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WorksheetsEffects of the Business Transactions
Total questions: 13
Worksheet time: 10mins
Miss P opened her business, "P's Accounting Service" in the month of March 2018 and invested PhP30,000 cash in the business.
Cash increase & Miss P capital increase
Cash decrease & Miss P capital increase
Paid local business permit in the amount of PhP4,000 cash.
Cash increase & business permit expense increase
Cash decrease & business permit expense increase
Purchased office furniture worth PhP25,000 and office equipment worth PhP40,000.
cash increase & office furniture increase
cash decrease & office furniture increase
Received PhP8,000 cash from Miss Sharon Soledad for tax services.
cash increase & service income increase
cash decrease & service income increase
Received PhP15,000 cash from client for internal revenue compliance.
cash increase & service income increase
cash decrease & service income increase
Purchased office equipment from Gilmore Computer Supply amounting to 25,000 on account
cash increase & accounts payable increase
office equipment increase & accounts payable increase
Paid utilities PhP12,000 in cash.
utilities expense increase & cash account decrease
cash increase & utilities expense increase
Received 5,000 cash from a client for accounting services rendered.
accounts receivable increase & cash account decrease
cash increase & service income increase
Miss P withdrew cash PhP3,000 for personal use.
Miss P withdrawals increase & cash account decrease
cash increase & withdrawals increase
Paid PhP7,500 cash for the rent of laundry shop.
rent expense increase & cash account decrease
cash increase & rent expense increase
Received 10,000 cash from clients for BIR compliance services.
accounts receivable increase & cash account decrease
cash increase & service income increase
Paid PhP6,000 for salaries of the employees.
salaries expense increase & cash account decrease
cash increase & service income increase
Paid cash for the full settlement of account on March 15th transaction.
accounts payable decrease & cash account decrease
cash increase & accounts payable increase
