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MARCH 1 Caleb invested ₱50,000 cash and ₱20,000 equipment to his Kaizen Consultancy Services. 3 Bought ₱15,000 equipment from Triple M Co., on credit. 6 Consultancy services rendered on account, ₱12,000.  6 Paid Triple M Co., ₱5,000 as partial payment of account. 7 Consultancy services rendered for cash, ₱8,000.  8 Collected ₱3,000 from a customer. 10 Received electric bill from Meralco, ₱2,800. 12 Returned ₱1,500 defective equipment to Triple M Co. 13 Caleb withdrew ₱9,000 from the company’s bank account and deposited it to his own account. 14 Paid electric bill to Meralco.  15 Caleb withdrew ₱40,000 for his vacation. 23 Paid Triple M Co., in full. 24 Caleb deposited ₱14,000 to the company’s bank account. 28 Paid telephone bill for the month, ₱9,600. This bill includes ₱6,000 of Caleb’s personal plan.

MARCH 1 Caleb invested ₱50,000 cash and ₱20,000 equipment to his Kaizen Consultancy Services. 3 Bought ₱15,000 equipment from Triple M Co., on credit. 6 Consultancy services rendered on account, ₱12,000.  6 Paid Triple M Co., ₱5,000 as partial payment of account. 7 Consultancy services rendered for cash, ₱8,000.  8 Collected ₱3,000 from a customer. 10 Received electric bill from Meralco, ₱2,800. 12 Returned ₱1,500 defective equipment to Triple M Co. 13 Caleb withdrew ₱9,000 from the company’s bank account and deposited it to his own account. 14 Paid electric bill to Meralco.  15 Caleb withdrew ₱40,000 for his vacation. 23 Paid Triple M Co., in full. 24 Caleb deposited ₱14,000 to the company’s bank account. 28 Paid telephone bill for the month, ₱9,600. This bill includes ₱6,000 of Caleb’s personal plan.

Intermediate Accounting: Reporting And Analysis
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
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 4RE: Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method....
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MARCH 1 Caleb invested ₱50,000 cash and ₱20,000 equipment to his Kaizen Consultancy Services.
3 Bought ₱15,000 equipment from Triple M Co., on credit.
6 Consultancy services rendered on account, ₱12,000. 
6 Paid Triple M Co., ₱5,000 as partial payment of account.
7 Consultancy services rendered for cash, ₱8,000. 
8 Collected ₱3,000 from a customer.
10 Received electric bill from Meralco, ₱2,800.
12 Returned ₱1,500 defective equipment to Triple M Co.
13 Caleb withdrew ₱9,000 from the company’s bank account and deposited it to his own account.
14 Paid electric bill to Meralco. 
15 Caleb withdrew ₱40,000 for his vacation.
23 Paid Triple M Co., in full.
24 Caleb deposited ₱14,000 to the company’s bank account.
28 Paid telephone bill for the month, ₱9,600. This bill includes ₱6,000 of Caleb’s personal plan. 
T-ACCOUNTS ASSETS LIABILITIES Cash Accounts Payable Debit Credit Debit Credit 1-March 50,000.00 March 5,000.00 7-March ........ 8,000.00 8-March 3,000.00 24-March 14,000.00 Accounts Recievable Utilities Payable Debit Credit Debit Credit Equipment Unearned Service Revenue Debit Credit Debit Credit
Transcribed Image Text:T-ACCOUNTS ASSETS LIABILITIES Cash Accounts Payable Debit Credit Debit Credit 1-March 50,000.00 March 5,000.00 7-March ........ 8,000.00 8-March 3,000.00 24-March 14,000.00 Accounts Recievable Utilities Payable Debit Credit Debit Credit Equipment Unearned Service Revenue Debit Credit Debit Credit
T-ACCOUNTS ASSETS LIABILITIES Cash Accounts Payable Debit Credit Debit Credit 1-March 50,000.00 March 5,000.00 7-March ........ 8,000.00 8-March 3,000.00 24-March 14,000.00 Accounts Recievable Utilities Payable Debit Credit Debit Credit Equipment Unearned Service Revenue Debit Credit Debit Credit
Transcribed Image Text:T-ACCOUNTS ASSETS LIABILITIES Cash Accounts Payable Debit Credit Debit Credit 1-March 50,000.00 March 5,000.00 7-March ........ 8,000.00 8-March 3,000.00 24-March 14,000.00 Accounts Recievable Utilities Payable Debit Credit Debit Credit Equipment Unearned Service Revenue Debit Credit Debit Credit
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