Reddish Fell is a painting contractor. He paints houses, buildings, apartments for profit. During the month of April, he completed the following transactions: Date Transaction April 2 Invested in the painting business equipment at P12,300 and P71,000 cash. 3 Purchased a car costing P80,000. Paid P50,000 cash and signed a note for the unpaid amount. Purchased painting supplies on account for P3,200. Completed a painting job for a customer on account for P4,800. 7 Received P1,500 cash for painting an apartment room for a customer. 10 Purchased painting supplies for P1,600 cash. 11 Received P4,800 from a customer on April 5. 12 Paid P4,000 for insurance for one-year. 13 Performed painting services on account, P6,200. 18 Paid for the painting supplies bought on April 4. 20 Purchased new equipment for P6,000 and painting supplies for P2,900 both on account. 22 Received a telephone bill for P600, to be paid next month. 23 Received P3,300 in cash from the customer on April 13. 25 Received P3,600 in cash for painting a two-room apartment for a customer. 27 Paid P2,000 on the note signed for the car purchased on April 3. 29 Paid the assistant salary P1,800 30 The owner withdraws P3,000 for personal use.

Reddish Fell is a painting contractor. He paints houses, buildings, apartments for profit. During the month of April, he completed the following transactions: Date Transaction April 2 Invested in the painting business equipment at P12,300 and P71,000 cash. 3 Purchased a car costing P80,000. Paid P50,000 cash and signed a note for the unpaid amount. Purchased painting supplies on account for P3,200. Completed a painting job for a customer on account for P4,800. 7 Received P1,500 cash for painting an apartment room for a customer. 10 Purchased painting supplies for P1,600 cash. 11 Received P4,800 from a customer on April 5. 12 Paid P4,000 for insurance for one-year. 13 Performed painting services on account, P6,200. 18 Paid for the painting supplies bought on April 4. 20 Purchased new equipment for P6,000 and painting supplies for P2,900 both on account. 22 Received a telephone bill for P600, to be paid next month. 23 Received P3,300 in cash from the customer on April 13. 25 Received P3,600 in cash for painting a two-room apartment for a customer. 27 Paid P2,000 on the note signed for the car purchased on April 3. 29 Paid the assistant salary P1,800 30 The owner withdraws P3,000 for personal use.

Name: Construct an analysis of the following transaction (refer to the image
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Description: Construct an analysis of the following transaction (refer to the image) and use the table:Assets =Liabilities +Owner's Equity Account titleDebitCredit Account titleDebitCredit Account titleDebitCredit Reddish Fell is a painting contractor. He pain

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 22P

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