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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Directions: Record the transactions directly into the T-accounts. The transactions are
independent from one another.
Use the following account titles:
Cash
Owner's Withdrawals
Professional Fees
Salaries Expense
Rent Expense
Utilities Expense
Miscellaneous Expense
Accounts Receivable
Office Equipment
Office Furniture
Accounts Payable
Owner's Capital
a. The owner deposited P280,000 in the name of his business.
b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950, paying
P1,000 in cash and the balance on account.
c. He bought chairs and tables for the office for P12,300 cash.
d. He purchased furniture from Orion Company for P2,750 in cash.
e. He received and paid the telephone bill from Ph Telecom amounting to P1,080.
f. He billed his customers P12,940 for services on account.
g. He paid P1,850 the electric bill from BEBECO.

Transcribed Image Text:h. He paid P3,500 for the membership fee.
i. He received P17,650 in cash for services rendered.
j. He paid P1,000 to partially settle accounts with Orion Company.
k. He paid P8,400 for the monthly rental of the place.
1. He paid P3,500 for the salaries of employees.
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- 1. prepare two t accounts for each transaction. on each t account, write the 2. write the debit or credit amount in each taccount to show the transactions transactions: mar. 1. received cash from owner as an investment, $4,000.00. 3. paid cash for supplies, $95.00. 4. bought supplies on account from supply depot, $120.00. 6. paid cash for insurance, $250.00. 9. paid cash on account to supply depot, $80.00. account title of one of the accounts affected by the transaction.arrow_forwardAccount for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).arrow_forwardPrepare journal entries to record the following transactions. a. Purchased $380 of supplies on credit. b. Completed $580 of work for a client on credit. c. Paid $380 cash towards the amount owed from transaction a. d. Completed work for a client and immediately received $880 cash. e. Collected $580 cash for the work previously performed in transaction b. f. Received $1,080 cash in advance from a client for services to be performed next period View transaction list Journal entry worksheet < 1 2 3 4 5 6 Purchased $380 of supplies on credit. Note: Enter debits before credits. Date a. General Journal Debit Creditarrow_forward
- I am not exactly sure what this question is asking me to do. The attached image is the information that is given to me. Below are the questions that I need to solve. The answer to question A is 3,650. That was given to me in the problem.Unknown Amounts Requireda. Total cash received $3,650b. Total cash collected from credit customersc. Notes payable repaid during the periodd. Good and services received from suppliers on accounte. Net income, assuming that no dividends were paidarrow_forwardwner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500arrow_forward
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