Reference no: EM132942505
QUESTION - What are the effects on Accounting elements for the following - Transactions. Explain why it increase or why it decreases.
March 3-Purchased a Computer costing P80,000. Paid 50% and promised to pay the balanced after 15 days.
March 5-Paid for publication in a newspaper of the opening of the consultancy firm, P15,000.
March 8-Purchased office supplies and paid P15,000.
March 9- Installed a set of accounting software for P350,000 and issued a promissory note.
March 10-Rendered tax services to clients who paid cash of P52,550.
March 11-Made a 50% payment on the balance owed for the purchase of equipment on March 3.
March 12-Conducted a two day seminar on the system and procedure for the computerized inventory system of Asia Hospital. Collected P150,000.
March 13-Billed Goldman Rubber Tires P30,000 for a one-day seminar on budget preparation.
March 15-Prudential Bank approved a 12% five year loan for P20,000 for the purchase of a condominium unit for residential purposes.
March 15-Paid for the salaries of staff, P75,000.
March 18-Withdrew cash for personal use, P 15,000.
March 20-Various accounting and auditing services collected in cash, P110,000.
March 22-Purchased furniture and fixtures from Battazar Furnishing on account, P32,000.
March 25-Paid for the amount owed on the accounting software.
March 26-CFC, a food processing company, requested Dr. Pajanustan to set up a merger plan for CFC and Arcy Dairy. Dr. Pajanustan charged CFC, P250,000.
March 27-Goldman paid 50%.
March 28-Paid P50,000 for the monthly rent, including utilities of P5,000.
March 29-Supplies used up amounted to P12,500.
March 31-Returned some pieces of defective fixtures to Baltazar Furnishings which was deducted from the account of the business, P2,000.