Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Recording Transactions in a Financial Transaction Worksheet On June 1, 2015, Christine Charity Resultay, Optometrist, established the Resultay Eye Clinic. Transactions completed during the month
Recording Transactions in a Financial Transaction Worksheet On June 1, 2015, Christine Charity Resultay, Optometrist, established the Resultay Eye Clinic. Transactions completed during the month are as follows: a. Resultay deposited P200,000 in a bank account in the name of the business. b. Paid office rent for the month, P8,400. c. Bought supplies for cash, P7,750. d. Bought office equipment on account from Dagupan Equipment, P91,800. e. Bought a computer from Del Rosario Office Outfitters, P18,400, paying P6,000 in cash and the balance on account. f. Performed professional services for cash, P24,210. g. Paid accounts to Del Rosario Off ice Outfitters, P9,000. h. Received and paid the bill for utilities, P2,430. i. Paid salaries of the part-time assistants, P9,900. j. Performed professional services for cash, P25,150. k. Resultay withdrew cash for personal use, P12,500. Required: Record the transactions for the month of June 2015 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Office Equipment; Accounts payable; and Resultay, Capital. If the owner's equity account is affected by a transaction, identify it as revenue, expense, investment or withdrawal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started