ABC Company, a proprietorship reported the following transactions for September, 2018.A)B)The company opened the business with cash of P23,500. It was credited to capital.The company purchased office equipment for P11,500. The company paid P2,500 downand put the balance on a note payable.The company purchased a prepaid insurance policy for P1,350 cash.The company paid a utility bill for P980 cash.The company paid P2,000 cash for September rent.The company had sales of P15,000 in September. Of these sales, 60% were cashsales, and the balance was credit sales.The company paid P9,700 cash for office furniture.C)D)E)F)G)What is the total amount in the cash account at the end of September, 2018?

Answered: ABC Company, a proprietorship reported…

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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