Kristine May S.

Torreon Grade 12- Our Lady of Lourdes

Problem: 2

Table:
Transactions DEBIT CREDIT
Account Title Amount Account Title Amount
1. Purchased equipment, paying cash of Equipment P46 000 Cash P46 000
P46,000.
2. Paid monthly rent, P15,000. Rent Expense P15 000 Cash P15 000
3. Bought supplies on credit, P1,900. Supplies P1 900 Accounts P1 900
Payable
4. Owner invested furniture, P16,000. Furniture and P16 000 Capital P16 000
Fixtures
5. Cash received from customer, P33,000. Cash P33 000 Accounts P33 000
Payable
6. Paid creditor on account, P6,000. Accounts P6 000 Cash P6 000
Payable
7. Received payment from customers on Cash P14 000 Account P14 000
account, P14,000. Receivable
8. Owner withdrew P23,000 for personal Cash P23 000 Drawing P23 000
use.
9. Paid salaries for the month, P16,000. Salaries P16 000 Cash P16 000
Expense
10. Purchased equipment costing Equipments P100 000 Notes Payable P100 000
P100,000 and issued promissory note.
11. Personal withdrawal of owner, P5,000. Cash P5 000 Drawing P5 000
12. Paid partially the notes on Trans.10, Notes P35 000 Cash P35 000
P35,000. Payable
13. Paid utilities for the month P6,700. Utilities P6 700 Cash P6 700
Expense
14. Owner issued his personal check in Cash P15 000 Notes Payable P15 000
partial payment for the notes in Trans.10, Equivalent
15,000.
15. Customer count not pay his P10,000 Accounts P10 000 Notes Payable P10 000
account but issued a note for the amount. Receivable
16. Order to National Bookstore office Supplies P3 500 Accounts P3 500
supplies on account costing P3,500. Payable
17. Customer paid the promissory note on Notes P15 000 Cash P15 000
Trans.14. Payable
18. Payment of the last instalment of Cash P50 000 Notes Payable P50 000
Trans.10, P50,000.
19. Paid the supplies bought on credit Supplies Accounts
from National Bookstore. Expense Payable
20. Rendered services on account, P4,000. Accounts P4 000 Service P4 000
Receivable Income