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1. During October, a sari-sari store had the following transactions involving revenue and expenses. Did the firm earn a net income or incur a net loss for the period? What was the amount? • Paid P1,200 for rent Provided services for P2,750 in cash Paid P250 for telephone service • Provided services for P1,900 on credit Paid salaries of P1,675 to employees Paid P350 for office cleaning service

1. During October, a sari-sari store had the following transactions involving revenue and expenses. Did the firm earn a net income or incur a net loss for the period? What was the amount? • Paid P1,200 for rent Provided services for P2,750 in cash Paid P250 for telephone service • Provided services for P1,900 on credit Paid salaries of P1,675 to employees Paid P350 for office cleaning service

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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Required: Show all computations for each of the missing item. 1. During October, a sari-sari store had the following transactions involving revenue and expenses. Did the firm earn a net income or incur a net loss for the period? What was the amount? Paid P1,200 for rent Provided services for P2,750 in cash Paid P250 for telephone service Provided services for P1,900 on credit Paid salaries of P1,675 to employees Paid P350 for office cleaning service 2. Compute for the Cost of Goods Sold using the following: Sales – P15,000 Purchases – P2,000 Purchase returns – P200 Purchase discounts – P200 Freight in - P100 • Beginning inventory – P1,000 • Ending inventory – P500
Transcribed Image Text:Required: Show all computations for each of the missing item. 1. During October, a sari-sari store had the following transactions involving revenue and expenses. Did the firm earn a net income or incur a net loss for the period? What was the amount? Paid P1,200 for rent Provided services for P2,750 in cash Paid P250 for telephone service Provided services for P1,900 on credit Paid salaries of P1,675 to employees Paid P350 for office cleaning service 2. Compute for the Cost of Goods Sold using the following: Sales – P15,000 Purchases – P2,000 Purchase returns – P200 Purchase discounts – P200 Freight in - P100 • Beginning inventory – P1,000 • Ending inventory – P500
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