COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 3, Problem 1PA
To determine

Identify the transactions affecting the owner's equity account directly.

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Analyze 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.
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…
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