KAIZEN CONSULTANCY SERVICESCHART OF ACCOUNTSBalance Sheet AccountsLiabilities:210 Accounts Payable220 Notes Payable230 Utilities Payable260 Unearned Service RevenueAssets:110 Cash120 Accounts Receivable130 Equipment135 Accumulated DepreciationOwner's Equity310 C. Hahn, Capital320 C. Hahn, Drawings330 Income SummaryIncome Statement AccountsIncome:Expenses:510 Rent Expense410 Service Revenue520 Utilities Expense530 Depreciation Expense - Office Equipment TRANSACTION SUMMARY TABLEASSETSLIABILITIESOWNER'S EQUITYDateTransactionCashEqupmentAccounts RecievableAccounts PayableMARCH 1 Caleb invested P50,000 cash and P20,000 equipment to his Kaizen Consultancy Services.50,000.00 P20,000.003 Bought P15,000 equipment from Triple M Co., on credit.6 Consultancy services rendered on account, P12,000.6 Paid Triple M Co., P5,000 as partial payment of account.7 Consultancy services rendered for cash, P8,000.8 Collected P3,000 from a customer.15,000.0012,000.005,000.008,000.003,000.0010 Received electric bill from Meralco, P2,800.2,800.0012 Returned P1,500 defective equipment to Triple M Co.1,500.0013 Caleb withdrew P9,000 from the company's bank account and deposited it to his own account.9,000.0014 Paid electric bill to Meralco.2,800.0015 Caleb withdrew P40,000 for his vacation.40,000.0023 Paid Triple M Co., in full.8,500.0024 Caleb deposited P14,000 to the company's bank account.14,000.0028 Paid telephone bill for the month, P9,600. This bill includes P6,000 of Caleb's personal plan.9,600.00

Name: KAIZEN CONSULTANCY SERVICESCHART OF ACCOUNTSBalance Sheet AccountsLia
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Description: KAIZEN CONSULTANCY SERVICESCHART OF ACCOUNTSBalance Sheet AccountsLiabilities:210 Accounts Payable220 Notes Payable230 Utilities Payable260 Unearned Service RevenueAssets:110 Cash120 Accounts Receivable130 Equipment135 Accumulated DepreciationOwner'

The accounting equation states that assets equal to sum of liabilities and equity. The equity is…

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TRANSACTION SUMMARY TABLE ASSETS LIABILITIES OWNER'S EQUITY Date Transaction Cash Equpment Accounts Recievable Accounts Payable MARCH 1 Caleb invested PS0,000 cash and P20,000 equipment to his Kaizen Consultancy Services. 5,000.00 20,000.00 3 Bourht P15.000 equipment from Triple M Co.. on credit. 15,000.00 6 Consultancy services rendered on account, P12,000. 12,000.00 6 Paid Triple M Co., P5,000 as partial payment of account. 5,000.00 7 Consultancy services rendered for cash, P8.000. 8,000.00 8 Collected P3.000 from a customer. 3,000.00 10 Received electric bill from Meralco, P2.800 2,800.00 12 Returned P1,500 defective equipment to Triple M Co. 1,500.00 13 Caleb withdrew P9,000 from the company's bank account and deposited it to his own account. 9,000.00 14 Paid electric bill to Meralco. 2,800.00 15 Caleb withdrew P40,000 for his vacation. 40,000.00 23 Paid Triple M Co., in ful. 8,500.00 24 Caleb deposited P14,000 to the company's bank account. 14,000.00 28 Paid telephone bill for the month, 9,600. This bill includes P6,000 of Caleb's personal plan 9,600.00

TRANSACTION SUMMARY TABLE ASSETS LIABILITIES OWNER'S EQUITY Date Transaction Cash Equpment Accounts Recievable Accounts Payable MARCH 1 Caleb invested PS0,000 cash and P20,000 equipment to his Kaizen Consultancy Services. 5,000.00 20,000.00 3 Bourht P15.000 equipment from Triple M Co.. on credit. 15,000.00 6 Consultancy services rendered on account, P12,000. 12,000.00 6 Paid Triple M Co., P5,000 as partial payment of account. 5,000.00 7 Consultancy services rendered for cash, P8.000. 8,000.00 8 Collected P3.000 from a customer. 3,000.00 10 Received electric bill from Meralco, P2.800 2,800.00 12 Returned P1,500 defective equipment to Triple M Co. 1,500.00 13 Caleb withdrew P9,000 from the company's bank account and deposited it to his own account. 9,000.00 14 Paid electric bill to Meralco. 2,800.00 15 Caleb withdrew P40,000 for his vacation. 40,000.00 23 Paid Triple M Co., in ful. 8,500.00 24 Caleb deposited P14,000 to the company's bank account. 14,000.00 28 Paid telephone bill for the month, 9,600. This bill includes P6,000 of Caleb's personal plan 9,600.00

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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