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11.25 "Nature and Examples of business transactions"

Nature of Business Transaction

May 9, 2015

The entity loaned P 200,000 cash from Metro Aide Bank

May 7, 2015

What is a business transaction?

Incurred and paid repairs and maintenance, P 4,500

Examples of Business transactions

  • It is a process of exchange.
  • transfer of ownership
  • operations of the business
  • a business transaction is where an economic entity and it's customers interact.

May 1, 2015

May 5, 2015

Rio Blanco opened an accounting firm by investing cash of P 1,000,000 and office space worth P 2,500,000

Bought furniture and fixtures for P 250,000 on account to Sherlock Homes Depot

May 27, 2015

Billed Ms. Hannah Pi for services rendered, P 50,000

May 20, 2015

Service rendered to clients worth P 90,000

May 18, 2015

Paid partially the accounts due to Sherlock Homes Depot, P 200,000

May 15, 2015

May 29,2015

Collected P 15,000 from the account of Ms. Hannah Pi

May 13, 2015

Rio made a personal withdrawal worth P 15,000 and paid salaries, P 20,000

May 30, 2015

Paid salaries, P 20,000

May 25, 2015

Paid telephone & internet services, P 9,000

Acquire computer unit amounting to P 25,000 cash

May 12, 2015

Purchase office supplies for P 5,000

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