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Sep4 Aug29 Key Answers.xlsx - Engracio Lucinada Cash 1...

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Unformatted text preview: Engracio Lucinada Cash 1 Deposited P210,000 in the bank in 2 Bought office equipment on accou 3 Invested his personal law library in 4 Paid office rent for the month, P7, 5 Bought office supplies for cash, P8, 6 Paid the premium for one-year fire 7 Received professional fees for serv 8 Received and paid bill for the use o 9 Paid salaries of two-part time legal 10 Paid car rental , P2,880. 11 Received professional fees for serv 12 Paid Daraga Company a portion of t 13 Lucinada withdrew cash for persona - Accounts receivable 210,000 7,600 8,850 1,860 24,600 2,280 9,600 2,880 21,200 15,000 20,750 186,980 Cash Assets Assets Liabilities Equity Capital Drawings Income Expenses 401,690 132,000 269,690 267,000 20,750 45,800 22,360 Income 45,800 Office Supplies - Accounts receivable Assets Prepaid Office Insurance equipment 147,000 8,850 1,860 8,850 1,860 147,000 Office Prepaid Office Supplies Insurance equipment Assets Assets 401,690 Assets 401,690 Liabilities + Equity - Assets Less: Expenses Profit (loss) 22,360 23,440 Professional library Accounts Lucinada, Lucinada, Payable Capital Withdrawals Office Rent Car Rental Revenues expense expense 210,000 147,000 57,000 57,000 7,600 24,600 2,880 21,200 - - 15,000 20,750 57,000 132,000 267,000 20,750 45,800 7,600 2,880 Accounts Lucinada, Lucinada, Office Rent Car Rental Professional library Payable Capital Withdrawals Revenues expense expense Assets Liabilities Capital Drawings Income Expenses Expenses Communications expense Salaries expense 2,280 9,600 2,280 9,600 Communications Salaries expense expense Expenses Expenses Account Cash Lucinada, Capital Office equipment Accounts Payable Professional library Lucinada, Capital Office Rent expense Cash Office Supplies Cash Prepaid Insurance Cash Cash Revenues Communications expense Cash Salaries expense Cash Car Rental expense Cash Cash Revenues Accounts Payable Cash Lucinada, Withdrawals Cash Dr Cr 210,000 210,000 147,000 147,000 57,000 57,000 7,600 7,600 8,850 8,850 1,860 1,860 24,600 24,600 2,280 2,280 9,600 9,600 2,880 2,880 21,200 21,200 15,000 15,000 20,750 528,620 20,750 528,620 - Ma. Concepcion Manalo Cash 1 Manalo deposited P150,000 in a bank account in the name of 2 Paid office rent for the month, P11,000. 3 Bought supplies for cash, P2,750. 4 Bought professional equipment on account from J. Perez E 5 Bought office equipment from S. Lacorte Computers, P18,700 6 Performed professional services for cash, P32,800. 7 Paid accounts to S. Lacorte Computers, P5,000. 8 Received and paid bill for utilities, P2,830. 9 Paid salaries of part time assistants, P10,000. 10 Performed professional services for cash, P37,250. 11 Manalo withdrew cash for personal use, P16,000. - Accounts receivable 150,000 11,000 2,750 8,700 32,800 5,000 2,830 10,000 37,250 16,000 163,770 Cash Assets Assets Liabilities Equity Capital Drawings Income Expenses 327,220 147,000 180,220 150,000 16,000 70,050 23,830 Income Less: Expenses Profit (loss) 70,050 23,830 46,220 Supplies - 2,750 2,750 Accounts receivable Supplies Assets Assets 327,220 Assets 327,220 Liabilities + Equity - Change in Equity Beginning Ending Increase Profit (loss) Drawings Office Professional Accounts Manalo, equipment Equipment Payable Capital Manalo, Withdrawals Revenues Office Rent expense Utilities expense 150,000 11,000 142,000 142,000 18,700 10,000 32,800 - 5,000 2,830 37,250 16,000 18,700 142,000 147,000 150,000 16,000 70,050 11,000 2,830 Office Professional Accounts Manalo, Manalo, Office Rent Utilities equipment Equipment Payable Capital Withdrawals Revenues expense expense Assets Assets Liabilities + Equity Change in Equity Beginning 150,000 180,220 30,220 Liabilities Capital Drawings Income Expenses Expenses Profit (loss) 46,220 16,000 30,220 Salaries expense 10,000 10,000 Salaries expense Expenses Account Cash Manalo, Capital Office Rent expense Cash Supplies Cash Professional Equipment Accounts Payable Office Equipment Cash Accounts Payable Cash Revenues Accounts Payable Cash Utilities expense Cash Salaries expense Cash Cash Revenues Manalo, Withdrawals Cash Dr Cr 150,000 150,000 11,000 11,000 2,750 2,750 142,000 142,000 18,700 8,700 10,000 32,800 32,800 5,000 5,000 2,830 2,830 10,000 10,000 37,250 37,250 16,000 428,330 16,000 428,330 - Nelson Daganta formed the Liceo Sign on October 1, 2014. Transactions completed during the month follow: Nelson Daganta Oct Cash 1 Daganta deposited P250,000 in a bank account in the name of the business. 