Assignment in Accounting 1

The following are the transactions of Nirvana Tours owned by Mr. Henares for the month of July
2017:
July 1 - Mr. Henares invested a P2,000,000 cash to start and operate Nirvana Tours.

3 - Bought P100,000 equipment on account and another P100,000 for tables and chairs.
The table and chairs were bought with a 50% down payment from Ikea and a promissory
note was issued for the balance.

4 - Bought additional equipment for P80,000 paying a 25% DP and the balance on account.

5 - Collected P100,000 out of the P200,000 from various airlines as revenues from
commissions.

7 - Paid P20,000 for the uniform of the personnel.

9 – Collected from clients for the processing of passports, P60,000 as processing revenue.

11 - Mr. Henares purchased bond papers amounting to P10,000 for business use on
account.

15 - Mr. Henares witdrew P2,000 worth of supplies for personal use.

30 - Paid the salaries of employees amounting to P20,000.

31 - Paid the Meralco bill amounting to P10,000.

Required: Analyze the above business transactions of Nirvana Tours using a worksheet using
the basic accounting equation and use the following account titles: Cash; Accounts Receivable;
Supplies; Equipment; Furniture; Accounts Payable; Notes Payable; Henares, Capital; Henares,
Drawing; Revenues; Expenses. Provide also columns for Description and Narrative Description
of the analysis.

******Good Luck*****