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1. 90,000 STARTED BUSINESS; PERSONAL MONEY TO HIS CAR SHOP 2. 12,000 PAID RENT FOR JAN 2020 3.40,000 SHOP EQUIPTS BOUGHT; P20K DOWN; P20K PAYABLE FEB 2020 4. 6,000 SUPPLIES FOR SHOP BOUGHT FOR CASH 5. 70,000 CAR SERV REVENUE, P40K CASH; P30K BAL. 6. 26,000 SHOP OPER EXP PAID; P20K SALARIES; P6K UTILITIES 7. 4,000 COST OF SUPPLIES NOT USED.  REQUIRED: A TRANSACTIONAL ANALYSIS USING ACCOUNTING EQUATION AND SPECIFIC ACCOUNT TITLES PROFORMA TEMPLATE:                                         A S S E T S GIVEN:                                            ref. Amount, Cash,Accounts Receivable,Supplies,Shop Equipments  = Liability + Capital

1. 90,000 STARTED BUSINESS; PERSONAL MONEY TO HIS CAR SHOP 2. 12,000 PAID RENT FOR JAN 2020 3.40,000 SHOP EQUIPTS BOUGHT; P20K DOWN; P20K PAYABLE FEB 2020 4. 6,000 SUPPLIES FOR SHOP BOUGHT FOR CASH 5. 70,000 CAR SERV REVENUE, P40K CASH; P30K BAL. 6. 26,000 SHOP OPER EXP PAID; P20K SALARIES; P6K UTILITIES 7. 4,000 COST OF SUPPLIES NOT USED.  REQUIRED: A TRANSACTIONAL ANALYSIS USING ACCOUNTING EQUATION AND SPECIFIC ACCOUNT TITLES PROFORMA TEMPLATE:                                         A S S E T S GIVEN:                                            ref. Amount, Cash,Accounts Receivable,Supplies,Shop Equipments  = Liability + Capital

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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GIVEN:
REF. AMOUNT
1. 90,000 STARTED BUSINESS; PERSONAL MONEY TO HIS CAR SHOP
2. 12,000 PAID RENT FOR JAN 2020
3.40,000 SHOP EQUIPTS BOUGHT; P20K DOWN; P20K PAYABLE FEB 2020
4. 6,000 SUPPLIES FOR SHOP BOUGHT FOR CASH
5. 70,000 CAR SERV REVENUE, P40K CASH; P30K BAL.
6. 26,000 SHOP OPER EXP PAID; P20K SALARIES; P6K UTILITIES
7. 4,000 COST OF SUPPLIES NOT USED. 
REQUIRED: A TRANSACTIONAL ANALYSIS USING ACCOUNTING EQUATION AND SPECIFIC ACCOUNT TITLES
PROFORMA TEMPLATE:
                                        A S S E T S

GIVEN:                                           
ref. Amount, Cash,Accounts Receivable,Supplies,Shop Equipments  = Liability + Capital

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