2. What was the change in the Cash account for the month? In Galang, Capital? Problem #8 Transactions in a Completed Worksheet Nine transactions are reflected in the October transaction worksheet of the Teresita Galang Financial Planner presented below: Teresita Galang Financial Planner Financial Transaction Worksheet Month of October 2018 %3D +] OE A. + Supplies Office Accounts Galang. Cash Accounts Equipment Payable Capital Receivable P 4,500 P 153,000 P 60,000 P 130,000 %3! Bal. P 15,000 7,000 (5,000) P 17,500 (7,000) %3D 1 %3D 2 5,000 25,000 25,000 %3! 3 24,500 (16,000) %3! 4 24,500 16,000 (6,500) 3,700 %3D (6,500) 3,700 7 (2,500) (5,000) P 131,000 %3D 8 (2,500) (5,000) P 3,000 P 98,200 178,000 P 229,200 P 13,200 + %3D P 35,000 P 229,200 %3D Required: 1. Describe each of the above transactions. The last transaction is the only transaction affecting the capital account that does not affect profit.

2. What was the change in the Cash account for the month? In Galang, Capital? Problem #8 Transactions in a Completed Worksheet Nine transactions are reflected in the October transaction worksheet of the Teresita Galang Financial Planner presented below: Teresita Galang Financial Planner Financial Transaction Worksheet Month of October 2018 %3D +] OE A. + Supplies Office Accounts Galang. Cash Accounts Equipment Payable Capital Receivable P 4,500 P 153,000 P 60,000 P 130,000 %3! Bal. P 15,000 7,000 (5,000) P 17,500 (7,000) %3D 1 %3D 2 5,000 25,000 25,000 %3! 3 24,500 (16,000) %3! 4 24,500 16,000 (6,500) 3,700 %3D (6,500) 3,700 7 (2,500) (5,000) P 131,000 %3D 8 (2,500) (5,000) P 3,000 P 98,200 178,000 P 229,200 P 13,200 + %3D P 35,000 P 229,200 %3D Required: 1. Describe each of the above transactions. The last transaction is the only transaction affecting the capital account that does not affect profit.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 59BPSB

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