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Accounting Quiz.docx - Determine the Major Accounts and the...

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Determine the Major Accounts and the Account Titles to be debited or credited, as well as their corresponding amounts. Arnina established a service business to be known as Arnina Photography on July 1, 2015. During the first month, the following transactions occurred: 1. July 1: Arnina transferred cash of P300,000 from her personal bank account to an account to be used for her business. She alse invested the following: digital camera, P45,000; manual camera, P25,000; desktop computer, P28,000; photo papers and ink, P14,000; and her personal debts evidenced by a note which would be assumed by the business, P12,000. 2. July 4: Paid six-month advance rent to Cyrene Commercial Complex, P30,000. 3. July 6: Received a statement of account from Brian News for advertising this month, P5,500. 4. July 8: Bought photo enhancing and editing equipment from Mirzi Outlet for P40,000. Arnina paid 30% down payment and the remaining balance on account. 5. July 12: Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16.
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