Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory, established the AA Tutorial Services. On May 1, 2020, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Alcala, Capital +70,000 Cash Accounts Office Accounts Notes Receivable Equipment Payable Payable +70,000 -45,000 2. +45,000 +30,000 3. +10,000 +20,000 +18,000 +18,000 -5,000 +7,000 4. -5,000 +7,000 -10,000 +15,000 -7,000 7. -10,000 8. -15,000 9. -7,000 Required: 1. Describe each of the above transactions 2. If these transactions represent the operations of AA Tutorial Services during the month of May, what was the amount of profit or loss before depreciation? F11561

Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory, established the AA Tutorial Services. On May 1, 2020, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Alcala, Capital +70,000 Cash Accounts Office Accounts Notes Receivable Equipment Payable Payable +70,000 -45,000 2. +45,000 +30,000 3. +10,000 +20,000 +18,000 +18,000 -5,000 +7,000 4. -5,000 +7,000 -10,000 +15,000 -7,000 7. -10,000 8. -15,000 9. -7,000 Required: 1. Describe each of the above transactions 2. If these transactions represent the operations of AA Tutorial Services during the month of May, what was the amount of profit or loss before depreciation? F11561

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 5CP

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close Get live help whenever you need from online tutors!Try bartleby tutor todayarrow_forward SEARCH ASK CHAT MATH SOLVER Question Mr. Y started a business with the Name YANKA INTERPRISES. The Company was stablished and duly registered at the Securities and Exchange Commission (SEC) in January 2020. The business maintains its accounting period using the calendar year.The following transactions ocurred during its business operation for the year 2020. 1. Mr. Y the owner invested an initial capital of cash, P500, 000. O0, office equipment P100, 000.00 respectively. 2. Paid rent in advance amounting toP75, 000 for the period of three (3) months. (Jan to March). 3. On October 1, Bought supplies P150,000 for 6 months on cash from A&B business ventures, the supplier. 4. Received P100,000 cash from customer for the service tendered. 5. Paid salaries to employees P50, 000 6. Paid light and water expenses for P30, 0007. Bought 3 units of computer on…