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Transaction Analysis Transactions: Received P260,000 cash from clients for services rendered. a. * Paid P480,000 of salaries to employees. Collected P120,000 from clients on account. с. 4 The owner, Virginia Ruben, withdrew P80,000 cash for personal use. Purchased P140,000 of supplies on account. e. Billed clients P180,000 for services rendered. f. Paid P100,000 to suppliers on account. g. For each of the transactions for Virginia Ruben Antique Restorer, a sole proprietorship, fill in the spaces to answer the following questions: 1. What are the two accounts affected by the transaction? 2. What type of account is affected-asset, liability, owner's capital, owner's withdrawal, income or expense account? 3. Should the account be increased or decreased? 4. Should the account be debited or credited? Accounts Туре of Increase or Debit or Affected Аccount Decrease Credit Trans. a. 1. 2. b. 1. 2. C. 1. 2. d. 1. 2. e. 1. 2. f. 1. 2. 1. g. 2.

Transaction Analysis Transactions: Received P260,000 cash from clients for services rendered. a. * Paid P480,000 of salaries to employees. Collected P120,000 from clients on account. с. 4 The owner, Virginia Ruben, withdrew P80,000 cash for personal use. Purchased P140,000 of supplies on account. e. Billed clients P180,000 for services rendered. f. Paid P100,000 to suppliers on account. g. For each of the transactions for Virginia Ruben Antique Restorer, a sole proprietorship, fill in the spaces to answer the following questions: 1. What are the two accounts affected by the transaction? 2. What type of account is affected-asset, liability, owner's capital, owner's withdrawal, income or expense account? 3. Should the account be increased or decreased? 4. Should the account be debited or credited? Accounts Туре of Increase or Debit or Affected Аccount Decrease Credit Trans. a. 1. 2. b. 1. 2. C. 1. 2. d. 1. 2. e. 1. 2. f. 1. 2. 1. g. 2.

FINANCIAL ACCOUNTING
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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Problem #15 Transaction Analysis Transactions: Received P260,000 cash from clients for services rendered. a. Paid P480,000 of salaries to employees. Collected P120,000 from clients on account. C. d. The owner, Virginia Ruben, withdrew P80,000 cash for personal use. Purchased P140,000 of supplies on account. e. Billed clients P180,000 for services rendered. f. Paid P100,000 to suppliers on account. g. For each of the transactions for Virginia Ruben Antique Restorer, a sole proprietorship, fill in the spaces to answer the following questions: 1. What are the two accounts affected by the transaction? 2. What type of account is affected-asset, liability, owner's capital, owner's withdrawal, income or expense account? 3. Should the account be increased or decreased? 4. Should the account be debited or credited? Accounts Туре of Increase or Debit or Affected Account Decrease Credit Trans. a. 1. 2. 1. 2. С. 1. 2. d. 1. 2. e. 1. 2. f. 1. 2. 1. g. 2. b.
Transcribed Image Text:Problem #15 Transaction Analysis Transactions: Received P260,000 cash from clients for services rendered. a. Paid P480,000 of salaries to employees. Collected P120,000 from clients on account. C. d. The owner, Virginia Ruben, withdrew P80,000 cash for personal use. Purchased P140,000 of supplies on account. e. Billed clients P180,000 for services rendered. f. Paid P100,000 to suppliers on account. g. For each of the transactions for Virginia Ruben Antique Restorer, a sole proprietorship, fill in the spaces to answer the following questions: 1. What are the two accounts affected by the transaction? 2. What type of account is affected-asset, liability, owner's capital, owner's withdrawal, income or expense account? 3. Should the account be increased or decreased? 4. Should the account be debited or credited? Accounts Туре of Increase or Debit or Affected Account Decrease Credit Trans. a. 1. 2. 1. 2. С. 1. 2. d. 1. 2. e. 1. 2. f. 1. 2. 1. g. 2. b.
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