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The following transactions transpired in December for One Company. Mr. Darcy M. Juan holds a concession rights (contractual right to rent out boats in the Burnham Park). During the month of December, Mr. Juan completed the following transactions. 2021 Dec. I Began business by placing P200,000 in the business. Hired an assistant for the boat rental. Borrowed 6-month short-term loan amounting to P50,000. Borrowed 3-year long-term loan amounting to P100,000 in the name of the business. Paid concession fee in advance for three months, 60,000. 2 Purchased 10 boats for P100,000, down of P50,000 and issued note for the remaining. 3 Purchased supplies on account for P3,000. 6 Received P15,000 in cash for rentals during the first week of operations. 9 Paid a maintenance person for the boat amounting P1,500. 13 Received P20,000 in cash for the second week of operation. 15 Paid for the assistant's salary P4,000. 17 Paid for the supplies purchased on December 3. 18 Paid P3,000 for the repair of boats. 22 Received P20,000 in cash for the third week of operation. 23 A company rented boat on account P5,000 for its employee's outing and relaxation. 30 Received P25,000 in cash for the fourth week of operation. 31 Paid P4,000 for the assistant's salary and P2,000 as an employees' benefit. 31 Withdrawn P40,000 for personal use. The following accounts are being used: Cash; Accounts Receivable; Supplies; Prepaid Concession Fee; Boat; Accounts Payable; Notes Payable; Short-term Loan; Long-term Loan; Amino, Capital; Amino, Drawings; Rental Revenues; Salaries; Employee Benefits Expense; Concession Fee Expense; Repairs and Maintenance Expense; Transactions

The following transactions transpired in December for One Company. Mr. Darcy M. Juan holds a concession rights (contractual right to rent out boats in the Burnham Park). During the month of December, Mr. Juan completed the following transactions. 2021 Dec. I Began business by placing P200,000 in the business. Hired an assistant for the boat rental. Borrowed 6-month short-term loan amounting to P50,000. Borrowed 3-year long-term loan amounting to P100,000 in the name of the business. Paid concession fee in advance for three months, 60,000. 2 Purchased 10 boats for P100,000, down of P50,000 and issued note for the remaining. 3 Purchased supplies on account for P3,000. 6 Received P15,000 in cash for rentals during the first week of operations. 9 Paid a maintenance person for the boat amounting P1,500. 13 Received P20,000 in cash for the second week of operation. 15 Paid for the assistant's salary P4,000. 17 Paid for the supplies purchased on December 3. 18 Paid P3,000 for the repair of boats. 22 Received P20,000 in cash for the third week of operation. 23 A company rented boat on account P5,000 for its employee's outing and relaxation. 30 Received P25,000 in cash for the fourth week of operation. 31 Paid P4,000 for the assistant's salary and P2,000 as an employees' benefit. 31 Withdrawn P40,000 for personal use. The following accounts are being used: Cash; Accounts Receivable; Supplies; Prepaid Concession Fee; Boat; Accounts Payable; Notes Payable; Short-term Loan; Long-term Loan; Amino, Capital; Amino, Drawings; Rental Revenues; Salaries; Employee Benefits Expense; Concession Fee Expense; Repairs and Maintenance Expense; Transactions

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...
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The following transactions transpired in December for One Company. Mr. Darcy M. Juan holds a concession rights (contractual right to rent out boats in the Burnham Park). During the month of December, Mr. Juan completed the following transactions. 2021 Transactions Dec. 1 Began business by placing P200,000 in the business. Hired an assistant for the boat rental. Borrowed 6-month short-term loan amounting to P50,000. Borrowed 3-year long-term loan amounting to P100,000 in the name of the business. Paid concession fee in advance for three months, 60,000. 2 Purchased 10 boats for P100,000, down of P50,000 and issued note for the remaining. 3 Purchased supplies on account for P3,000. 6 Received P15,000 in cash for rentals during the first week of operations. 9 Paid a maintenance person for the boat amounting P1,500. 13 Received P20,000 in cash for the second week of operation. 15 Paid for the assistant's salary P4,000. 17 Paid for the supplies purchased on December 3. 18 Paid P3,000 for the repair of boats. 22 Received P20,000 in cash for the third week of operation. 23 A company rented boat on account P5,000 for its employee's outing and relaxation. 30 Received P25,000 in cash for the fourth week of operation. 31 Paid P4,000 for the assistant's salary and P2,000 as an employees' benefit. 31 Withdrawn P40,000 for personal use. The following accounts are being used: Cash; Accounts Receivable; Supplies; Prepaid Concession Fee; Boat; Accounts Payable; Notes Payable; Short-term Loan; Long-term Loan; Amino, Capital; Amino, Drawings; Rental Revenues; Salaries; Employee Benefits Expense; Concession Fee Expense; Repairs and Maintenance Expense;
Transcribed Image Text:The following transactions transpired in December for One Company. Mr. Darcy M. Juan holds a concession rights (contractual right to rent out boats in the Burnham Park). During the month of December, Mr. Juan completed the following transactions. 2021 Transactions Dec. 1 Began business by placing P200,000 in the business. Hired an assistant for the boat rental. Borrowed 6-month short-term loan amounting to P50,000. Borrowed 3-year long-term loan amounting to P100,000 in the name of the business. Paid concession fee in advance for three months, 60,000. 2 Purchased 10 boats for P100,000, down of P50,000 and issued note for the remaining. 3 Purchased supplies on account for P3,000. 6 Received P15,000 in cash for rentals during the first week of operations. 9 Paid a maintenance person for the boat amounting P1,500. 13 Received P20,000 in cash for the second week of operation. 15 Paid for the assistant's salary P4,000. 17 Paid for the supplies purchased on December 3. 18 Paid P3,000 for the repair of boats. 22 Received P20,000 in cash for the third week of operation. 23 A company rented boat on account P5,000 for its employee's outing and relaxation. 30 Received P25,000 in cash for the fourth week of operation. 31 Paid P4,000 for the assistant's salary and P2,000 as an employees' benefit. 31 Withdrawn P40,000 for personal use. The following accounts are being used: Cash; Accounts Receivable; Supplies; Prepaid Concession Fee; Boat; Accounts Payable; Notes Payable; Short-term Loan; Long-term Loan; Amino, Capital; Amino, Drawings; Rental Revenues; Salaries; Employee Benefits Expense; Concession Fee Expense; Repairs and Maintenance Expense;
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