Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4-13 Transaction Analysis Presented below are the transactions done by Ms. Virginia Ruben: 1. Ms. Virginia Ruben invests cash in the business where she opened

image text in transcribedimage text in transcribed

4-13 Transaction Analysis Presented below are the transactions done by Ms. Virginia Ruben: 1. Ms. Virginia Ruben invests cash in the business where she opened an account with Bank of the Philippines Islands, P250,000. 2. Withdrew cash from the bank to pay for the business permits to the city government, P5,000. 3. Received cash for services rendered and deposited to the bank,P4,000. 4. Bought office supplies on account from A. Suazo Co., P2,000. 5. Withdrew cash from the bank for her personal use, P10,000. 6. Withdrew cash from the bank for partial payment of account with A. Suazo Co., P1,000. 7. Rendered services on account to various clients, P3,500. 8. Withdrew cash from the bank for payment of salaries to her employees, P10,000. 9. Collected P2,000 from client's account and immediately deposited to the bank. Transaction Value Received Value Parted With No. or Debit Amount or Credit Amount 11 11 11 11 11 Total P P ========= Requirements: 1. Determine the value received and value parted with. Place the corresponding amount. 2. Total the amount of the value received and value parted with columns. 3. Check if the totals of the two are equal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Financial Accounting (Chapters 1-17)

Authors: John Wild

24th Edition

1260158608, 9781260158601

More Books

Students also viewed these Accounting questions

Question

16.2 Explain three trends in the labour movement in Canada.

Answered: 1 week ago