For each of the following transactions for Dela Cruz Services, a sole proprietorship, fill in the spaces to answer the following questions: 1. What are the two accounts affected by the transaction? 2. What type of account is affected – asset, liability, owner’s equity, withdrawal, income or expense account? 3. Should the account be increased or decreased? 4. Should the account be debited or credited? Transactions: a. Received P 260,000 cash from clients for services rendered. b. Paid P 480,000 of salaries to employees c. Collected of P 120,000 from clients on account d. The owner withdrew P 80,000 cash for personal use e. Purchased P 140,000 of supplies on account f. Billed client P 180,000 for services rendered g. Paid P 100,000 to suppliers on account
For each of the following transactions for Dela Cruz Services, a sole proprietorship, fill in the spaces
to answer the following questions:
1. What are the two accounts affected by the transaction?
2. What type of account is affected – asset, liability, owner’s equity, withdrawal, income or
expense account?
3. Should the account be increased or decreased?
4. Should the account be debited or credited?
Transactions:
a. Received P 260,000 cash from clients for services rendered.
b. Paid P 480,000 of salaries to employees
c. Collected of P 120,000 from clients on account
d. The owner withdrew P 80,000 cash for personal use
e. Purchased P 140,000 of supplies on account
f. Billed client P 180,000 for services rendered
g. Paid P 100,000 to suppliers on account
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