a. Paid \( P 3,000 \) of the outstanding accounts payable. b. Received P1,000 on account (part payment) from customers. c. Purchased P2,500 worth of supplies on account (on credit). d. Returned a defective piece of equipment that was purchased last month and received cash refund of P12,000. e. Borrowed P10,000 from a supplier, to repay the loan in 30 days. f. Paid creditor P2,000 on account (part payment). g. Purchased equipment for P10,000, giving P2,000 cash and promising to pay the balance in 60 days. h. Bought supplies, paying P1,650 cash. i. Received P2,500 check from customer on account. Required: Record the transactions using a financial transaction worksheet.
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Paid P 3,000 of the outstanding accounts payable. Debit: Accounts Payable P 3,000 Credit: Cash P 3,000 b. Received P1,000 on account (part payment) from customers. Debit: Cash P 1,000 Credit: Accounts Receivable P 1,000 c. Purchased P2,500 worth of supplies on Show more…
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Recording Transactions with the Accounting Equation During the year, the Fletcher Company experienced the following accounting transactions: 1. Purchased equipment with cash in the amount of $\$ 130,000$. 2. Purchased supplies on account in the amount of $\$ 16,500$. 3. Collected $\$ 37,000$ cash from customers. 4. Paid a cash dividend of $\$ 17,000$. Using the accounting equation, record each of the transactions in columnar format using the following template:
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The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. Jan. 1 Kacy Spade, owner, invested $100,750 cash in the company in exchange for common stock. Jan. 2 The company purchased office supplies for $1,250 cash. Jan. 3 The company purchased $10,050 of office equipment on credit. Jan. 4 The company received $15,500 cash as fees for services provided to a customer. Jan. 5 The company paid $10,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 The company billed a customer $2,700 as fees for services provided. Jan. 7 The company paid $1,225 cash for the monthly rent. Jan. 8 The company collected $1,125 cash as partial payment for the accounts receivable created on January 6. Jan. 9 The company paid $10,000 cash in dividends to the owner (sole shareholder).
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The following transactions of Larson Services Inc. occurred during August 2015, its first month of operations. Aug. 1 Issued share capital for $3,000 cash 1 Borrowed $10,000 cash from the bank 1 Paid $8,000 cash for a used truck 3 Signed a contract with a customer to do a $15,000 job beginning in November 4 Paid $600 for a one-year truck insurance policy effective August 1 5 Collected fees of $2,000 for work to be performed in September 7 Billed a client $5,000 for services performed today 9 Paid $250 for supplies purchased and used today 12 Purchased $500 of supplies on credit 15 Collected $1,000 of the amount billed August 7 16 Paid $200 for advertising in The News that ran the first two weeks of August 20 Paid $250 of the amount owing regarding the credit purchase of August 12 25 Paid the following expenses: rent for August, $350; salaries, $2,150; telephone, $50; truck operation, $250 28 Called clients for payment of the balances owing from August 7 31 Billed a client $6,000 for services performed today 31 $500 of the amount collected on August 5 has been earned as of today Required: Prepare Journal Entries (Debit and Credit) for each transaction.
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