Transactions Assets 1. Initial Capital, P500,000 Cash Balance 2. Paid Registration fee to the municipality 1,500.00 Balance 3. Paid Rental for one year P24,000.00 Balance 4. Repair of grocery store P35,000.00 Balance 5. Purchase Merchandise amounting to P300,000. Paid P200,000 and the balance to be paid in February 14 Merchan Balance 6. Paid wages to employee P9,000.00 Balance 7. Hired new saleslady and signed contract Balance 8. Sold merchandise Selling price P200,000. The cost of good sold is P120,000.00 Balance 9. Sold merchandise for cash P75,000.00 The cost is P55,000.00 Balance 10. Paid Power bill P5,000.00

Transactions Assets 1. Initial Capital, P500,000 Cash Balance 2. Paid Registration fee to the municipality 1,500.00 Balance 3. Paid Rental for one year P24,000.00 Balance 4. Repair of grocery store P35,000.00 Balance 5. Purchase Merchandise amounting to P300,000. Paid P200,000 and the balance to be paid in February 14 Merchan Balance 6. Paid wages to employee P9,000.00 Balance 7. Hired new saleslady and signed contract Balance 8. Sold merchandise Selling price P200,000. The cost of good sold is P120,000.00 Balance 9. Sold merchandise for cash P75,000.00 The cost is P55,000.00 Balance 10. Paid Power bill P5,000.00

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter13: Auditing Debt, Equity, And Long-term Liabilities Requiring Management Estimates

Section: Chapter Questions

Problem 3CYBK

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