Homework Help is Here – Start Your Trial Now!
Business
Accounting
Selected transactions are presented below. Give the effect of the following transactions on the three elements of the balance sheet. Give the accounts affected and the amount of increase or decrease. Jan. 1 Jan. 2 Jan. 3 Jan. 4 Jan. 10 Owner invested P550,000 cash. Paid one month rent P20,000. Paid insurance for one year P36,000. Bought supplies on credit P4,300. Owner invested equipment valued at 99,000. Purchased furniture, P69,000;paying of the amount and the Jan. 12 remaining balance on account. Rendered service to account customer, P10, 000 Paid the balance on the furniture. Jan.15 Jan. 18 Jan. 20 Jan. 21 Owner withdrew P15,000 cash for personal use. Rendered service for cash P68,000

Selected transactions are presented below. Give the effect of the following transactions on the three elements of the balance sheet. Give the accounts affected and the amount of increase or decrease. Jan. 1 Jan. 2 Jan. 3 Jan. 4 Jan. 10 Owner invested P550,000 cash. Paid one month rent P20,000. Paid insurance for one year P36,000. Bought supplies on credit P4,300. Owner invested equipment valued at 99,000. Purchased furniture, P69,000;paying of the amount and the Jan. 12 remaining balance on account. Rendered service to account customer, P10, 000 Paid the balance on the furniture. Jan.15 Jan. 18 Jan. 20 Jan. 21 Owner withdrew P15,000 cash for personal use. Rendered service for cash P68,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Answer the questions below and take the example 1 as a basis.

 
Transaction Assets Liabilities Owner's Equity + Mr. Go, Capital 1. Mr. Go invest cash P800,000. Cash P800,000 P800,000
Transcribed Image Text:Transaction Assets Liabilities Owner's Equity + Mr. Go, Capital 1. Mr. Go invest cash P800,000. Cash P800,000 P800,000
Selected transactions are presented below. Give the effect of the following transactions on the three elements of the balance sheet. Give the accounts affected and the amount of increase or decrease. Jan. 1 Jan. 2 Jan. 3 Jan. 4 Jan. 10 Owner invested P550,000 cash. Paid one month rent P20,000. Paid insurance for one year P36,000. Bought supplies on credit P4,300. Owner invested equipment valued at 99,000. Purchased furniture, P69,000;paying of the amount and the remaining balance on account. Rendered service to account customer, P10, 000 Jan. 12 Jan.15 Jan. 18 Jan. 20 Jan. 21 Jan. 23 Jan. 24 Jan. 25 Jan. 25 Jan. 26 Jan. 26 Jan. 27 Jan. 27 Jan. 30 Jan. 31 Paid the balance on the furniture. Owner withdrew P15,000 cash for personal use. Rendered service for cash P68,000 Billed Ms. Penga P9, 000 for service rendered. Owner withdrew P2,000 worth of supplies for personal use. Collected P9,000 from Ms. Penga. Rendered services on credit to Ms. Quiripot P8,800 Paid secretary' salary P7,700 Received bill from Globe for internet service, P999 Ms. Quiripot issued a note in lieu of her account. Paid Globe bill Owner made an additional investment of P100,000 Ms. Quiripot paid the note.
Transcribed Image Text:Selected transactions are presented below. Give the effect of the following transactions on the three elements of the balance sheet. Give the accounts affected and the amount of increase or decrease. Jan. 1 Jan. 2 Jan. 3 Jan. 4 Jan. 10 Owner invested P550,000 cash. Paid one month rent P20,000. Paid insurance for one year P36,000. Bought supplies on credit P4,300. Owner invested equipment valued at 99,000. Purchased furniture, P69,000;paying of the amount and the remaining balance on account. Rendered service to account customer, P10, 000 Jan. 12 Jan.15 Jan. 18 Jan. 20 Jan. 21 Jan. 23 Jan. 24 Jan. 25 Jan. 25 Jan. 26 Jan. 26 Jan. 27 Jan. 27 Jan. 30 Jan. 31 Paid the balance on the furniture. Owner withdrew P15,000 cash for personal use. Rendered service for cash P68,000 Billed Ms. Penga P9, 000 for service rendered. Owner withdrew P2,000 worth of supplies for personal use. Collected P9,000 from Ms. Penga. Rendered services on credit to Ms. Quiripot P8,800 Paid secretary' salary P7,700 Received bill from Globe for internet service, P999 Ms. Quiripot issued a note in lieu of her account. Paid Globe bill Owner made an additional investment of P100,000 Ms. Quiripot paid the note.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Property Taxes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS