CASE 1

Remy Palagana opened her events planner business. The transactions and accounts are as follows:
a) Invested 100,000 in cash to start her business
b) Paid 5,000 for one months rent
c) Bought office furniture for 15,000 cash
d) Received delivery of laptop computer, 54,000. Paid 50% down, balance due in 30 days
e) Performed services for 12,000 in cash
f) Performed services for 10,800
g) Acquired fax machine for 7,500; Paid 3,000 cash, balance due in 10 days
h) Received 5,400 from clients on accounts
i) Paid 10,000 salaries
j) Settled in full the 4,500 balance for the fax machine
k) Received 7,000
l) Performed services for 12,000 on credit
m) Paid 1,350 for the monthly telephone bill
n) Paid 2,400 for the electric and water bills
o) Collected 2,000 from clients on accounts
p) Withdrew 7,000 cash for personal use