Lesson 6B Activity: Analyze the following transactions using Accounting Equation version 2. 1. Mr. Grey started an Electronic Repair Shop by investing P350,000- 2. Paid rent of the shop, P7,500 cash. 3. He acquired table, chairs, shelves and other furniture from E. Enterprise for a total of P90,000, paying P47,000 cash and the remaining balance on account. 4. Bought equipment for P23,500 cash. 5. Completed repair work for Carmela worth P9,700 receiving half of the total amount and the remaining balance on credit. 6. Issued promissory note to E. Enterprise. 7. Paid wages of the helpers, P10,000. 8. Carmela sent a promissory note to apply on her account in no. 5. 9. Rendered repair service to various customers, P34,000 cash. 10.Mr. Grey withdrew P2,000 for personal use. USE: Cash + Accounts Receivable + Notes Receivable + Furniture + Equipment Accounts Payable + Notes Payable + Grey, Capital
Lesson 6B Activity: Analyze the following transactions using Accounting Equation version 2. 1. Mr. Grey started an Electronic Repair Shop by investing P350,000- 2. Paid rent of the shop, P7,500 cash. 3. He acquired table, chairs, shelves and other furniture from E. Enterprise for a total of P90,000, paying P47,000 cash and the remaining balance on account. 4. Bought equipment for P23,500 cash. 5. Completed repair work for Carmela worth P9,700 receiving half of the total amount and the remaining balance on credit. 6. Issued promissory note to E. Enterprise. 7. Paid wages of the helpers, P10,000. 8. Carmela sent a promissory note to apply on her account in no. 5. 9. Rendered repair service to various customers, P34,000 cash. 10.Mr. Grey withdrew P2,000 for personal use. USE: Cash + Accounts Receivable + Notes Receivable + Furniture + Equipment Accounts Payable + Notes Payable + Grey, Capital
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 6.5BPR: Multiple step income statement and balance sheet The following selected accounts anti their current...
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