Sept. 7 10 1 Snare invested cash amounting to P 550,000 and furniture worth P85,000. 3 12 16 17 2 19 14 days, P3,800. 15 24 25 Paid rent for September, P8,500. Received cash from the customers on account, P36,000. Ordered supplies and paid cash, P6,800. Received payment from customers for services rendered, P38,000 Made a payment on accounts payable, P11,000. Received the supplies ordered in September and agreed to pay in thirty Paid the salaries for the first half of September, P19,000. Bought equipment on account 25,000. Discovered some of the supplies were not as ordered and returned them for full Credit, P1000 Received cash from a customer for services rendered, P58,000.85. Paid the electric and water bill for September, P1,600. Paid the telephone bill for September, P1,200
Sept. 7 10 1 Snare invested cash amounting to P 550,000 and furniture worth P85,000. 3 12 16 17 2 19 14 days, P3,800. 15 24 25 Paid rent for September, P8,500. Received cash from the customers on account, P36,000. Ordered supplies and paid cash, P6,800. Received payment from customers for services rendered, P38,000 Made a payment on accounts payable, P11,000. Received the supplies ordered in September and agreed to pay in thirty Paid the salaries for the first half of September, P19,000. Bought equipment on account 25,000. Discovered some of the supplies were not as ordered and returned them for full Credit, P1000 Received cash from a customer for services rendered, P58,000.85. Paid the electric and water bill for September, P1,600. Paid the telephone bill for September, P1,200
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 7.6C
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!["Each time you are honest and conduct yourself with honestly, a success force will
drive you toward greater success. Each time you lie, even with a little white lie,
there are strong forces pushing you toward failure."
1. Snare Martin Communications is a public relations firm. During the month of
December 2020 the company completed the following transactions.
101 Cash
102 Accounts Receivable
103 Supplies
104 Furniture and Fixtures
105 Office Equipment
Transactions:
201 Accounts Payable
Sept.
2
ASSET
3
7
Snare Martin Communications
LIABILITIES
P85,000.
Chart of Accounts
CAPITAL
301 Snare Martin, Capital
302 Snare Martin, Personal
INCOME
401 Public Relations Revenue
EXPENSES
1 Snare invested cash amounting to P 550,000 and furniture worth
501 Rent Expense
502 Salaries and Wages
503 Utility Expense
504 Advertising Expense
Sos Telephone Expense
Paid rent for September, P8,500.
Received cash from the customers on account, P36,000.
Ordered supplies and paid cash, P6,800.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6dc6da3d-9402-4f85-8a75-34c93da96fbe%2F622d1e2f-1702-4a54-9b1d-2cba7043e7cb%2Ftnce3q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:"Each time you are honest and conduct yourself with honestly, a success force will
drive you toward greater success. Each time you lie, even with a little white lie,
there are strong forces pushing you toward failure."
1. Snare Martin Communications is a public relations firm. During the month of
December 2020 the company completed the following transactions.
101 Cash
102 Accounts Receivable
103 Supplies
104 Furniture and Fixtures
105 Office Equipment
Transactions:
201 Accounts Payable
Sept.
2
ASSET
3
7
Snare Martin Communications
LIABILITIES
P85,000.
Chart of Accounts
CAPITAL
301 Snare Martin, Capital
302 Snare Martin, Personal
INCOME
401 Public Relations Revenue
EXPENSES
1 Snare invested cash amounting to P 550,000 and furniture worth
501 Rent Expense
502 Salaries and Wages
503 Utility Expense
504 Advertising Expense
Sos Telephone Expense
Paid rent for September, P8,500.
Received cash from the customers on account, P36,000.
Ordered supplies and paid cash, P6,800.
![2
Transactions:
Sept.
7
1 Snare invested cash amounting to P 550,000 and furniture worth
P85,000.
Paid rent for September, P8,500.
Received cash from the customers on account, P36,000.
Ordered supplies and paid cash, P6,800.
Received payment from customers for services rendered, P38,000
Made a payment on accounts payable, P11,000.
Received the supplies ordered in September and agreed to pay in thirty
2
3
10
17
12
19
24
14
days, P3,800.
15
16
25
26
29
29
30
Paid the salaries for the first half of September, P19,000.
Bought equipment on account 25,000.
Discovered some of the supplies were not as ordered and returned them
for full Credit, P1000
Received cash from a customer for services rendered, P58,000.85.
Paid the electric and water bill for September, P1,600.
Paid the telephone bill for September, P1,200
Received a bill, for advertisements placed in a national newspaper
during the month of September to promote Snare Martin
Communications, and paid P7,000.
Billed a customer for services rendered, P27,000.
Paid salaries for the second half of September, P19,000.
Withdrew cash for personal use, P12,000.
Given adjusting entries:
On December 31, the end of the accounting period, the following data were taken:
1. An actual count of supplies showed a balance of P8 50.
2. Office equipment are depreciated at 10% per annum.
3. Accrual of expenses: Rent P500.
4. Accrual of expenses: Salaries and wages P250
NO.
Accounts Title & Explanation
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6dc6da3d-9402-4f85-8a75-34c93da96fbe%2F622d1e2f-1702-4a54-9b1d-2cba7043e7cb%2F4nc4xv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2
Transactions:
Sept.
7
1 Snare invested cash amounting to P 550,000 and furniture worth
P85,000.
Paid rent for September, P8,500.
Received cash from the customers on account, P36,000.
Ordered supplies and paid cash, P6,800.
Received payment from customers for services rendered, P38,000
Made a payment on accounts payable, P11,000.
Received the supplies ordered in September and agreed to pay in thirty
2
3
10
17
12
19
24
14
days, P3,800.
15
16
25
26
29
29
30
Paid the salaries for the first half of September, P19,000.
Bought equipment on account 25,000.
Discovered some of the supplies were not as ordered and returned them
for full Credit, P1000
Received cash from a customer for services rendered, P58,000.85.
Paid the electric and water bill for September, P1,600.
Paid the telephone bill for September, P1,200
Received a bill, for advertisements placed in a national newspaper
during the month of September to promote Snare Martin
Communications, and paid P7,000.
Billed a customer for services rendered, P27,000.
Paid salaries for the second half of September, P19,000.
Withdrew cash for personal use, P12,000.
Given adjusting entries:
On December 31, the end of the accounting period, the following data were taken:
1. An actual count of supplies showed a balance of P8 50.
2. Office equipment are depreciated at 10% per annum.
3. Accrual of expenses: Rent P500.
4. Accrual of expenses: Salaries and wages P250
NO.
Accounts Title & Explanation
Debit
Credit
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