2 Acquired a service vehicle in the amount of P195,000 on account. 3 Acquired supplies for cash, P57,000. 9 Received P87,500 cash for signs painted. 10 Paid the month's rent, P25,000. 11 Painted signs for Cagayan Company on account, P170,000. 12 Paid P55,000 on account from Oct. 2. 16 Withdrew P25,000 for personal use. 23 Collected P35,000 from Cagayan Company. 27 Paid salaries of P57,000 for the month. 30 Paid BayanTel P7,500 for communications services for the month. 31 Paid a bill from AdAsia for P5,500 of advertising for the month. - 250,000 57,000 87,500 25,000 55,000 25,000 35,000 57,000 7,500 5,500 140,500 Cash Assets Assets Liabilities Equity Capital Drawings Income Expenses 527,500 140,000 387,500 250,000 25,000 257,500 95,000 Accounts receivable - Office Service Supplies equipment Vehicle Accounts Daganta, Payable Capital Daganta, Withdrawals Revenues 170,000 35,000 - 57,000 - - 195,000 195,000 - - 55,000 - 250,000 - 25,000 - 87,500 170,000 - 135,000 57,000 - 195,000 250,000 25,000 257,500 Accounts receivable Assets Office Supplies equipment Assets Assets 527,500 Assets 527,500 Liabilities + Equity - Service Vehicle Assets 140,000 Accounts Daganta, Payable Capital Liabilities Capital Daganta, Withdrawals Revenues Drawings Income Office Rent expense Communications expense Advertising expense 25,000 - - - 25,000 7,500 7,500 5,500 5,500 Salaries expense 57,000 - Cash Daganta, Capital Service Vehicle Accounts Payable Supplies Cash Cash Revenues Office Rent expense Cash Accounts receivable Revenues Accounts Payable Cash Daganta, Withdrawals Cash Cash Accounts receivable Salaries expense Cash - Communications expense Cash - Advertising expense Cash 57,000 Office Rent Communications expense expense Advertising expense Salaries expense Expenses Expenses Expenses Expenses Account Dr 250,000 195,000 57,000 87,500 25,000 170,000 55,000 25,000 35,000 57,000 7,500 5,500 964,000 Cr 250,000 195,000 57,000 87,500 25,000 170,000 55,000 25,000 35,000 57,000 7,500 5,500 964,000 - On March 1, 2014, Theodore Calaguas established the Calaguas Sports Rehab Clinic. Transactions completed during the month follow: Theodore Calaguas Cash a Calaguas deposited P250,000 in a bank account in the name of the business. b Paid the month's rent, P11,000. - c Bought supplies on account from Shaw Company, P11,700. d Bought professional equipment on account from Rizal Company, P58,000. e Bought office equipment on account from Marikina Company, P8,640. f Performed professional services for cash, P48,200. g Settled a portion of the accounts with Rizal Company, P18,500. - h Received and paid bill for utilities, P3,820. - i Paid salaries of assistants, P11,500. j Rendered professional services for cash, P38,000. k Calaguas withdrew cash for personal use, P16,000. - - 250,000 11,000 48,200 18,500 3,820 11,500 38,000 16,000 275,380 Cash Assets Assets Liabilities Equity Capital Drawings Income Expenses 353,720 59,840 293,880 250,000 16,000 86,200 26,320 Accounts receivable Office Professional Accounts Calaguas, Calaguas, Supplies equipment Equipment Payable Capital Withdrawals - Accounts receivable Assets 11,700 11,700 8,640 8,640 Office Supplies equipment Assets Assets 353,720 Assets 353,720 Liabilities + Equity - 58,000 - 58,000 Professional Equipment Assets 11,700 58,000 8,640 18,500 59,840 250,000 250,000 16,000 16,000 Accounts Calaguas, Calaguas, Payable Capital Withdrawals Liabilities Capital Drawings Revenues 48,200 38,000 86,200 Revenues Income Office Rent expense Utilities expense 11,000 11,000 3,820 3,820 Salaries expense 11,500 11,500 Office Rent Utilities expense expense Salaries expense Expenses Expenses Expenses Account Cash Calaguas, Capital Office Rent expense Cash Supplies Accounts Payable Professional Equipment Accounts Payable Office equipment Accounts Payable Cash Revenues Accounts Payable Cash Utilities expense Cash Salaries expense Cash Cash Revenues Calaguas, Withdrawals Cash Dr Cr 250,000 250,000 11,000 11,000 11,700 11,700 58,000 58,000 8,640 8,640 48,200 48,200 18,500 18,500 3,820 3,820 11,500 11,500 38,000 38,000 16,000 475,360 16,000 475,360 - ...
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