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ANALYSIS OF TRANSACTIONS Jona passed the bar exam in April and immediately set up her own law practice. During the first month of operation, she completed the following transactions:   Began the law practice by placing P2,000,000 in a bank account establish for the business Purchase a Law Library for P290,000 cash Purchase office supplies for P30,000 on credit Accepted P50,000 in cash for completing a contract Billed clients for P39,500 for service rendered during the month Paid P20,000 of the amount owed for office supplies Received P30,000 in cash from clients who had been previously billed Paid rent expense for the month in the amount of P10,000 Withdrew P50,000 for personal use Paid utilities for P15,000 Office supplies that were consumed for the period is 90%. REQUIREMENTS: Analysis of Transaction (increase/decrease) Statement of Financial Position Statement of Comprehensive Income

ANALYSIS OF TRANSACTIONS Jona passed the bar exam in April and immediately set up her own law practice. During the first month of operation, she completed the following transactions:   Began the law practice by placing P2,000,000 in a bank account establish for the business Purchase a Law Library for P290,000 cash Purchase office supplies for P30,000 on credit Accepted P50,000 in cash for completing a contract Billed clients for P39,500 for service rendered during the month Paid P20,000 of the amount owed for office supplies Received P30,000 in cash from clients who had been previously billed Paid rent expense for the month in the amount of P10,000 Withdrew P50,000 for personal use Paid utilities for P15,000 Office supplies that were consumed for the period is 90%. REQUIREMENTS: Analysis of Transaction (increase/decrease) Statement of Financial Position Statement of Comprehensive Income

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 79APSA
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ANALYSIS OF TRANSACTIONS

Jona passed the bar exam in April and immediately set up her own law practice. During the first month of operation, she completed the following transactions:

 

  1. Began the law practice by placing P2,000,000 in a bank account establish for the business
  2. Purchase a Law Library for P290,000 cash
  3. Purchase office supplies for P30,000 on credit
  4. Accepted P50,000 in cash for completing a contract
  5. Billed clients for P39,500 for service rendered during the month
  6. Paid P20,000 of the amount owed for office supplies
  7. Received P30,000 in cash from clients who had been previously billed
  8. Paid rent expense for the month in the amount of P10,000
  9. Withdrew P50,000 for personal use
  10. Paid utilities for P15,000
  11. Office supplies that were consumed for the period is 90%.

REQUIREMENTS:

  1. Analysis of Transaction (increase/decrease)
  2. Statement of Financial Position
  3. Statement of Comprehensive Income
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