Transcribed Image Text: Directions: Record the transactions directly into the T-accounts. The transactions are independent from one another. Use the following account titles: Cash Owner’s Withdrawals Professional Fees Salaries Expense

Transcribed Image Text: Directions: Record the transactions directly into the T-accounts. The transactions are
independent from one another.
Use the following account titles:
Cash
Owner’s Withdrawals
Professional Fees
Salaries Expense
Rent Expense
Utilities Expense
Miscellaneous Expense
Accounts Receivable
Office Equipment
Office Furniture
Accounts Payable
Owner’s Capital
a. The owner deposited P280,000 in the name of his business.
b. He purchased a 4-in-1 equipment from Limay Equipment for P4,950, paying
P1,000 in cash and the balance on account.
c. He bought chairs and tables for the office for P12,300 cash.
d. He purchased furniture from Orion Company for P2,750 in cash.
e. He received and paid the telephone bill from Ph Telecom amounting to P1,080.
f. He billed his customers P12,940 for services on account.
g. He paid P1,850 the electric bill from BEBECO. Transcribed Image Text: h. He paid P3,500 for the membership fee.
i. He received P17,650 in cash for services rendered.
j. He paid P1,000 to partially settle accounts with Orion Company.
k. He paid P8,400 for the monthly rental of the place.
1. He paid P3,500 for the salaries of employees.

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