https://file.aiquickdraw.com/mathbot/file/1725455773633q87wpgd6.jpg

Certainly! Let's work through the transactions step by step to balance the financial transaction worksheet for the month of December 2014.

### Transactions:
1. **Dec 1:** Ludivinia Victorino invested ₱250,000 cash to open the business.
   - **Debit:** Cash (₱250,000)
   - **Credit:** Victorino, Capital (₱250,000)

2. **Dec 4:** Acquired supplies on account, ₱57,000.
   - **Debit:** Supplies (₱57,000)
   - **Credit:** Accounts Payable (₱57,000)

3. **Dec 5:** Acquired videotapes costing ₱25,000 on account.
   - **Debit:** Videotapes (₱25,000)
   - **Credit:** Accounts Payable (₱25,000)

4. **Dec 8:** Paid ₱85,000 to creditors.
   - **Debit:** Accounts Payable (₱85,000)
   - **Credit:** Cash (₱85,000)

5. **Dec 13:** Received ₱78,000 cash from ACA Video for rental fees.
   - **Debit:** Cash (₱78,000)
   - **Credit:** Accounts Receivable (₱78,000)

6. **Dec 15:** Billed Video City for video rentals, ₱105,000.
   - **Debit:** Accounts Receivable (₱105,000)
   - **Credit:** Rental Fees (Revenue) (₱105,000)

7. **Dec 17:** Paid salaries, ₱65,000.
   - **Debit:** Salaries Expense (₱65,000)
   - **Credit:** Cash (₱65,000)

8. **Dec 20:** Ludivinia withdrew ₱47,000 from the business.
   - **Debit:** Victorino, Drawing (₱47,000)
   - **Credit:** Cash (₱47,000)

9. **Dec 24:** Paid rent for the month, ₱41,500.
   - **Debit:** Rent Expense (₱41,500)
   - **Credit:** Cash (₱41,500)

10. **Dec 30:** Paid utilities bill for the month, ₱7,500.
    - **Debit:** Utilities Expense (₱7,500)
    - **Credit:** Cash (₱7,500)

### Final Balances:
Let's summarize the final balances for each account:

- **Cash:**
  - Initial: ₱250,000 (Investment)
  - Inflows: ₱78,000 (From ACA Video)
  - Outflows: ₱85,000 + ₱65,000 + ₱47,000 + ₱41,500 + ₱7,500 = ₱246,000 (Payments)
  - **Final Cash Balance:** ₱250,000 + ₱78,000 - ₱246,000 = ₱82,000

- **Accounts Receivable:**
  - Initial: ₱0
  - Inflows: ₱105,000 (Billed to Video City)
  - Outflows: ₱78,000 (Received from ACA Video)
  - **Final Accounts Receivable Balance:** ₱105,000 - ₱78,000 = ₱27,000

- **Supplies:**
  - Initial: ₱0
  - **Final Supplies Balance:** ₱57,000

- **Videotapes:**
  - Initial: ₱0
  - **Final Videotapes Balance:** ₱25,000

- **Accounts Payable:**
  - Initial: ₱0
  - Inflows: ₱57,000 + ₱25,000 = ₱82,000 (Supplies and Videotapes)
  - Outflows: ₱85,000 (Paid to creditors)
  - **Final Accounts Payable Balance:** ₱82,000 - ₱85,000 = -₱3,000 (indicating overpayment, or might need further clarification)

- **Victorino, Capital:**
  - Initial: ₱0
  - Inflows: ₱250,000 (Investment)
  - **Final Capital Balance:** ₱250,000

- **Victorino, Drawing:**
  - Initial: ₱0
  - **Final Drawing Balance:** ₱47,000

### Adjustments and Insights:
- **Rent Expense, Salaries Expense, and Utilities Expense** are directly affecting the Cash account.
- Any discrepancy in Accounts Payable might need further review for accuracy.

Would you like to go over any specific account in detail, or need help with further clarification?

---

Here are some related questions:
1. How would you adjust the accounts if some transactions were paid partially?
2. What effect would additional rental revenue have on the balance sheet?
3. How would the recording change if Ludivinia decided to reinvest the withdrawn amount back into the business?
4. How would the transaction be recorded if the utilities were paid in advance for the next month?
5. What would happen if an error was found in the amounts billed to Video City?

**Tip:** Always double-check your credits and debits to ensure the accounts balance perfectly at the end of the month.

Learn how to balance a financial transaction worksheet using double-entry bookkeeping principles. This example involves transactions such as cash investment, acquisition of supplies, payment to creditors, rental fees, and salaries. Suitable for students in Grades 11-12 and college-level accounting courses.

Math Problem Statement

Solution

Ask a new question for Free

By Image

Math Problem Analysis

Mathematical Concepts

Formulas

Theorems

Suitable Grade Level

Related Recommendation