Mr. Y started a grocery store. He invested P 200,00 as initial investment. 2. He registered his business paying P 1,500 for registration. 3. He paid P 20,000 for store rent applicable for one year. 4. He incurred and paid P25,000 for the repair of the grocery store. 5. He purchased merchandise for sale amounting to P 300,000, paying P 200,000 with the balance to be paid after 60 days. 6. He paid P2,000 for the transportation of the merchandise purchased. He hired a saleslady for a contract of P 5,000 per month salary. 8. He sold P100,000 worth of merchandise for P160,000 for cash. 9. He sold P20,000 worth of merchandise for P35,000 on credit. 10.He paid business taxes and licenses amounting to P5,000 during the month. 11.He paid P3,000 electricity expense during the month. 12.He paid the salary of his saleslady. 13.He paid 50% of his obligation to his supplier. Required: 1. Determine what accounting element is affected by the business transactions including their amounts. 2. How much is the total assets, liabilities, and owner's equity at the end of the month. Page 516 FABM1-03-Week 3-4 REFLECTION: Directions: Write your answers in your journal. I understand that
Mr. Y started a grocery store. He invested P 200,00 as initial investment. 2. He registered his business paying P 1,500 for registration. 3. He paid P 20,000 for store rent applicable for one year. 4. He incurred and paid P25,000 for the repair of the grocery store. 5. He purchased merchandise for sale amounting to P 300,000, paying P 200,000 with the balance to be paid after 60 days. 6. He paid P2,000 for the transportation of the merchandise purchased. He hired a saleslady for a contract of P 5,000 per month salary. 8. He sold P100,000 worth of merchandise for P160,000 for cash. 9. He sold P20,000 worth of merchandise for P35,000 on credit. 10.He paid business taxes and licenses amounting to P5,000 during the month. 11.He paid P3,000 electricity expense during the month. 12.He paid the salary of his saleslady. 13.He paid 50% of his obligation to his supplier. Required: 1. Determine what accounting element is affected by the business transactions including their amounts. 2. How much is the total assets, liabilities, and owner's equity at the end of the month. Page 516 FABM1-03-Week 3-4 REFLECTION: Directions: Write your answers in your journal. I understand that
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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