Required: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; Yidentapes: Accounts Payable; and Victorino, Capital.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question
On Dec. 1, 2021, Ludivinia Victorino opened a videotape rental store, Cavite Video, by
investing P250,000 cash from her personal savings account. During the month of
December, the following transactions took place:
Dec. 1
4
58
11
16
17
23
24
30
Acquired supplies on account, P67,000.
Acquired videotapes costing P235,000, on account.
Paid P85,000 to creditors..
Received P78,000 cash from ACA Video for rental fees.
Billed Video City for video rentals, P105,000.
Paid salaries, P65,000.
Collected P77,000 from Video City.
Victorino withdrew P47,000 from the business.
Paid rent for the month, P41,500.
Paid utilities bill for the month, P17,500.
Required:
Record the transactions for the month of December 2021 using a financial transaction
worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies;
Videotapes; Accounts Payable; and Victorino, Capital.
Transcribed Image Text:On Dec. 1, 2021, Ludivinia Victorino opened a videotape rental store, Cavite Video, by investing P250,000 cash from her personal savings account. During the month of December, the following transactions took place: Dec. 1 4 58 11 16 17 23 24 30 Acquired supplies on account, P67,000. Acquired videotapes costing P235,000, on account. Paid P85,000 to creditors.. Received P78,000 cash from ACA Video for rental fees. Billed Video City for video rentals, P105,000. Paid salaries, P65,000. Collected P77,000 from Video City. Victorino withdrew P47,000 from the business. Paid rent for the month, P41,500. Paid utilities bill for the month, P17,500. Required: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; Videotapes; Accounts Payable; and Victorino, Capital.
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