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.

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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As stated in the direction answer 2,3,4 and 5

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
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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