Debit and creditan activityjanuary, 2011ms. Gizelle u. anchetastudent-teacher : Debit and creditan activityjanuary, 2011ms. Gizelle u. anchetastudent-teacher
State the accounts to be debited and credited in the following transactions of J. Vargas Catering Services: : State the accounts to be debited and credited in the following transactions of J. Vargas Catering Services: 1. J. Vargas made an investment of P45, 000.
2. Bought chairs and tables from Santiago Furniture on credit, P5, 800.
3. Purchased service equipment from Vergel Co. on credit P4, 500.
4. Received P18, 000 for service rendered at a birthday party.
5. Paid P7, 000 for food supplies used at the party.
6. Billed J. Torres P25, 000 for the catering service at his son’s wedding.
7. Paid P9, 000 for the food supplies used at Torres’ party.
8. Miscellaneous expenses paid, P3, 000.
9. Paid one-half of the account due to Santiago Furniture.
10. J. Torres sent P13, 000 as partial payment of his account.
11. Paid the wages of the helper, P9, 000.
12. Paid monthly rent of the space, P15, 000.
13. Received P60, 000 from a customer for catering service rendered.
NOTE: Below the transactions are the account titles to be used. Compute and balance using the accounting equation (A = L + C). Compute for the debits and credits using the table below. (Write the answer on a bond paper) : NOTE: Below the transactions are the account titles to be used. Compute and balance using the accounting equation (A = L + C). Compute for the debits and credits using the table below. (Write the answer on a bond paper)