Reference no: EM133010708

Quintin Smith opened a veterinary business on March. On March 31, the balance sheet showed Cash of P 18,000, Accounts Receivable P 3,400, Supplies P 1,200, Office Equipment P 12,000, Accounts Payable, P 7,200, and B. Willis, Capital, P 27,400.

During April, the following transactions occurred:

(P= Pesos)

1. Paid P 6,200 cash on accounts payable.
2. Collected P 2,600 of accounts receivable.
3. Purchased additional office equipment for P 4,200, paying P 1,600 in cash and the balance on account.
4. Earned revenue of P 11,800, of which P 5,000 is received in cash and the balance is due in May.
5. Withdrew P 6,000 cash for personal use.
6. Paid salaries, P 7,000, rent for April, P 9,000, and advertising expense, P 3,000.
7. Incurred utility expenses for the month on account, P 1,700.
8. Received P 14,000 from Pacific Bank - money borrowed on a note payable.

Instructions:

Problem 1: Prepare a tabular analysis of the April transactions