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Quiz 1.2: Analyzing and Recording Business Transactions

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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Carl Vincent Cubarol
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118 views1 page

Quiz 1.2: Analyzing and Recording Business Transactions

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.

Uploaded by

Carl Vincent Cubarol
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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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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