The following ledger accounts are for Eto Madali Lang General Services: a. Cash b. Accounts Receivable c. Madali, Capital d. Madali, Withdrawals e. Service Revenues f. Prepaid Rent g. Accounts Payable h. Short-term Investment i. Bonds Payable j. Land k. Supplies Expense l. Prepaid Insurance m. Utilities Expense n. Accumulated Depreciation o. Unearned Revenues p. Office Equipment q. Rent Payable r. Notes Receivable s. Interest Expense t. Notes Payable u. Supplies v. Interest Receivable w. Rent Expense x. Cash Equivalents Required: Design a table with the following column headings: account, asset, liability, owner’s equity, owner’s withdrawals, income, expense, normal balance (debit or credit). Classify the above ledger accounts by placing a checkmark in the appropriate column heading. Problem #2 – Debits and Credits Kayang Kaya Ko To Landscapers is in the business of maintaining condominium grounds. The following are some of the account titles used by the entity: 1. Cash 2. Accounts Receivable 3. Supplies 4. Equipment 5. Accounts Rayable 6. Landscaping Revenues 7. Salaries expense 8. Rent Expense Kayang Kaya Ko To Landscapers completed the following transactions Debit Credit a. Paid for supplies purchased on account last month. ___________ ___________ b. Received cash from customers billed last month. ___________ ___________ c. Made a payment on accounts payable. ___________ ___________ d. Purchased supplies on credit. ___________ ___________ e. Billed a client for landscaping services. ___________ ___________ f. Made rent payment for the current month. ___________ ___________ g. Received cash from customers for landscaping services. ___________ ___________ h. Paid employees’ salaries ___________ ___________ i. Ordered equipment. ___________ ___________ j. Received and paid for equipment ordered in (i). ___________ ___________ Required: Analyze each transaction and show the accounts affected by entering the corresponding numbers in the appropriate debit or credit columns. Indicate no entry, if appropriate. Problem #3 – Journalizing, Posting, and Preparing a Trial Balance ABM Lang Malakas Communications is a public relations firm. During the month of August 2021, the entity completed the following transactions: Aug. 1 The owner invested P100,000 cash to the business. 2 Advanced payment of rent for August, P6,500. 3 Received cash from customers for services rendered, P23,000. 7 Ordered supplies, P3,800. 10 Billed customers for services rendered, P28,000. 12 Purchased a computer on accounts payable, P11,000. 14 Received the supplies ordered on August 7 and agreed to pay in thirty days, P3,800. 15 Paid salaries for the first half of August, P19,000. 19 Received cash from a customer for services rendered, P48,000. 24 Paid the electric and water bill for August, P1,600. 25 Paid the telephone bill for August, P1,200. 26 Received a bill, to be paid in September, for advertisements placed in a national newspaper during the month of August to promote the company, P7,000. 29 Billed a customer for services rendered, P27,000. 30 Paid salaries for the second half of August, P19,000. 31 Withdrew cash for personal use, P12,000. Required: 1. Prepare the journal entries for the August transactions using GJ page 22 for August 1 to 15 transactions, and GJ page 23 for August 16 to 31 transactions. Indicate no entry, if appropriate. 2. Open the following accounts in the ledger: Cash (111); Accounts Receivable (113); Supplies (115); Office Equipment (117); Prepaid Rent (119); Accounts Payable (211); ABM, Capital (311), P179,100; ABM, Withdrawals (312); Public Relations Revenues (411); Salaries Expense (511); Utilities Expense (512); and Advertising Expense (513). 3. Post the entries to the ledger accounts. Make the appropriate posting references in the journal and ledger. 4. Prepare a trial balance. Problem #2 - Debits and CreditsKayang Kaya Ko To Landscapers is in the business of maintaining condominium grounds. The followingare some of the account titles used by the entity:1. Cash2. Accounts Receivable3. Supplies4. Equipment5. Accounts Rayable6. Landscaping Revenues7. Salaries expense8. Rent ExpenseKayang Kaya Ko To Landscapers completed the following transactionsDebitCredita. Paid for supplies purchased on account last month.b. Received cash from customers billed last month.c. Made a payment on accounts payable.d. Purchased supplies on credit.e. Billed a client for landscaping services.1. Made rent payment for the current month.g. Received cash from customers for landscaping services.h. Paid employees' salaries1. Ordered equipment.1. Received and paid for equipment ordered in ().Required: Analyze each transaction and show the accounts affected by entering the correspondingnumbers in the appropriate debit or credit columns. Indicate no entry, if appropriate. Problem #1 - Classification of AccountsThe following ledger accounts are for Eto Madali Lang General Services:a. Cashm. Utilities Expenseb. Accounts Receivablec. Madali, Capitald. Madali, Withdrawalse. Service Revenuesf. Prepaid Rentg. Accounts Payablen. Accumulated Depreciationo. Unearned Revenuesp. Office Equipmentq. Rent Payabler. Notes Receivables. Interest Expenset. Notes Payableu. Suppliesv. Interest Receivablew. Rent Expensex. Cash Equivalentsh. Short-term Investmenti. Bonds Payablej. Landk. Supplies Expense1. Prepaid InsuranceRequired: Design a table with the following column headings: account, asset, liability, owner's equity,owner's withdrawals, incame, expense, normal balance (debit or credit). Classify the above ledger accountsby placing a checkmark in the appropriate column heading.

