Sample: Ms. RCM invested cash of P100,000 and fumiture and fixtures amounting to P250,000.Sept. 5: Space rental income for the month:CashP15,00010,000On account -Sept. 6: Purhased various foods on account from Super Mart for her tenants, P50,000 and paid freight, P1,000.Sept. 10: RCM withdrew P10,000 cash from her business.Sept. 15: Received cash of P60.000 for catering services,Sept. 26: Paid her account with Super MartSept. 27: Collected space rental account from tenant, P10,000. (Refer to transaction on Sept.5)Sept. 28: Bought dorm supplies from Super Mart and paid P3,000.Sept. 29: Paid laundry expenses, P5,000Sept. 30: Paid taxes and licenses, P7,000Transaction Accounts Affected(Refer to the Chart ofAccounts)ClassificationNormalEffectDebited(Asset, Liability,Equity, Income orExpense)AssetAssetEquityBalance (Debitor Credit)Date(IncreasedorCreditedDecreased)IncreasedIncreasedIncreasedSamplea. Cash on handb. Furniture & fixturesc. RCM, CapitalDebitDebitCreditDebitedDebitedCreditedSept.a.b.a.b.C.10a.b.15a.b.26a.b.27a.b.28a.b.29a.b.30a.b.

There are some type of accounts used in accounting. These are Assets, Liabilities, Revenues,…

Sample: Ms. RCM invested cash of P100,000 and fumiture and fixtures amounting to P250,000, Sept. 5: Space rental income for the month: Cash P15,000 On account - 10,000 Sept. 6: Purhased various foods on account from Super Mart for her tenants, P50,000 and paid freight, P1.00. Sept. 10: RCM withdrew P10,000 cash from her business. Sept. 15: Received cash of P60.000 for catering services, Sept. 26: Paid her account with Super Mart. Sept. 27: Collected space rerstal account from tenant, P10,000. (Refer to transaction on Sept.5) Sept. 28: Bought dom supplies from Super Mart and paid P3,000. Sept. 29: Paid laundry expenses, P5,000 Sept. 30: Paid taxes and licenses, P7.000 Transaction Accounts Affected (Refer to the Chart of Accounts) Normal Balance (Debit or Credit) Effect Classification (Asset, Liability, Equity, Income or Expense) Asset Asset Equily Debited Date (Increased or or Credited Decreased) Increased Increased Increased Sample Debit Debit Credit Debited a. Cash on hand b. Furniture & fxtures c. RCM, Capital Debited Credited Sept. a. b. 6. a. b. C.

Sample: Ms. RCM invested cash of P100,000 and fumiture and fixtures amounting to P250,000, Sept. 5: Space rental income for the month: Cash P15,000 On account - 10,000 Sept. 6: Purhased various foods on account from Super Mart for her tenants, P50,000 and paid freight, P1.00. Sept. 10: RCM withdrew P10,000 cash from her business. Sept. 15: Received cash of P60.000 for catering services, Sept. 26: Paid her account with Super Mart. Sept. 27: Collected space rerstal account from tenant, P10,000. (Refer to transaction on Sept.5) Sept. 28: Bought dom supplies from Super Mart and paid P3,000. Sept. 29: Paid laundry expenses, P5,000 Sept. 30: Paid taxes and licenses, P7.000 Transaction Accounts Affected (Refer to the Chart of Accounts) Normal Balance (Debit or Credit) Effect Classification (Asset, Liability, Equity, Income or Expense) Asset Asset Equily Debited Date (Increased or or Credited Decreased) Increased Increased Increased Sample Debit Debit Credit Debited a. Cash on hand b. Furniture & fxtures c. RCM, Capital Debited Credited Sept. a. b. 6. a. b. C.

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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