2-54 Basic Financial Accounting and Reporting 2022 Edition by Prof. WIN Ballado On Sept. 1, 2021, Christopher Abelinde established Abelinde Delivery Service. During the a. Christopher Abelinde invested P240,000 in the business (increase Cash; increase Find six errors that were made in recording the transactions, and state how they should SCORE: NAME: PROFESSOR: SECTION: Problem #20 Identification of Errors month, the entity had the following transactions: Abelinde, Capital). b Bought two used delivery vans from The Van Lot for P200,000 and paid P50,000 as a down payment (increase Delivery Equipment, P200,000; decrease Cash, P50,000 increase Accounts Payable, P150,000). S. Received P25,000 in cash for delivery services (increase Cash; increase Deliver Revenues). d. Received bill from Bicol News for advertising, P3,500 (increase Advertising Expense decrease Cash). e. Billed Naga Surgical Supply for delivery services provided, P6,200 (increase Accounts Receivable; increase Delivery Revenues). f. Received and paid telephone bill, P1,000 (decrease Cash; decrease Telephone Expense). g. Abelinde invested in his business office equipment having a fair market value of P9,600 (increase Office Equipment; decrease Cash). h. Received and paid bill for gas and oil, P1,500 (decrease Cash; increase Maintenance Expense). I Paid P3,500 to Bicol News to pay account in full (increase Advertising Expense;, increase Cash). . Received P29,000 cash for delivery services performed (increase Cash; increase Delivery Revenues). k. Abelinde withdrew P11,000 for personal use (decrease Cash; increase Salars Expense). 1. Received P4,000 from Naga Surgical Supply to apply on account (increase Casi increase Delivery Revenues). m. Pald salaries to part-time employee, P8,000 (increase Salaries Expense; decrease Cash). Required: have been recorded.
2-54 Basic Financial Accounting and Reporting 2022 Edition by Prof. WIN Ballado On Sept. 1, 2021, Christopher Abelinde established Abelinde Delivery Service. During the a. Christopher Abelinde invested P240,000 in the business (increase Cash; increase Find six errors that were made in recording the transactions, and state how they should SCORE: NAME: PROFESSOR: SECTION: Problem #20 Identification of Errors month, the entity had the following transactions: Abelinde, Capital). b Bought two used delivery vans from The Van Lot for P200,000 and paid P50,000 as a down payment (increase Delivery Equipment, P200,000; decrease Cash, P50,000 increase Accounts Payable, P150,000). S. Received P25,000 in cash for delivery services (increase Cash; increase Deliver Revenues). d. Received bill from Bicol News for advertising, P3,500 (increase Advertising Expense decrease Cash). e. Billed Naga Surgical Supply for delivery services provided, P6,200 (increase Accounts Receivable; increase Delivery Revenues). f. Received and paid telephone bill, P1,000 (decrease Cash; decrease Telephone Expense). g. Abelinde invested in his business office equipment having a fair market value of P9,600 (increase Office Equipment; decrease Cash). h. Received and paid bill for gas and oil, P1,500 (decrease Cash; increase Maintenance Expense). I Paid P3,500 to Bicol News to pay account in full (increase Advertising Expense;, increase Cash). . Received P29,000 cash for delivery services performed (increase Cash; increase Delivery Revenues). k. Abelinde withdrew P11,000 for personal use (decrease Cash; increase Salars Expense). 1. Received P4,000 from Naga Surgical Supply to apply on account (increase Casi increase Delivery Revenues). m. Pald salaries to part-time employee, P8,000 (increase Salaries Expense; decrease Cash). Required: have been recorded.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 21E: (Appendix 21.1) Visual Inspection The following changes in account balances were taken from Walson...
Related questions
Topic Video
Question
Transcribed Image Text:2-54 | Basic Financial Accounting and Reporting 2022 Edition by Prof. WIN Ballada
On Sept. 1, 2021, Christopher Abelinde established Abelinde Delivery Service. During the
SCORE:
NAME:
PROFESSOR:
SECTION:
Problem #20
Identification of Errors
month, the entity had the following transactions:
Christopher Abelinde invested P240,000 in the business (increase Cash: inmve
Abelinde, Capital).
h Bought two used delivery vans from The Van Lot for P200,000 and paid P50.000
down payment (increase Delivery Equipment, P200,000; decrease Cash, P50.00
increase Accounts Payable, P150,000).
C. Received P25,000 in cash for delivery services (increase Cash; increase Deliven
Revenues).
d. Received bill from Bicol News for advertising, P3,500 (increase Advertising Expense
decrease Cash).
e. Billed Naga Surgical Supply for delivery services provided, P6,200 (increase Accounts
Receivable; increase Delivery Revenues).
Received and paid telephone bill, P1,000 (decrease Cash; decrease Telephone
Expense).
R. Abelinde invested in his business office equipment having a fair market value of
P9,600 (increase Office Equipment; decrease Cash).
h. Received and paid bill for gas and oil, P1,500 (decrease Cash; increase Maintenance
Expense).
1. Paid P3,500 to Bicol News to pay account in full (increase Advertising Expense
increase Cash).
. Received P29,000 cash for delivery services performed (increase Cash; increase
Delivery Revenues).
k. Abelinde withdrew P11,000 for personal use (decrease Cash; increase Salae
Expense).
I. Received P4,000 from Naga Surgical Supply to apply on account (increase Casi,
increase Delivery Revenues).
m. Paid salaries to part-time employee, P8,000 (increase Salaries Expense; decre
Cash).
f.
Required:
mu six errors that were made in recording the transactions, and state how they Sho
have been recorded.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781285867977
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