Question

The following ledger accounts are for Eto Madali Lang General Services:  a. Cash b. Accounts Receivable c. Madali, Capital d. Madali, Withdrawals e. Service Revenues f. Prepaid Rent g. Accounts Payable h. Short-term Investment i. Bonds Payable j. Land k. Supplies Expense l. Prepaid Insurance m. Utilities Expense n. Accumulated Depreciation o. Unearned Revenues p. Office Equipment q. Rent Payable r. Notes Receivable s. Interest Expense t. Notes Payable u. Supplies v. Interest Receivable w. Rent Expense x. Cash Equivalents   Required: Design a table with the following column headings: account, asset, liability, owner’s equity, owner’s withdrawals, income, expense, normal balance (debit or credit). Classify the above ledger accounts by placing a checkmark in the appropriate column heading. Problem #2 – Debits and Credits  Kayang Kaya Ko To Landscapers is in the business of maintaining condominium grounds. The following are some of the account titles used by the entity:  1. Cash 2. Accounts Receivable  3. Supplies 4. Equipment 5. Accounts Rayable  6. Landscaping Revenues 7. Salaries expense 8. Rent Expense  Kayang Kaya Ko To Landscapers completed the following transactions          Debit  Credit  a. Paid for supplies purchased on account last month.        ___________      ___________ b. Received cash from customers billed last month.         ___________      ___________ c. Made a payment on accounts payable.          ___________      ___________ d. Purchased supplies on credit.           ___________      ___________ e. Billed a client for landscaping services.          ___________      ___________ f. Made rent payment for the current month.         ___________      ___________ g. Received cash from customers for landscaping services.        ___________      ___________ h. Paid employees’ salaries           ___________      ___________ i. Ordered equipment.            ___________      ___________ j. Received and paid for equipment ordered in (i).         ___________      ___________   Required: Analyze each transaction and show the accounts affected by entering the corresponding numbers in the appropriate debit or credit columns. Indicate no entry, if appropriate.  Problem #3 – Journalizing, Posting, and Preparing a Trial Balance  ABM Lang Malakas Communications is a public relations firm. During the month of August 2021, the entity completed the following transactions:  Aug.  1  The owner invested P100,000 cash to the business.   2 Advanced payment of rent for August, P6,500.  3 Received cash from customers for services rendered, P23,000.  7 Ordered supplies, P3,800.  10 Billed customers for services rendered, P28,000.  12 Purchased a computer on accounts payable, P11,000.  14 Received the supplies ordered on August 7 and agreed to pay in thirty days, P3,800.  15 Paid salaries for the first half of August, P19,000. 19 Received cash from a customer for services rendered, P48,000. 24 Paid the electric and water bill for August, P1,600. 25 Paid the telephone bill for August, P1,200. 26 Received a bill, to be paid in September, for advertisements placed in a national newspaper during the month of August to promote the company, P7,000. 29 Billed a customer for services rendered, P27,000. 30 Paid salaries for the second half of August, P19,000. 31 Withdrew cash for personal use, P12,000.  Required: 1. Prepare the journal entries for the August transactions using GJ page 22 for August 1 to 15 transactions, and GJ page 23 for August 16 to 31 transactions. Indicate no entry, if appropriate. 2. Open the following accounts in the ledger: Cash (111); Accounts Receivable (113); Supplies (115); Office Equipment (117); Prepaid Rent (119); Accounts Payable (211); ABM, Capital (311), P179,100; ABM, Withdrawals (312); Public Relations Revenues (411); Salaries Expense (511); Utilities Expense (512); and Advertising Expense (513). 3. Post the entries to the ledger accounts. Make the appropriate posting references in the journal and ledger. 4. Prepare a trial balance. Problem #2 - Debits and CreditsKayang Kaya Ko To Landscapers is in the business of maintaining condominium grounds. The followingare some of the account titles used by the entity:1. Cash2. Accounts Receivable3. Supplies4. Equipment5. Accounts Rayable6. Landscaping Revenues7. Salaries expense8. Rent ExpenseKayang Kaya Ko To Landscapers completed the following transactionsDebitCredita. Paid for supplies purchased on account last month.b. Received cash from customers billed last month.c. Made a payment on accounts payable.d. Purchased supplies on credit.e. Billed a client for landscaping services.1. Made rent payment for the current month.g. Received cash from customers for landscaping services.h. Paid employees' salaries1. Ordered equipment.1. Received and paid for equipment ordered in ().Required: Analyze each transaction and show the accounts affected by entering the correspondingnumbers in the appropriate debit or credit columns. Indicate no entry, if appropriate. Problem #1 - Classification of AccountsThe following ledger accounts are for Eto Madali Lang General Services:a. Cashm. Utilities Expenseb. Accounts Receivablec. Madali, Capitald. Madali, Withdrawalse. Service Revenuesf. Prepaid Rentg. Accounts Payablen. Accumulated Depreciationo. Unearned Revenuesp. Office Equipmentq. Rent Payabler. Notes Receivables. Interest Expenset. Notes Payableu. Suppliesv. Interest Receivablew. Rent Expensex. Cash Equivalentsh. Short-term Investmenti. Bonds Payablej. Landk. Supplies Expense1. Prepaid InsuranceRequired: Design a table with the following column headings: account, asset, liability, owner's equity,owner's withdrawals, incame, expense, normal balance (debit or credit). Classify the above ledger accountsby placing a checkmark in the appropriate column heading.

Accepted Answer

In financial accounting, the classification of accounts has two approaches, modern approach or…