Exercise 2-2: Recording Transactions in a Financial Transaction Worksheet

On June 3, 2019, Jose Boni opened a VCD/DVD rental store, Boni Video, by investing P500,000

cash from his savings account. During the month of June, the following transactions took

place:

June 3 Acquired supplies on account, P50,000.

4 Acquired VCDs/DVDs costing P245,000, on account.

5 Paid P100,000 to creditors.

8 Received P75,000 cash from Biggy's Video, a client, for rental fees.

11 Billed Movies & More Video for video rentals, P130,000.

16 Paid salaries, P69,000.

17 Collected P65,000 from Movies & More.

23 Boni withdrew P25,000 from the business.

24 Paid rent for the month, P37,000.

30 Paid utilities bill for the month, P15,000.

Required: Record the transactions for the month of June 2019 using a financial transaction

worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; VCDs/DVDs;

Accounts Payable; and Boni Capital