PROBLEM 1:
Cristy Cussler has started her own business, Property Appraisals. She
inspects property for buyers and sellers of real estate. Cristy rents office
space and has a part-time assistant to answer the phone and to help
with inspections.
Transactions for the month of September are as follows:
a. Cristy invested cash by making a deposit in a bank account for the business,
P150,000.
b. Paid rent for the month, P3,000.
c. Bought a second-hand service vehicle for cash, P80,000.
d. Bought service tools on account, P30,000.
e. Paid electricity bill, P500
f. Paid a one-year insurance premium on the service vehicle, P6,000.
g. Received cash from clients for service performed, P20,000.
h. Paid salaries to assistant for first half of the month, P2,000.
i. Performed appraisal services for clients on account, P10,000.
j. Paid water bill, P350.
k. Bought office supplies for cash, P1,000.
l. Received cash from clients for inspections performed on account in (i), P3,000.
m. Paid salaries to assistant for last half of the month, P2,500.
n. Made partial payment on service tools bought in (d), P10,000
o. Additional revenues earned amounted to P20,000: P14,000 for cash and P6,000
on account.
p. She withdrew cash for personal expenses, P5,000.
