These are the transactions of Magical Printing Press for the month of September 2021. 1- the owner invested P1,300,000 cash and printing equipment, P650,000 in the business 2 - he bought printing supplies worth P145,000 from ABC Supplies 3 - purchased tables and chairs, P118,000 from Almar Furnitures on credit 5- Received P79,000 from a client 8 - Completed work for Fernando Catering Business, P65,000 receiving 1/3 of the total amount and the remaining balance on account. 10 – Paid P45,000 to Almar Furnitures as partial settlement of the account. 13 - Paid the utilities for the month, P37,000. 15 – Paid the wages of the employees, P10,500 16 - Received P5,000 from Fernando Catering Business 18 - Completed printing service to Calamba Institute, P48,000 22 – Withdrew P3,000 for personal use 25 – Bought additional printing supplies worth P35,000 from ABC Supplies on credit. 27 - Paid the remaining balance to Almar Furnitures. 29 - Completed services for various customers receiving P11,500 30 - Paid the wages of the employees, P10,500 OCI USE: Cash + Accounts Receivable + Supplies + Furnitures + Equipment = Accounts Payable + MPP, Capital
These are the transactions of Magical Printing Press for the month of September 2021. 1- the owner invested P1,300,000 cash and printing equipment, P650,000 in the business 2 - he bought printing supplies worth P145,000 from ABC Supplies 3 - purchased tables and chairs, P118,000 from Almar Furnitures on credit 5- Received P79,000 from a client 8 - Completed work for Fernando Catering Business, P65,000 receiving 1/3 of the total amount and the remaining balance on account. 10 – Paid P45,000 to Almar Furnitures as partial settlement of the account. 13 - Paid the utilities for the month, P37,000. 15 – Paid the wages of the employees, P10,500 16 - Received P5,000 from Fernando Catering Business 18 - Completed printing service to Calamba Institute, P48,000 22 – Withdrew P3,000 for personal use 25 – Bought additional printing supplies worth P35,000 from ABC Supplies on credit. 27 - Paid the remaining balance to Almar Furnitures. 29 - Completed services for various customers receiving P11,500 30 - Paid the wages of the employees, P10,500 OCI USE: Cash + Accounts Receivable + Supplies + Furnitures + Equipment = Accounts Payable + MPP, Capital
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:These are the transactions of Magical Printing Press for the month of September 2021.
1- the owner invested P1,300,000 cash and printing equipment, P650,000 in the business
2 - he bought printing supplies worth P145,000 from ABC Supplies
3 - purchased tables and chairs, P118,000 from Almar Furnitures on credit
5- Received P79,000 from a client
8 - Completed work for Fernando Catering Business, P65,000 receiving 1/3 of the total
amount and the remaining balance on account.
10 - Paid P45,000 to Almar Furnitures as partial settlement of the account.
13 - Paid the utilities for the month, P37,000.
15 Paid the wages of the employees, P10,500
16 - Received P5,000 from Fernando Catering Business
18 - Completed printing service to Calamba Institute, P48,000
22 - Withdrew P3,000 for personal use
25 – Bought additional printing supplies worth P35,000 from ABC Supplies on credit.
27 - Paid the remaining balance to Almar Furnitures.
29 - Completed services for various customers receiving P11,500
30 - Paid the wages of the employees, P10,500
OCI
USE:
Cash + Accounts Receivable + Supplies + Furnitures +
Equipment = Accounts Payable + MPP, Capital
%3D
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