Hello! Please explain to me on how to get the answer to this transaction.
Direction: Indicate the effect on the accounting elements, whether an increase or decrease. Identify the accounts affected and the corresponding amount. A chart of account have been provided for your references.
11 Purchased office supplies, P4,000 for office use on account. 12 The owner deposited cash in the business P200,000 as additional investment 13 Received cash from LBP Baler, P300,000 representing cash proceeds of loan. 14 Paid utilities for the month, P12,000. 15 Mr. Jade made a P25,000 cash withdrawal for personal use. 16 Received a bill from AURELCO P22,000. 17 Paid Silver Blue in full. 18 Issued check to LBP Baler as partial payment of loan, P100,000. 19 Received P100,000 cash for services rendered. 20 Services rendered to client on account, P80,000 and received a corresponding promissory note. 22 Cash services rendered for the day, P130,000. 24 Collected the account in full on transaction dated December 20, 2019. 26 Services rendered to ABC Company, P100,000, receiving cash for P70,000 and the balance payable in 15 days with promissory note. 27 Paid the rental of clinic for the month, P15,000 and additional P30,000 as advance payment for 2 months. 28 Paid the bill received from AURELCO. 30 Paid the salaries of personnel for the month, P45,000. 31 Interest earned on bank deposits, P5,000. JADE SCANNING & PRINTING CENTER Chart of Accounts Assets Owner's Equity 101 Cash 301 Jade, Capital 112 Accounts Receivable 302 Jade, Drawing 112b Allowance for Doubtful Account 399 Income Summary 113 Notes Receivable 114 Interest Receivable 122 Office Supplies Revenues 123 Prepaid Rent 401 Service Revenue 124 Prepaid Insurance 402 Interest Income 151 Transportation Equipment 499 Other Income 152 Accumulated Depreciation- Transportation Equipment 153 Furniture and Fixtures 154 Accumulated Depreciation- Furniture and Fixtures 155 Machineries and Equipment Liabilities Expenses 201 Accounts Payable 501 Taxes and Licenses Expense 202 Notes Payable 502 Salaries Expense 203 Salaries Payable 503 Supplies Expense SOLUTION GUIDE: DATE ASSETS LIABILIT CAPITAL REVENUE EXPENSES ES 2020 December Increase Increase Cash P200,000 Jade, Machineries & Capital Equipment, P300,000 P500,000 Decrease Increase December Cash, P12,000 Taxes & 2 Licenses, P12,000DATE TRANSACTIONS 2019 December Adrian Jade invested cash P200,000 and Scanning and Printing machines worth P300, 1 000 in the business. 2 Secured municipal taxes and licenses in cash, P12,000. 3 Purchased P50,000 worth of tables, chairs and shelves from Silver Blue on account. 5 Bought Toyota Pick-up worth P970,000 with P500,000 down payment and issued promissory note on the remaining balance. 7 Paid one-year insurance premium worth P24,000 as car insurance. 8 Paid P20,000 for the purchase of bond papers, inks, and other supplies. 10 Jade Center billed a customer for services rendered during the week, P60,000
