Reference no: EM132647049
Transaction Analysis
a. Received P260,000 cash from clients for services rendered.
Transactions:
b. Paid P480,000 of salaries to employees.
c. Collected P120,000 from clients on account.
d. The owner, Virginia Ruben, withdrew P80,000 cash for personal use.
e. Purchased P140,000 of supplies on account.
f. Billed clients P180,000 for services rendered.
g. Paid P100,000 to suppliers on account.
For each of the transactions for Virginia Ruben Antique Restorer, a sole proprietorship fill in the spaces to answer the following questions:
Question 1. What are the two accounts affected by the transaction?
Question 2. What type of account is affected-asset, liability quimar's capital, owner's withdrawal, income or expense account?
Question 3. Should the account be increased or decreased?
Question 4. Should the account be debited or credited?
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Will this division terminate Hawaii S election or prevent
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What are the two accounts affected by the transaction
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Policy analysis
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What do reflect in relevance to the firm in consideration
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