COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Question
Chapter 3, Problem 1PB
To determine
Identify the transactions affecting the liabilities account directly.
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Directions: Record the transactions directly into the T-accounts. The transactions
are independent from one another. Write your answers on a separate
sheet of paper.
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.
He bought chairs and tables for the office for P12,300 cash.
с.
d. He purchased furniture from Orion Company for P2,750 in cash.
He received and paid the telephone bill from Ph Telecom amounting to P1,080.
е.
15
Windsor, Inc. had the following transactions.
1.
Borrowed $ 6,184 from the bank by signing a note.
2.
Paid $ 3,092 cash for a computer.
3.
Purchased $ 557 of supplies on account.
(a)
Indicate what accounts are increased and decreased by each transaction.
Debit Analysis
Account Names
Credit Analysis
Account Names
1.
select an effect on a basic account type
enter a debit account title to record the first transaction
select an effect on a basic account type
enter a credit account title to record the first transaction
2.
select an effect on a basic account type
enter a debit account title to record the second transaction
select an effect on a basic account type
enter a credit account title to record the second transaction
3.
select an effect on a basic account type
enter a debit account title to record the third transaction
select an effect on a basic…
Pina Colada Corp. had the following transactions.
1.
Borrowed $5,065 from the bank by signing a note.
2.
Paid $2,533 cash for a computer.
3.
Purchased $456 of supplies on account.
(a)
Indicate what accounts are increased and decreased by each transaction.
Debit Analysis
Account Names
Credit Analysis
Account Names
1.
select an effect on a basic account type
enter a debit account title to record the first transaction
select an effect on a basic account type
enter a credit account title to record the first transaction
2.
select an effect on a basic account type
enter a debit account title to record the second transaction
select an effect on a basic account type…
Chapter 3 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 3 - Increases are recorded on which side of asset,...Ch. 3 - What is a footing?Ch. 3 - Prob. 1.3SRQCh. 3 - Prob. 1.4SRECh. 3 - Prob. 1.5SRECh. 3 - Prob. 1.6SRACh. 3 - Prob. 2.1SRQCh. 3 - Prob. 2.2SRQCh. 3 - What is a trial balance and what is its purpose?Ch. 3 - Prob. 2.4SRE
Ch. 3 - Prob. 2.5SRECh. 3 - Prob. 2.6SRACh. 3 - Prob. 1CSRCh. 3 - Prob. 2CSRCh. 3 - Prob. 3CSRCh. 3 - On which side of asset, liability, and owners...Ch. 3 - Prob. 5CSRCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Indicate whether each of the following types of...Ch. 3 - The terms debit and credit are often used in...Ch. 3 - Why is Prepaid Rent considered an asset account?Ch. 3 - Why is the modern system of accounting usually...Ch. 3 - Prob. 11DQCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Preparing a chart of accounts. The accounts that...Ch. 3 - Prob. 1PACh. 3 - Prob. 2PACh. 3 - Prob. 3PACh. 3 - Prob. 4PACh. 3 - The accountant for the firm owned by Randy Guttery...Ch. 3 - Prob. 1PBCh. 3 - Prob. 2PBCh. 3 - The following transactions took place at...Ch. 3 - Prob. 4PBCh. 3 - Prob. 5PBCh. 3 - Prob. 1CTPCh. 3 - Prob. 2CTPCh. 3 - In discussing a firms latest financial statements,...Ch. 3 - Prob. 2MFCh. 3 - Prob. 3MFCh. 3 - Prob. 4MFCh. 3 - Prob. 1EDCh. 3 - Prob. 1FSA
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- Using T accounts to record transactions involving assets, liabilities, and owner's equity. The following transactions occurred at several different businesses and are not related. INSTRUCTIONS Analyze each of the transactions. For each transaction, set up T accounts. Record the effects of the transaction in the T accounts. Use plus and minus signs to show the increases and decreases TRANSACTIONS 1. A firm purchased equipment for $16.000 in cash. 2. The owner. Ana Rodriguez, withdrew $4.000 cash. 3. A firm sold a piece of surplus equipment for $3,000 in cash. 4. A firm purchased a used delivery truck for $12,000 in cash. 5. A firm paid $3,600 in cash to apply against an account owed. 6. A firm purchased office equipment for $5,000. The amount is to be paid in 60 days. 7. Kelvin Newton, owner of the company, made an additional investment of $20,000 in cash. 8. A firm paid $1,500 by check for office equipment that it had previously purchased on credit. A polugor Wh Mo Problem 3.18…arrow_forwardDirections: Record the transactions directly into the T-accounts. The transactions are independent of one another. Use the following account titles: CashOwner’s WithdrawalsAccounts ReceivableProfessional FeesOffice EquipmentSalaries ExpenseOffice FurnitureRent ExpenseAccounts PayableUtility ExpenseOwner’s CapitalMiscellaneous Expense a. The owner deposited P280,000 in the name of his business.b. He purchased 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on the 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 for the electric bill from BEBECO.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…arrow_forwardAnalyze the following transactions using the T account approach. Place the dollar amounts on the debit and credit sides. Indicate next to each entry the number for that transaction. After all transactions have been recorded, foot the accounts where necessary and enter the balance in the proper place for each account. 1. Nick Bowman invested cash of $12,000 in the business. 2. Received and paid utility bill of $125. 3. Bought $300 of supplies on account. 4. Sold services worth $2,500 to customers on account. 5. Received cash payment of $800 from credit customers.arrow_forward
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