On Sept
Subject:BusinessPrice: Bought3
On Sept. 1, 2021, Christopher Abelinde established Abelinde Dell month, the entity had the following transactions: a. Christopher Abelinde invested P240,000 in the business (increase Cash; increase Abelinde, Capital). Bought two used delivery vans from The Van Lot for P200,000 and paid P50,000 as a down payment (increase Delivery Equipment, P200,000; decrease Cash, P50,000- increase Accounts Payable, P150,000). C. Received P25,000 in cash for delivery services (increase Cash; increase Delivery Revenues). d. Received bill from Bicol News for advertising, P3,500 (increase Advertising Expense; decrease Cash). e. Billed Naga Surgical Supply for delivery services provided, P6,200 (increase Accounts Receivable; increase Delivery Revenues). f. Received and paid telephone bill, P1,000 (decrease Cash; decrease Telephone Expense). g. Abelinde invested in his business office equipment having a fair market value of P9,600 (increase Office Equipment; decrease Cash). h. Received and paid bill for gas and oil, P1,500 (decrease Cash; increase Maintenance Expense). i. Paid P3,500 to Bicol News to pay account in full (increase Advertising Expense; increase Cash). j. Received P29,000 cash for delivery services performed (increase Cash; increase Delivery Revenues). k. Abelinde withdrew P11,000 for personal use (decrease Cash; increase Salaries Expense). 1. Received P4,000 from Naga Surgical Supply to apply on account (increase Cash; Increase Delivery Revenues). Cash). m. Paid salaries to part-time employee, P8,000 (increase Salaries Expense; .decrease Required: Find six errors that were made in recording the transactions, and state how they should have been recorded.
