Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello Kindly answer this please. Thank you! RECORDING TRANSACTIONS IN A FIANCIAL TRANSACTION WORKSHEET Part I. Directions: Record the transactions for the month of December

Hello Kindly answer this please. Thank you!

image text in transcribed
RECORDING TRANSACTIONS IN A FIANCIAL TRANSACTION WORKSHEET Part I. Directions: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Office Equipment; Professional Library; Accounts Payable; and Uzumaki, Capital. If the owner's equity account is affected by a transaction, identify it as revenue, expense, investment, or withdrawal. Uzumaki Naruto opened his Ninja Academy on Dec. 1, 2021. The following transactions were completed during the month. a. Deposited P 110,000 in the bank in the name of the business. b. Bought office equipment On account from Uchiha Corp., P 147,000. c. Invested his personal library into the business, P57,000. d. Received tuition fees from ninja students, P11,700. e. Paid office rent for the month, P7,600. f. Bought office supplies for cash, P8,850. g. Paid premium for a oneyear fire insurance policy on the equipment and the library, Pl,860. h..Acquired office equipment for cash, P 19,350. i. Received electricity bill, P4,820, no payments made yet. j. Billed tuition fees for ninja students, P24,600, no payments received yet. k. Received and paid bill for the use of internet, P2,280. 1. Paid salaries of two part-time ninja sensei, P9,600. m. Paid car rental expenses, P2,880. n o . Paid the electricity bill received earlier. . Received partial payments from previously billed tuition fees, P21,200. p. Paid Uchiha Corp. a portion of the amount owed for the acquisition of the office equipmcnt rccordcd oarlicr, P15,000. q. Naruto withdrew cash for personal use, P20,750. Nothing follows

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

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

978-0-538-4527, 0-538-45274-9, 978-1133161646

More Books

Students also viewed these Accounting questions

Question

Cite ways to overcome fear of success.

Answered: 1 week ago

Question

What has been your desire for leadership in CVS Health?

Answered: 1 week ago

Question

Question 5) Let n = N and Y Answered: 1 week ago

Answered: 1 week ago