Exercise 1. Financial Transaction WorksheetCarol Gaston opens her own law office on July 1, 2019. During the first month of operations, thefollowing transactions occurred.1. Invested P100,000 in cash in the law practice.2. Paid P8,000 for July rent on office space.3. Purchased office equipment on account, P30,000.4. Rendered legal services to clients for cash, P15,000.5. Borrowed P7,000 cash from a bank on a note payable.6. Rendered legal services to client on account, P20,000.7. Paid monthly expenses, salaries, P5,000, utilities, P1,000 and telephone, P800.8. Withdrew cash for personal use, P4,000.Instruction: Prepare a Financial Transaction Worksheet. If the Owner's Equity is affected, indicate if it isdue to Revenue, Expense, Investment or Withdrawals.Financial Transaction WorksheetAssetsLiabilitiesOwner's EquityCashAccountsEquipmentNotesAccountsGaston,PayableCapital100,000(8,000)ReceivablePayable1.100,000(8,000)ВаInvestment2.Expenses92,00092,0003.Ва4.Ва5.Ва6.ba7.Ва8Ba

Name: Exercise 1. Financial Transaction WorksheetCarol Gaston opens her own
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Description: Exercise 1. Financial Transaction WorksheetCarol Gaston opens her own law office on July 1, 2019. During the first month of operations, thefollowing transactions occurred.1. Invested P100,000 in cash in the law practice.2. Paid P8,000 for July rent

Solution Concept Accounting equation is given as Asset = liabilities + equity If we further…

Answered: Instruction: Prepare a Financial…

Business

Accounting

Instruction: Prepare a Financial Transaction Worksheet. If the Owner's Equity is affected, indicate if it is due to Revenue, Expense, Investment or Withdrawals.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter4: The Accounting Cycle

Section: Chapter Questions

Problem 5TIF

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