The following transactions were taken from the books of ABC Company. (1) The owner invested P50,000. (2) Purchased Equipment on account, P5,000. (3) Bought Supplies, P5,000 cash. (4) The owner withdrew P1,000 for personal use. (5) The owner made an additional investment of P10,000 cash. Determine total assets.

The following transactions were taken from the books of ABC Company. (1) The owner invested P50,000. (2) Purchased Equipment on account, P5,000. (3) Bought Supplies, P5,000 cash. (4) The owner withdrew P1,000 for personal use. (5) The owner made an additional investment of P10,000 cash. Determine total assets.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 5SEQ: Which of the following transactions changes only the mix of assets and does not affect liabilities...

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