March 1 Caleb invested P50,000 cash and P20,000 equipment to his Kaizen Consultancy Services. 3 Bought P15,000 equipment from Triple M Co., on credit. 6 Consultancy services rendered on account, P12,000. 6 Paid Triple M Co., P5,000 as partial payment of account. 7 Consultancy services rendered for cash, P8,000. 8 Collected P3,000 from a customer. 10 Received electric bill from Meralco, P2,800. 12 Returned P1,500 defective equipment to Triple M Co. Caleb withdrew P9,000 from the company's bank account and deposited it 13 to his own account. 14 Paid electric bill to Meralco. 15 Caleb withdrew P40,000 for his vacation. 23 Paid Triple M Co., in full. 24 Caleb deposited P14,000 to the company's bank account.

March 1 Caleb invested P50,000 cash and P20,000 equipment to his Kaizen Consultancy Services. 3 Bought P15,000 equipment from Triple M Co., on credit. 6 Consultancy services rendered on account, P12,000. 6 Paid Triple M Co., P5,000 as partial payment of account. 7 Consultancy services rendered for cash, P8,000. 8 Collected P3,000 from a customer. 10 Received electric bill from Meralco, P2,800. 12 Returned P1,500 defective equipment to Triple M Co. Caleb withdrew P9,000 from the company's bank account and deposited it 13 to his own account. 14 Paid electric bill to Meralco. 15 Caleb withdrew P40,000 for his vacation. 23 Paid Triple M Co., in full. 24 Caleb deposited P14,000 to the company's bank account.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.33E

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