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Determine the debit and credit accounts for each transactions of Mr. Kayayan Mr. Wagmalito Kayayan wants to open an accounting firm this year. The following
Determine the debit and credit accounts for each transactions of Mr. Kayayan
Mr. Wagmalito Kayayan wants to open an accounting firm this year. The following transactions are made during the of October. Oct 1. Mr. W. Kayayan invested P100,000 to start an accounting office. Oct 3. Purchased office supplies worth P20,000 on account. Oct 5. Purchased additional office supplies for cash, Php 10 000 Oct 6. Paid the accounts payable in full. Oct 8. Purchased 2 units of computer with printer for P50,000, 30 days. Oct 10. Rendered accounting services for cash, P25,000. Oct 15 Rendered accounting services on account, P 30,000. Oct 15 Paid Meralco bills, P3,500. Paid salaries for the period, P15,000. Oct 20 collected P10,000 from customer billed last Oct 15. Oct 21 Received bill from Maynilad worth Php 780. Oct 22 A Short term loan from a local bank was granted in the amount of P50,000, less P5,000 financing charges. Mr. W. Kayayan issued 1 year promissory note. Oct 25. Paid telephone bill amounting Php 6 000. Oct 27 Mr. Kayayan withdrew P20,000 for personal use Oct 30 At the end of the month, physical count of the office supplies revealed that P5,000 had been consumedStep by Step Solution
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