Loida Cardenas recently established her own business, which she called Cardenas Delivery Service. During the first month of business in October 2014, the following transactions were completed: Oct. 1 Deposited P19,500 of personal savings in an account at the Tarlac Development Bank in the name of Cardenas Delivery Service. Acquired a second-hand service vehicle' costing P63,000, paying P7,000 in cash, and financing the remaining P56,000 by issuing a note payable. Paid rent for the month, P2,950. 2 4 Acquired supplies on account P8,200. Paid for three months' insurance and recorded prepaid insurance in the amount of P4,500. Received P13,900 cash for delivery work done for the Pascua Corporation. Acquired additional supplies for cash, P2,050. Paid salaries, P3,900. 10 13 Completed an assignment for Luisita Company and billed the company P15,250. Paid P2,300 of the amount owed from the Oct. 5 transaction. Paid miscellaneous expenses, P1,700. Withdrew cash from the business, P6,150. Collected P9,500 on account from Luisita Company. Paid salaries, P4,200. Paid utilities expense, P800. Billed the Cojuangco Company for.delivéry services rendered, 16 17 19 21 22 24 25 27 P13,400. 00

Loida Cardenas recently established her own business, which she called Cardenas Delivery Service. During the first month of business in October 2014, the following transactions were completed: Oct. 1 Deposited P19,500 of personal savings in an account at the Tarlac Development Bank in the name of Cardenas Delivery Service. Acquired a second-hand service vehicle' costing P63,000, paying P7,000 in cash, and financing the remaining P56,000 by issuing a note payable. Paid rent for the month, P2,950. 2 4 Acquired supplies on account P8,200. Paid for three months' insurance and recorded prepaid insurance in the amount of P4,500. Received P13,900 cash for delivery work done for the Pascua Corporation. Acquired additional supplies for cash, P2,050. Paid salaries, P3,900. 10 13 Completed an assignment for Luisita Company and billed the company P15,250. Paid P2,300 of the amount owed from the Oct. 5 transaction. Paid miscellaneous expenses, P1,700. Withdrew cash from the business, P6,150. Collected P9,500 on account from Luisita Company. Paid salaries, P4,200. Paid utilities expense, P800. Billed the Cojuangco Company for.delivéry services rendered, 16 17 19 21 22 24 25 27 P13,400. 00

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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