Assignment 1: Prepare a T-account of the business transactions 1. MicroHard, inv

Question

Assignment 1:
Prepare a T-account of the business transactions
1. MicroHard, invests P200,000 to start a computer software developer.
2. MicroHard buys equipment on credit, P100,000.
3. MicroHard bought Office Supplies for cash, P62,000
4. Paid partial on equipment bought on account, P60,000
5. MicroHard received a bank loan for business use, P100,000
6. Customers pay cash for service rendered, P25,000
7. Services rendered on account, P50,000
8. Paid’s a month’s rent P10,000
9. MicroHard collects partial from customers’ account, P30,000
10. MicroHard pays the salaries and wages for employees, P15,000
11. Billed a customer, P6,000; P2,000 was partially received.
12. Supplies purchased, P15,000 and P5,000 was partially paid.
13. Office Supplies used and paid, P18,000
14. Withdrew P20,000 for personal use.

Assignment 2:
Complete the sentence by writing either DEBIT or CREDIT:
1. DEBIT accounts receivable when you render service on accounts.
2. __________accounts payable when you pay your account.
3. __________cash when you pay expenses.
4. __________cash in bank when you deposit money in the bank.
5. __________capital when the owner makes an investment.
6. __________drawing when the owner withdraws money from the business.
7. __________salaries expenses when employees are paid their salaries.
8. __________cash on hand when you render services for cash.
9. __________accounts payable when you buy equipment on account.
10. _________notes receivable when you receive note for services rendered.
11. _________notes receivable when it is paid.
12. _________capital when the owner makes an additional investment.
13. _________service income when you render service for cash.
14. _________service income when you render service on account.
15. _________accounts receivable when you collect an account.
16. _________salaries payable when you pay the salaries unpaid last month.
17. _________due from customers when you render service on account.
18. _________advances to employees when the employees make vales.
19. _________advances to employees when their vales are deducted from their salaries at the end of the month.
20. _________accounts payable when you return defective furniture to the seller.

Explanation / Answer

debit.. you need to have the money already in your account. credit, you can charge it and pay it back later

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.