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.
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.