Record the transactions directly into the t accounts. The second pic is the example IMMODULEbelow summarizesillustrationWhat Is Ittherecordedtherules of debit and creditThewhichaccountitsincreaseThe side fromisthenormaiDebitCreditAssetsAssetsLiabilitiesDrawingsExpensesEquityCreditDe bitIncomeDecreasesIncreasesNormal BalanceMatulungin deposited P350.000 to start her new business.April 1:credits and decreases are on debits.Owner's EquityLiabilitiesAssets (Increase)Owner's Equity (Increase)CreditDe bitCreditDe bitCash+Matulungin, CapitalCredit (-)IncreasesDebit (+)Debit (-)IncreasesDecreasesCredit (+)DecreasesP350,0004-14-1P350,000Normal BalanceNormal Balancelustration adapted from Busic Financiaıl Accounting and Reporting. 22 EditionFor income and expense accounts, the rules of debits and credits are basedon the relationship of these accounts to owner's equity. If there is an income, it willincrease owner's equity while if there is an expense, it is considered as a decrease inowner's equity. If there is an increase in income, it will be recorded as credits and ifthere is an adjustment (decrease), it will be recorded as debits. Increases in expensesAnalysis:CashIncrease in Asset:Increasc in Owncr's Equity: Matulungin, CapitalP350,000DebitP350,000Creditare recorded as debits and decreases are as credits.Matulungin bought a computer amounting to P50,000 byissuing a note payable to Ardiente Computer Store.ЕxpensesApril 2:IncomeDe bitCredítDe bitCreditAssets (Increase)Liabilities (Increase)DecreasesIncreasesIncreasesDecreasesNotes PayableComputerCredit (-)Debit (-)Credit (+)Normal BalanceNormal BalanceDebit (+)4-2P50,0004-2P50,000Rules of Dehit and CrediAdapted from Basic Financial Acouming and Repartiny, 2I st Faitumlustration udapted from Basic Fmanciat Accounting und Reporting. 22 Editionnormal are Directions: Record the transactions directly into the T-accounts. The transactionsare independent from one another. Write your answers on a separatesheet of paper.Use the following account titles:| Owner's WithdrawalsProfessional FeesSalaries ExpernseRent ExpenseUtilities ExpenseMiscellaneous ExpenseCashAccounts ReceivableOffice EquipmentOffice FurnitureAccounts PayableOwner's Capitala. The owner deposired P280.000 in the name of his business.b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950. payingP1,000 in cash and the balance on account.c. He bought chairs and tables for the office for P12,300 cash.d. He purchased furniture from Orion Company for P2,750 in cash.e. He received and paid the telephone bill from Ph Telecom amounting to P1,080.15

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b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950. paying P1,000 in cash and the balance on account.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 4E: Indicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet...

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Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.
Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He bought…