3.62 | Basic Aécounting See nec e eee ee EEE WANE: ‘SECTION Problem #22 Recording Transactions in a Financlal Transaction Worksheet Joel Feliciana has started-his own business, Property Appraisals. He inspects property, for buyers and sellers of realestate. Felidaio rents: office space and has a part-time ‘assistant to answer the phone and to help with inspections, The transactions for. the month of Seotetiber areas follows: ac Feliciano invested cash by making. deposit ina bank acount forthe Susiness,P250,000. 2. Paid rent forthe month, P,000. €2 Bought a second hand service vehicle for essh, 0,000, 41.4 Bought service tools on account F30,000, Paid electricity i, 300. TgPaid a one-year insurance premium on the service vehicle, PS,000. geisRecelved cas rom cient for sevice performed, 20,000. fhtsPaid sles to aesstant for rat half ofthe ont, 72,00 lpertrmed appreia services or cons on acount, P0,C00. J. Paid water bit, 350 XE!Bought office supplies for csh 2,000. 1 Receved cash om cet for tspetons performed on scout, 3000, mas aid salaries to assistant fo ast half of thé month, 2,500, 1taMade partial payment on sevice tools ought in (2), P1000. ypAtkitonal venues eamed amounted toP20,000;°26,000for cash and 26,000 on account p.preliciano withdrew cash fr personal expenses, P5,000, Required . 1, Establish the following accounts in af You. STouRNAL BOOK Cash ‘AccountsPayable [Accounts Receivable.“ _ Feliciano, Capital Office Supplies Feliciano, Withdrawals Prepaid Insurance Revenues Service Tools Expenses Service Vehiclere accounting Equation and the Double nti Seater, 3.53, Angee ww Quarrel Book SECTION: probem ag Transaction Anais Transat 2, Received 726000 cash rom cents for series rendered. 8. Pad 480,000 of salaries to employees. @Gallected 120,000 from cents on account: &. tmenner, sto Apalisoe,withdew P80,000 cash for personal we, Purchased P 240,000 of suppies on acount led cents 980,00 for services rendered Paid P100,000 to suppleson acount eas Fore ~*~ 7. l ship, fill in. thet Ly a is BE 5 4s . ee coe ecounts Typeot— Ineretpor: Debtor Tons Afeced ___Adtoort___ call AE eee 2 Bok 2 1. ele Ee Se 2 —s ao. PE =o ee ee ee = 2 aE = soe Re ceANSWERE on Your sacs | 35 Swuynal Hout Journalizing Transactions. s ‘Thé chart of accounts for Peter Tulio Landscaping i as follows: Assets Income mo cash 410 Landscaping Revenues . 420. Accounts ReceWable Expenses 130 Prepaid insurance 510 Salaries Expense 140‘ Equipment 20° Gas and Ol Expense 150. Service Vehicle 530 Rent Expense Hopies 540." Utitie Expense 210 Accounts Payable . 550. ~ Supple Expense Owner's Equity 560. Miscllaneaus Expense 310° Tullo, capa 320 Tull, Withdrawals ‘The company completed the following transactions in July 2016 July. 2 Pald rent for the manth,P10,000. Received cash on account from Crowa Peak Condos, P21,800, Bought equipment on account from Bay Equipment, 61,000, Received and paid telephoine bil, P2500. - Billed City Hall for services performed, °35,000. Paid cash for ably insurance (six months), P16,000. ‘Tullo invested inthe business a personal equipment having a fair ‘market value of P49,500, aid P20,000 on account to Bay Equipment. Paid salaries to part-time employees, P14,800. Received cash for services performed, P72,300. Tullo withdrew cash for personal use, P21,500. RBEBeN geen Required: Prepare the Journal entries for the Jil transactions.