ACTG21: Fundamentals of Accounting

October 14, 2019

Alice Huerto opened her business called Arrow Delivery Services. Analyze the transactions given below as to what values
are affected, whether the effect is an increase or decrease and whether the account should be debited or credited.

Oct. 1 Miss Huerto made a cash investment of P200,000.

For Example Asset increase, Debit Cash
Owners Equity Increase, Credit Huerto, Capital

2 Purchased furniture and fixtures and paid P30,000 cash.

8 Purchased from Avesco office equipment on account, P15,000.
12 Borrowed from Prudential Bank P500,000 and signed a 90-day note.
13 Bought two delivery panels for P1,000,000. Made a down payment of 50% balance on account.
15 Paid salaries of clerks, P15,000 in cash.
18 Received a bill for printing of leaflets to promote her business, P3,500.
20 Received P20,000 in cash as payment for packages delivered.
21 Paid Avesco in full of account.
24 Billed M.Y. San for delivery of goods, P15,000. A down payment of P5,000 was required from the client.
30 Paid P7,500 for utilities and P15,000 for salaries.

Write your answers in ½ sheet of yellow pad.

Kindly submit your output at DOM Faculty. This will serve as your attendance and quiz for the day.

Thank you!