2. Bought merchandise cash P5,000. 3. Sold books on account P1,000. 4. Paid rental of the building P2,000. 5. Withdraw money from the business fund for personal use P500.
2. Bought merchandise cash P5,000. 3. Sold books on account P1,000. 4. Paid rental of the building P2,000. 5. Withdraw money from the business fund for personal use P500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
As stated in the direction answer 2,3,4 and 5
Transcribed Image Text:Activity 1
Record the following transactions in their corresponding T -accounts. Use the
right account titles we discussed in the last module. Use 1 whole sheet of paper.
Remember two t-accounts in every transaction. Number 1 is done for you as an
example. Start working on number 2
Cash
Capital
1. Invested P10,000 cash for the business. P10,000
2. Bought merchandise cash P5,000.
3. Sold books on account P1,000.
4. Paid rental of the building P2,000.
5. Withdraw money from the business fund for personal use P500.
P10,000
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