COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 3, Problem 2PA
To determine
Identify the transactions affecting the assets directly.
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Record the following transactions. 1. Pay employee salaries of $600 by issuing checks. 2. Purchase computer equipment of $1,000 using a credit card. 3. Pay for maintenance of $400 for a company vehicle using a debit card.
Mr. Tristan Siy III established Siy Bookkeeping
Services and had the following transactions for the
month of February:
4
19
15
18
19
Received P35,000 cash from customers in
payment of their account.
Paid in cash and received an official receipt
20 from the supplier for payment of accounts,
21
28
28
Investment of P150,000 cash fund by Mr. Siy
into the business.
28
Received a Charge Invoice from a supplier for
the purchase of a desktop computer
amounting to P32,500. The computer is
estimated to be useful for five years and have
a salvage value of P2,500 thereafter.
Purchased supplies amounting to P18,000 in
cash.
Paid P6,000 insurance for six months.
Issued a Service Invoice for an amount of
P50,000 to a customer for services rendered
on account.
P20,000.
Rendered services to customers billed for
P30,000.
Cash payment of P15,000 for the salary of an
employee.
Mr. Siy withdrew P12,000 cash from the
business.
Paid the telephone bill for February
amounting to P3,000.
Record the transactions directly into the T-accounts. The transactions areindependent from one another.
1. The owner deposited P280,000 in the name of his business.2. He purchased a 4-in-1 equipment from 4-way Equipment for P4,950, paying P1,000in cash and the balance on account.3. He received and paid the telephone bill from Ph Telecom amounting to P1,080.4. He billed his customers P12,940 for services on account5. He paid P1,850 the electric bill from BEBECO.6. He paid P3,500 for the membership fee.7. He received P17,650 in cash for services rendered.8. He paid P1,000 to partially settle accounts with Orion Company.9. He paid P8,400 for the monthly rental of the place.10. He paid P3,500 for the salaries of employees.
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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