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    Quiz 1.2: Analyzing and Recording Business Transactions

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    Carl Vincent Cubarol
    Ludivina Victorino opened a video rental store called Cavite Video on December 1, 2021 by investing P250,000 of personal savings. During the month, the store acquired supplies costing P67,000 and videotapes costing P235,000 on credit, received rental fees of P78,000 from ACA Video and P105,000 from Video City that was billed, and paid expenses including P85,000 to creditors, P65,000 in salaries, P41,500 in rent, and P17,500 in utilities.

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    Quiz 1.2: Analyzing and Recording Business Transactions

    Uploaded by

    Carl Vincent Cubarol
    95 views1 page
    Ludivina Victorino opened a video rental store called Cavite Video on December 1, 2021 by investing P250,000 of personal savings. During the month, the store acquired supplies costing P67,000 and videotapes costing P235,000 on credit, received rental fees of P78,000 from ACA Video and P105,000 from Video City that was billed, and paid expenses including P85,000 to creditors, P65,000 in salaries, P41,500 in rent, and P17,500 in utilities.

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    FABM1 Q1.2

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    Ludivina Victorino opened a video rental store called Cavite Video on December 1, 2021 by investing P250,000 of personal savings. During the month, the store acquired supplies costing P67,000 and videotapes costing P235,000 on credit, received rental fees of P78,000 from ACA Video and P105,000 from Video City that was billed, and paid expenses including P85,000 to creditors, P65,000 in salaries, P41,500 in rent, and P17,500 in utilities.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    95 views1 page

    Quiz 1.2: Analyzing and Recording Business Transactions

    Uploaded by

    Carl Vincent Cubarol
    Ludivina Victorino opened a video rental store called Cavite Video on December 1, 2021 by investing P250,000 of personal savings. During the month, the store acquired supplies costing P67,000 and videotapes costing P235,000 on credit, received rental fees of P78,000 from ACA Video and P105,000 from Video City that was billed, and paid expenses including P85,000 to creditors, P65,000 in salaries, P41,500 in rent, and P17,500 in utilities.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Quiz 1.

    2:
    Analyzing and Recording Business Transactions

    On December 1, 2021, Ludivina Victorino opened a videotape rental store,


    Cavite Video, vy investing P250,000 cash from her personal savings
    account. During the month of December, the following transactions took
    place:

    Dec. 1 Acquired supplies on account, P67,000.


    4 Acquired videotapes costing P235,000, on account.
    5 Paid P85,000 to creditors.
    8 Received P78,000 cash from ACA Video for rental fees.
    11 Billed Video City for video rentals, P105,000.
    16 Paid salaries, P65,000.
    17 Collected P77,000 from Video City.
    23 Victorino withdrew P47,000 from the business.
    24 Paid rent for the month, P41,500.
    30 Paid utilities bill for the month, P17,500.

    Required:

    Record the transactions for the month of December 2021 using a financial
    transaction worksheet. Use the following accounts:

    Cash;
    Accounts Receivable;
    Supplies;
    Videotapes;
    Accounts Payable; and
    Victorino, Capital.

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