COLLEGE ACCOUNTING W/CONNECT
17th Edition
ISBN: 9781307095012
Author: Haddock
Publisher: Mcgraw-Hill/Create
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Chapter 3, Problem 2PA
To determine
Identify the transactions affecting the assets directly.
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Record the following transactions. 1. Pay employee salaries of $600 by issuing checks. 2. Purchase computer equipment of $1,000 using a credit card. 3. Pay for maintenance of $400 for a company vehicle using a debit card.
Mr. Tristan Siy III established Siy Bookkeeping
Services and had the following transactions for the
month of February:
4
19
15
18
19
Received P35,000 cash from customers in
payment of their account.
Paid in cash and received an official receipt
20 from the supplier for payment of accounts,
21
28
28
Investment of P150,000 cash fund by Mr. Siy
into the business.
28
Received a Charge Invoice from a supplier for
the purchase of a desktop computer
amounting to P32,500. The computer is
estimated to be useful for five years and have
a salvage value of P2,500 thereafter.
Purchased supplies amounting to P18,000 in
cash.
Paid P6,000 insurance for six months.
Issued a Service Invoice for an amount of
P50,000 to a customer for services rendered
on account.
P20,000.
Rendered services to customers billed for
P30,000.
Cash payment of P15,000 for the salary of an
employee.
Mr. Siy withdrew P12,000 cash from the
business.
Paid the telephone bill for February
amounting to P3,000.
n 1. Enter the following transactions in T accounts. Label each debit and credit with the letter identifying the transaction. Prepare a trial balance at June 30.
On June 8, Lynne Jones opened a bank account in the name of her new business, Bluegrass company, by making a bank deposit of $82,000 cash.
On June 12, Purchase a small office building located on a large lot for a total price of $91,200, of which $48,000 was applicable to the land and $43,200 to the building. A cash payment of $18,240 was made and a note payable was issued for the balance of the purchase price.
On June 14, office equipment was purchased at a cost of $7,100. A cash down payment of $1,100 was made, and it was agreed that the balance should be paid within 30 days.
On June 20, withdrew $1,100 cash from the business for personal use.
On June 25, paid $450 for publication of newspaper advertising.
On June 26, paid salaries $6,500 to employees for services rendered.
Chapter 3 Solutions
COLLEGE ACCOUNTING W/CONNECT
Ch. 3 - Increases are recorded on which side of asset,...Ch. 3 - What is a footing?Ch. 3 - Prob. 1.3SRQCh. 3 - Prob. 1.4SRECh. 3 - Prob. 1.5SRECh. 3 - Prob. 1.6SRACh. 3 - Prob. 2.1SRQCh. 3 - Prob. 2.2SRQCh. 3 - What is a trial balance and what is its purpose?Ch. 3 - Prob. 2.4SRE
Ch. 3 - Prob. 2.5SRECh. 3 - Prob. 2.6SRACh. 3 - Prob. 1CSRCh. 3 - Prob. 2CSRCh. 3 - Prob. 3CSRCh. 3 - On which side of asset, liability, and owners...Ch. 3 - Prob. 5CSRCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Indicate whether each of the following types of...Ch. 3 - The terms debit and credit are often used in...Ch. 3 - Why is Prepaid Rent considered an asset account?Ch. 3 - Why is the modern system of accounting usually...Ch. 3 - Prob. 11DQCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Preparing a chart of accounts. The accounts that...Ch. 3 - Prob. 1PACh. 3 - Prob. 2PACh. 3 - Prob. 3PACh. 3 - Prob. 4PACh. 3 - The accountant for the firm owned by Randy Guttery...Ch. 3 - Prob. 1PBCh. 3 - Prob. 2PBCh. 3 - The following transactions took place at...Ch. 3 - Prob. 4PBCh. 3 - Prob. 5PBCh. 3 - Prob. 1CTPCh. 3 - Prob. 2CTPCh. 3 - In discussing a firms latest financial statements,...Ch. 3 - Prob. 2MFCh. 3 - Prob. 3MFCh. 3 - Prob. 4MFCh. 3 - Prob. 1EDCh. 3 - Prob. 1FSA
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