March 1 Caleb invested P50,000 cash and P20,000 equipment to his Kaizen Consultancy Services. 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. 10 Received electric bill from Meralco, P2,800. 12 Returned P1,500 defective equipment to Triple M Co. Caleb withdrew P9,000 from the company's bank account and deposited it 13 to his own account. 14 Paid electric bill to Meralco. 15 Caleb withdrew P40,000 for his vacation. 23 Paid Triple M Co., in full. 24 Caleb deposited P14,000 to the company's bank account.
March 1 Caleb invested P50,000 cash and P20,000 equipment to his Kaizen Consultancy Services. 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. 10 Received electric bill from Meralco, P2,800. 12 Returned P1,500 defective equipment to Triple M Co. Caleb withdrew P9,000 from the company's bank account and deposited it 13 to his own account. 14 Paid electric bill to Meralco. 15 Caleb withdrew P40,000 for his vacation. 23 Paid Triple M Co., in full. 24 Caleb deposited P14,000 to the company's bank account.
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 9SPB: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales...
Related questions
Question
B. Construct T-accounts for the account titles used with the normal balances.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 6 images
Knowledge Booster
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.Recommended textbooks for you
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub