Asuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPA glory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 as rksheet 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 Accounts Office Accounts Notes Cash Receivable Payable Payable Equipment + %3D +70,000 +70,000 -45,000 1. +45,000 2. 3. +10,000 +20,000 +30,000 +18,000 -5,000 000 ,ר+ 4. +18,000 -5,000 +7,000 5. 6. 7. -10,000 -10,000 8. +15,000 -15,000 -7,000 9. -7,000 Required: 1. Describe each of the above transactions. 2. If these transactions represent the operations of AA Tutorial Services during t month of May, what was the amount of profit or loss before depreciation?
Asuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPA glory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 as rksheet 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 Accounts Office Accounts Notes Cash Receivable Payable Payable Equipment + %3D +70,000 +70,000 -45,000 1. +45,000 2. 3. +10,000 +20,000 +30,000 +18,000 -5,000 000 ,ר+ 4. +18,000 -5,000 +7,000 5. 6. 7. -10,000 -10,000 8. +15,000 -15,000 -7,000 9. -7,000 Required: 1. Describe each of the above transactions. 2. If these transactions represent the operations of AA Tutorial Services during t month of May, what was the amount of profit or loss before depreciation?
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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