4. The Green Golf Lane located in Laguna owned by Robert Rosales closed down when hewent to Canada together with his family. The place leased by Rosales was taken over byNorma Ocampo on March 1, 2010 upon payment of lease right (an asset) in cashP500,000.- From the following transactions, analyze their effects on the accountingequation and prepare a balance sheet.Mar 3 Ms. Ocampo invested cash of P250,000.5 Golf equipment were ordered from Japan Equipment House on credit, fivehundred thousand Japanese yens. The exchange rate was forty centavos to a yen.8 Ocampo applied for a bank loan in the amount of P250,000 which will be used topay the Japanese supplier.9 Furniture and fixtures were purchased from Blim's for cash of P60,000 and apromissory note for P140,000.10 Blim's issued a memorandum decreasing the liability by PI0,000 after Ms.Ocampo retumed some defective furniture.15 The bank notified Ms. Ocampo that her loan was approved and gave her theanount loaned.20 The loan was used to pay for the equipment which was delivered by HinesMotors, a subsidiary of Japan Equipment House.25 The promissory note due to Blim's was paid.

On 08th March ocampo applied to ank for the loan hence no transaction happen between bank and ocampo…

Answered: 4. The Green Golf Lane located in…

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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4. The Green Golf Lane located in Laguna owned by Robert Rosales closed down when he leaa loared hy Rosales was taken over by