FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Q: Describe an account and its use in recording transactions.
A: Accounting reports are papers and books used to manage records.
Q: Which item below is not considered a major input to the general ledger and reporting system?…
A: Introduction: Statement of cash flows: All cash in and out flows are recorded in statement of cash…
Q: Describe Deposits and Advances from Customers.
A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…
Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…
A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…
Q: rice of the common stock was $42 per s tion of the stock options, exercise of th 221. 2022 and 2023…
A: journal entries to record issuance of the stock options, termination of the stock options, exercise…
Q: Which of the following types of transactions can be uploaded into QBO using the Receipt action.…
A: QBO : It stands for QuickBook Online, an online platform for recording the business transactions.…
Q: How do you know which account debits and credits go in?  How do you log into the general journal?…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Record a transaction money charged on a account
A: A transaction is the amount of value for a product or service. Regardless of when money is received…
Q: Sunland Company has the following portfolio of investment securities at September 30, 2025, its most…
A: A journal entry is the act of recording any transaction, whether one that is economic or not. An…
Q: Reflect upon accounting  as debits and credits information system
A: Accounting is a method of recording business transactions so as to ascertain the financial positions…
bartleby

Concept explainers

Financial Transaction Analysis
The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…
Topic Video
Question
100%
Problem #3 Recording Transactions in a Financial Transaction Worksheet On Mar. 1, 2020, Froilan Labausa established Labausa Catering Service. Transactions completed during the month are as follows: a. Labausa deposited P165,000 in a bank account in the name of the business. b. Bought a service vehicle from Elpidio Motors for P194,900, paying P25,000 in cash and placing the balance on account. c. Bought catering equipment on account from Quirino Equipment, P28,500. d. Paid rent for the month, P6,200. e. Rendered catering services for cash for the first half of the month, P24,200. f. Bought supplies for cash, P1,800. g. Bought insurance for the service vehicle for one year, P4,000. h. Received and paid the utilities bill, P6,040. Received a bill from Manila Gas for gas and oil used by the service vehicle for the month, P6,080. Rendered catering services on account, P28,240. k. Performed catering services for cash for the remainder of the month, P25,200. 1. Paid salaries of the part-time assistants, P11,200. m. Labausa withdrew cash for personal use, P15,500. i. j. Required: Record the transactions for the month of March 2020 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Prepaid Insurance; Service Vehicle; Equipment; Accounts Payable; and Labausa, Capital. If the owner's equity account is affected by a transaction, identify it as revenue, expense, investment or withdrawal. Problem #4 Recording Transactions in T-Accounts Remedios Palaganas is an experienced events planner. The transactions and accounts for the business are as follows: a. Invested P100,000 in cash to start her own business. b. Paid P5,000 for one month's rent. c.. Bought office furniture for P15,000 in cash. d. Received delivery of laptop computer, P54,000. Paid 50% down, balance due in 30 days. e. Performed services for P12,000 in cash. f. Acquired a fax machine for P7,500; paid P3,000 in cash, balance due in 10 days. g. Received P5,400 from clients on account. Paid P10,000 for salaries. i. Settled in full the P4,500 balance for the fax machine. Received P7,000 in cash for services performed. j. k. Performed services for P12,000 on credit. I. Paid P1,350 for the monthly telephone bill. m. Paid P2,400 for the electric and water bills. n. Collected P2,000 from clients on account. o. Palaganas withdrew P7,000 in cash for personal expenses. Required: 1. With the aid of T-accounts, record the transactions listed above. Use the following accounts: Cash; Accounts Receivable; Office Furniture; Office Equipment; Accounts Payable; Palaganas, Capital; Palaganas, Withdrawals; Consulting Revenues; Salaries Expense; Rent Expense; Utilities Expenses and Miscellaneous Expense. 2. Determine the balances of the T-accounts.
expand button
Transcribed Image Text:Problem #3 Recording Transactions in a Financial Transaction Worksheet On Mar. 1, 2020, Froilan Labausa established Labausa Catering Service. Transactions completed during the month are as follows: a. Labausa deposited P165,000 in a bank account in the name of the business. b. Bought a service vehicle from Elpidio Motors for P194,900, paying P25,000 in cash and placing the balance on account. c. Bought catering equipment on account from Quirino Equipment, P28,500. d. Paid rent for the month, P6,200. e. Rendered catering services for cash for the first half of the month, P24,200. f. Bought supplies for cash, P1,800. g. Bought insurance for the service vehicle for one year, P4,000. h. Received and paid the utilities bill, P6,040. Received a bill from Manila Gas for gas and oil used by the service vehicle for the month, P6,080. Rendered catering services on account, P28,240. k. Performed catering services for cash for the remainder of the month, P25,200. 1. Paid salaries of the part-time assistants, P11,200. m. Labausa withdrew cash for personal use, P15,500. i. j. Required: Record the transactions for the month of March 2020 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Prepaid Insurance; Service Vehicle; Equipment; Accounts Payable; and Labausa, Capital. If the owner's equity account is affected by a transaction, identify it as revenue, expense, investment or withdrawal. Problem #4 Recording Transactions in T-Accounts Remedios Palaganas is an experienced events planner. The transactions and accounts for the business are as follows: a. Invested P100,000 in cash to start her own business. b. Paid P5,000 for one month's rent. c.. Bought office furniture for P15,000 in cash. d. Received delivery of laptop computer, P54,000. Paid 50% down, balance due in 30 days. e. Performed services for P12,000 in cash. f. Acquired a fax machine for P7,500; paid P3,000 in cash, balance due in 10 days. g. Received P5,400 from clients on account. Paid P10,000 for salaries. i. Settled in full the P4,500 balance for the fax machine. Received P7,000 in cash for services performed. j. k. Performed services for P12,000 on credit. I. Paid P1,350 for the monthly telephone bill. m. Paid P2,400 for the electric and water bills. n. Collected P2,000 from clients on account. o. Palaganas withdrew P7,000 in cash for personal expenses. Required: 1. With the aid of T-accounts, record the transactions listed above. Use the following accounts: Cash; Accounts Receivable; Office Furniture; Office Equipment; Accounts Payable; Palaganas, Capital; Palaganas, Withdrawals; Consulting Revenues; Salaries Expense; Rent Expense; Utilities Expenses and Miscellaneous Expense. 2. Determine the balances of the T-accounts.
Expert Solution
Check Mark
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
bartleby
This is a popular solution
See solutionCheck out a sample Q&A here
Step 1
VIEW
Step 2
VIEW
bartleby

Trending nowThis is a popular solution!

bartleby

Step by stepSolved in 2 steps with 3 images

See solution
Check out a sample Q&A here
Blurred answer
Knowledge Booster
Background pattern image
Accounting
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
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
SEE MORE TEXTBOOKS