Reference no: EM132662870

Required:

Problem 1. Employ transaction analysis on each business event.

Problem 2. Record events using a basic recording method and then summarize.

Problem 3. Record events using the double-entry accounting system and then summarize and prepare accounting reports.

1. Mr. Grissom started his own crime investigation service business. He deposited 300,000 in a bank account which would be for business use.

2. Bought office desks and chairs from ABC Furniture Company for 20,000 pesos.

3. He paid 20,000 for the month's rent of office space.

4. Bought a sofa set for 5,000 pesos to accommodate clients from CNN Company on credit.

5. Bought a steel cabinet for office purposes from XYZ Industries, 15,000 cash.

6. Bought a high-tech printer for 10,000 pesos from Gilmore Company.

7. Bought a desktop computer for 20,000 from Complink to be paid in 12 monthly installments.

8. Paid 5,000 to JJ Construction Company for property repairs.

9. Paid 10,000 WRX Advertising Company for their services.

10. Bought an air conditioner from Carrier Company for 24,000 pesos payable in 12 monthly installments.

11. Paid employees' salaries for the month, 20,000 pesos.

12. Purchased 10,000 pesos worth of office supplies on cash from National Bookstore.

13. Paid Meralco Company 5,000 pesos for the monthly electricity bill.

14. Paid Carrier 2,000 pesos for the first monthly installment of the air conditioner.

15. Paid MWSS Company 1,000 pesos for the monthly water bill.

16. Worked on client's cases in exchange for 80,000 pesos.

17. Hired Mr. Brown the plumber and paid him cash, 5,000 pesos.