In June 2021, A.B. Malinaw established a photography business. Transactions that transpired during the month follow: AB Malinaw invested P250,000 cash in his business named Malinaw Photography. Paid P5,000 for the municipal permit/license. Received proceeds of loan from UniBank and executed a promissory note amounting P150,000. Paid in advance the shop's six month rental to commence the following month, P60,000. Bought P80,000 worth of furniture for cash. Purchased equipments (cameras, tripods, lightings, laptop & printer) with total cost of P350,000, paid P150,000 cash and 1 3. 4 6. the balance on account. Bought for cash photo supplies costing P25,000. Received advance payment of P50,000 from a couple who will get marry on July, 2021. Received P75,000 cash for photo services rendered to various customers. Billed a customer for the balance of unpaid photo service rendered, P40,000. Paid utility bills totalling P15,000. 12 Paid the month's salaries of employees, P55,000. Made partial payment of P90,000 to the purchased equipment in transaction #6. 14 AB Malinaw withdrew P12,000 cash from the business funds. 15 Used up P7,000 worth of photo supplies bought in transaction #7. 7 8 10 11 13
In June 2021, A.B. Malinaw established a photography business. Transactions that transpired during the month follow: AB Malinaw invested P250,000 cash in his business named Malinaw Photography. Paid P5,000 for the municipal permit/license. Received proceeds of loan from UniBank and executed a promissory note amounting P150,000. Paid in advance the shop's six month rental to commence the following month, P60,000. Bought P80,000 worth of furniture for cash. Purchased equipments (cameras, tripods, lightings, laptop & printer) with total cost of P350,000, paid P150,000 cash and 1 3. 4 6. the balance on account. Bought for cash photo supplies costing P25,000. Received advance payment of P50,000 from a couple who will get marry on July, 2021. Received P75,000 cash for photo services rendered to various customers. Billed a customer for the balance of unpaid photo service rendered, P40,000. Paid utility bills totalling P15,000. 12 Paid the month's salaries of employees, P55,000. Made partial payment of P90,000 to the purchased equipment in transaction #6. 14 AB Malinaw withdrew P12,000 cash from the business funds. 15 Used up P7,000 worth of photo supplies bought in transaction #7. 7 8 10 11 13
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 3PB: On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During...
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Transcribed Image Text:In June 2021, A.B. Malinaw established a photography business. Transactions that transpired during the month follow:
AB Malinaw invested P250,000 cash in his business named Malinaw Photography.
Paid P5,000 for the municipal permit/license.
Received proceeds of loan from UniBank and executed a promissory note amounting P150,000.
Paid in advance the shop's six month rental to commence the following month, P60,000.
Bought P80,000 worth of furniture for cash.
Purchased equipments (cameras, tripods, lightings, laptop & printer) with total cost of P350,000, paid P150,000 cash and
3
4
the balance on account.
Bought for cash photo supplies costing P25,000.
Received advance payment of P50,000 from a couple who will get marry on July, 2021.
Received P75,000 cash for photo services rendered to various customers.
Billed a customer for the balance of unpaid photo service rendered, P40,000.
Paid utility bills totalling P15,000.
12 Paid the month's salaries of employees, P55,000.
13 Made partial payment of P90,000 to the purchased equipment in transaction #6.
AB Malinaw withdrew P12,000 cash from the business funds.
Used up P7,000 worth of photo supplies bought in transaction #7.
8
9
10
11
14
15
ASSETS
LIABILITIES
EQUITY
Tran.
Accounts
Photo
Prepaid
Furniture
ABMalinaw ABMalinaw
Capital
Accounts
Notes
Deferred
No.
Cash
Receivable Supplies
Equipment
Revenues (Expenses)
Rent
& Fixture
Payable
Payable
Revenue
Drawing
make up
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