Recording transactions in a Financial Transaction Worksheet

On Dec. 1, 2010, Lovell Abello ventured into a billiards recreation business, Balls and Sticks.

During the month, the following transactions occurred:

Dec. 1 Abello began the business by depositing P200,000 cash in a bank account in the

name of the business.

3 Purchased an existing billiard hall at a price of P210,000 for the land and P300,000

for the building. Abello paid the former owner P100,000 in a cash and issued a

short-term notes payable for the balance of the purchase price.

10 Bought a billiard tables for P10,000 each, paying P60,000 cash and agreeing to pay

the balance in 30 days.

14 Sold a billiard table to the owner for P10,000. The entity was paid P5,000 cash and

the balance within 30 days.

20 Paid P20,000 of the amount owed on the billiard boards.

24 Collected P2,000 on the billiard table sold.

30 Purchased one use of billiard table from another billiard hall, paying P6,000 cash.

Required:

Record transactions for the month of Dec. 2010 using a financial transaction worksheet. Indicate the new account balances after each transaction. Use the following accounts: Cash; Accounts Receivable; Land; Building; Billiard Tables; Notes Payable; Accounts Payable; and Abelo Capital.