Determine the direction of effects

Assignment Help Accounting Basics

Reference no: EM131209090

Activity No.

The record the following transactions:

July 5 Received PHP850 cash from customers on account.

10 Billed customers for services performed, PHP6,300.

15 Paid employee salaries, PHP1,400.

16 Performed PHP600 of services for customers who paid in advance in July.

20 Paid PHP2,000 to creditors on account.

21 Received PHP250 for services rendered on a cash basis.

26 Purchased supplies on account, at a cost of PHP350.

29 Withdrew PHP600 for personal use.

30 Paid utilities PHP900

Instruction:

1. Read the transactions carefully.

2. Identify and classify the accounts.

3. Determine the direction of effects.

4. Prepare accounting equation.

Reference no: EM131209090

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