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
icon
Related questions
icon
Concept explainers
Topic Video
Question
KAIZEN CONSULTANCY SERVICES
CHART OF ACCOUNTS
Balance Sheet Accounts
Liabilities:
210 Accounts Payable
220 Notes Payable
230 Utilities Payable
260 Unearned Service Revenue
Assets:
110 Cash
120 Accounts Receivable
130 Equipment
135 Accumulated Depreciation
Owner's Equity
310 C. Hahn, Capital
320 C. Hahn, Drawings
330 Income Summary
Income Statement Accounts
Income:
Expenses:
510 Rent Expense
410 Service Revenue
520 Utilities Expense
530 Depreciation Expense - Office Equipment
Transcribed Image Text:KAIZEN CONSULTANCY SERVICES CHART OF ACCOUNTS Balance Sheet Accounts Liabilities: 210 Accounts Payable 220 Notes Payable 230 Utilities Payable 260 Unearned Service Revenue Assets: 110 Cash 120 Accounts Receivable 130 Equipment 135 Accumulated Depreciation Owner's Equity 310 C. Hahn, Capital 320 C. Hahn, Drawings 330 Income Summary Income Statement Accounts Income: Expenses: 510 Rent Expense 410 Service Revenue 520 Utilities Expense 530 Depreciation Expense - Office Equipment
TRANSACTION SUMMARY TABLE
ASSETS
LIABILITIES
OWNER'S EQUITY
Date
Transaction
Cash
Equpment
Accounts Recievable
Accounts Payable
MARCH 1 Caleb invested P50,000 cash and P20,000 equipment to his Kaizen Consultancy Services.
50,000.00 P
20,000.00
3 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.
15,000.00
12,000.00
5,000.00
8,000.00
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 full.
8,500.00
24 Caleb deposited P14,000 to the company's bank account.
14,000.00
28 Paid telephone bill for the month, P9,600. This bill includes P6,000 of Caleb's personal plan.
9,600.00
Transcribed Image Text:TRANSACTION SUMMARY TABLE ASSETS LIABILITIES OWNER'S EQUITY Date Transaction Cash Equpment Accounts Recievable Accounts Payable MARCH 1 Caleb invested P50,000 cash and P20,000 equipment to his Kaizen Consultancy Services. 50,000.00 P 20,000.00 3 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. 15,000.00 12,000.00 5,000.00 8,000.00 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 full. 8,500.00 24 Caleb deposited P14,000 to the company's bank account. 14,000.00 28 Paid telephone bill for the month, P9,600. This bill includes P6,000 of Caleb's personal plan. 9,600.00
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Financial Statements
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.
Similar questions
  • SEE MORE QUESTIONS
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