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Question - Recording Transactions in a Financial Transaction

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Question - Recording Transactions in a Financial Transaction Worksheet

On June 3, 2019, Jose Boni opened a VCD/DVD rental store, Boni Video, by investing P500,000 cash from his savings account. During the month of June, the following transactions took place:

June 3 Acquired supplies on account, P50,000.

June 4 Acquired VCDs/DVDs costing P245,000, on account.

June 5 Paid P100,000 to creditors.

June 8 Received P75,000 cash from Biggy's Video, a client, for rental fees.

June 11 Billed Movies & More Video for video rentals, P130,000.

June 16 Paid salaries, P69,000.

June 17 Collected P65,000 from Movies & More.

June 23 Boni withdrew P25,000 from the business.

June 24 Paid rent for the month, P37,000.

June 30 Paid utilities bill for the month, P15,000.

Required - Record the transactions for the month of June 2019 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; VCDs/DVDs; Accounts Payable; and Boni Capital.

Reference no: EM132635604

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