3. At the end of the first month of operations for Glenniel's Delivery Service, the business had the ff. accounts; Accounts Receivable, Php1,200; Prepaid Insurance, Php 500; Equipment Php 36,200 and Cash 40,650. On the same date, Glenniel owed the ff. creditors: Kien's Supply,Php 12,000 (due in 6 months); Kian's Equipment, Php 9,500(due after 2 years. Current liabilities are
3. At the end of the first month of operations for Glenniel's Delivery Service, the business had the ff. accounts; Accounts Receivable, Php1,200; Prepaid Insurance, Php 500; Equipment Php 36,200 and Cash 40,650. On the same date, Glenniel owed the ff. creditors: Kien's Supply,Php 12,000 (due in 6 months); Kian's Equipment, Php 9,500(due after 2 years. Current liabilities are
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:3. At the end of the first month of operations for Glenniel's
Delivery Service, the business had the ff. accounts;
Accounts Receivable, Php1,200; Prepaid Insurance, Php
500; Equipment Php 36,200 and Cash 40,650. On the same
date, Glenniel owed the ff. creditors: Kien's Supply,Php
12,000 (due in 6 months); Kian's Equipment, Php 9,500 (due
after 2 years. Current liabilities are_
3
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