Directions: Complete the table below. The first item has been uoe Increased by Decreased by List of Accounts Classification Normal Balance (Debit (Debit/ (Asset, Liabilities, Owner's Equity Credit) (Debit/ Credit) Credit) „Revenue, Expense) Debit Credit Cash Asset Debit Accounts Receivable 3. Merchandise Inventory 4 Prepaid Insurance Supplies 6. Office Equipment Transportation Equipment 8. Building 6. Land 10 Intangible Assets

Directions: Complete the table below. The first item has been uoe Increased by Decreased by List of Accounts Classification Normal Balance (Debit (Debit/ (Asset, Liabilities, Owner's Equity Credit) (Debit/ Credit) Credit) „Revenue, Expense) Debit Credit Cash Asset Debit Accounts Receivable 3. Merchandise Inventory 4 Prepaid Insurance Supplies 6. Office Equipment Transportation Equipment 8. Building 6. Land 10 Intangible Assets

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 3.4C

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Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He bought…
Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.
Account for accountspayable and analyzeaccounts payableturnover
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