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Accounting Assignment

Miranda invested P300,000 in a new business. Various business expenses were incurred and revenues were earned from providing shopping services to corporate clients. Cash was used to purchase equipment, pay bills, collect from clients, and pay commissions. Miranda also took a P20,000 withdrawal for personal use.

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Adrian Christian Lee
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5K views

Accounting Assignment

Miranda invested P300,000 in a new business. Various business expenses were incurred and revenues were earned from providing shopping services to corporate clients. Cash was used to purchase equipment, pay bills, collect from clients, and pay commissions. Miranda also took a P20,000 withdrawal for personal use.

Uploaded by

Adrian Christian Lee
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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A.

Miranda Invests P300,000 in the business


Debit: Cash P300,000
Credit: Miranda, Capital P300,000
B. Acquired office equipment for P100,000, Miranda paid P20,000 in
cash and promised to pay the balance equally every end of month
Debit: Office Equipment P100,000
Credit: Cash P20,000
Credit: Accounts Payable P80,000
C. Paid rent for December, P5,000
Debit: Rent Expense P5,000
Credit: Cash P5,000
D. Provided shopping services for corporate accounts, P52,000
Debit: Accounts Receivable P52,000
Credit: Shopping Revenues P52,000
E. Paid telephone bill, P900
Debit: Utilities Expense P900
Credit: Cash P900
F. Borrowed cash from the bank by signing a note payable, P50,000
Debit: Cash P50,000
Credit: Notes Payable P50,000
G. Bought a computer for office use, P48,000 cash
Debit: Office Equipment P48,000
Credit: Cash P48,000
H. Collected cash from clients for services performed on account,
P40,000
Debit: Cash P40,000
Credit: Accounts Receivable P40,000
I. Paid commissions to shoppers for revenues generated during the
first half of the month, P18,200
Debit: Commission expense P18,200
Credit: Cash P18,200
J. Paid Electricity Bill, P6,000
Debit: Utilities Expense P6,000
Credit: Cash P6,000
K. Earned shopping revenues of P132,000: P60,000 cash, P72,000 on
account
Debit: Cash 60,000
Debit: Accounts Receivable P72,000
Credit: Shopping Revenues P132,000

L. Paid shoppers commissions for last half of month, P46,200


Debit: Commission Expense P46,200
Credit: Cash P46,200
M. Paid transportation allowances for the moth, P15,000
Debit: Transportation Expense P15,000
Credit: Cash P15,000
N. Paid P10,000 on note payable to bank
Debit: Notes Payable P10,000
Credit: Cash P10,000
O. Paid cash on account for the office equipment purchased in
transaction (b), P20,000
Debit: Accounts Payable P20,000
Credit: Cash P20,000
P. Miranda withdrew P20,000 for personal use
Debit: Miranda, withdrawals P20,000
Credit: Cash P20,0000

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