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Business Transactions and Worksheet (Pio Baconga)

Pio Baconga started Baconga Industrial Spray Service in April 2019. During the month, Baconga invested ₱60,000 cash in the business. He bought a service vehicle for ₱112,500, paying ₱22,500 in cash and financing the remainder. Baconga also bought spray equipment costing ₱18,000 and paid various business expenses. The problem requires recording all transactions in April 2019 in a financial transaction worksheet using specified accounts.

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219 views1 page

Business Transactions and Worksheet (Pio Baconga)

Pio Baconga started Baconga Industrial Spray Service in April 2019. During the month, Baconga invested ₱60,000 cash in the business. He bought a service vehicle for ₱112,500, paying ₱22,500 in cash and financing the remainder. Baconga also bought spray equipment costing ₱18,000 and paid various business expenses. The problem requires recording all transactions in April 2019 in a financial transaction worksheet using specified accounts.

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Unknown
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Problem 5

Pio Baconga started Baconga Industrial Spray Service on April 1, 2019. During April, Baconga
completed the
following transactions:
a. Invested cash in the business, P60,000.
b. Bought a service vehicle from CDO Motors for P112,500, paying P22,500 in cash, with the remainder
due in
thirty days.
c. Bought spray equipment on account from Misamis Farm Supplies, P18,000.
d. Paid rent for the month, P5,600.
e. Paid cash for insurance on service vehicle for the year, P5,760.
f. Received cash for spray services done on a building, P21,750.
g. Bought supplies for cash, P5,730.
h. Billed customers on account for services performed, P4,440.
i. Paid cash for utilities, P960.
j. Received bill for gasoline used by the service vehicle during the month, P3,270.
k. Receipts from cash customers, P16,420.
l. Baconga withdrew cash for personal use, P10,500.
m. Paid salaries to employees, P20,400.
Required:
Record the transactions for the month of April 2019 using a financial transaction worksheet. Use the
following
accounts: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Spray Equipment; Service Vehicle;
Accounts
Payable; and Baconga, Capital. If the owner’s equity account is affected by a transaction, identify it as
revenue,
expense, investment or withdrawal.

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