
Rendered services to client P5,400 on account.
19
Collected P4,500 from client on account.
20
Paid salaries of employees, P6,500.
25
Settled in full the balance for the fax machine.
26
Received payment for the services rendered, P10,500.
27
Paid utilities amounted P3,400.
Paid insurance premium, P12,000 for one year coverage.
Billed a client for the services rendered, P9,500.
Ramirez withdrew P10,000 in cash for her personal expenses.
28
29
30
Required:
1. With aid of T-accounts record the transactions listed above. Use the following accounts:
Cash; Accounts Receivable; Office Supplies; Prepaid insurance; Prepaid Rent; Office
Equipment; Office Furniture; Accounts Payable; Ramirez, Capital; Ramirez, Drawing,
Fees Earned; Utilities Expense; Salaries Expense.
2. Determine the balances of T-accounts.
3. Prepare the trial balance

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