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actions reflect the business activity selected period: 1. Invested P250,000 cash and P34,000 worth of supplies. 2. Purchased office furniture of P4,600. 3. Paid for the office rent, P12,000. 4. Received water bill, P4,500. 5. Rendered services to various clients and received P23,000 cash as fees. 6. Rendered services on account, P34,000. 7. Paid the water bill. 8. Withdrew P10,000 cash for personal us

actions reflect the business activity selected period: 1. Invested P250,000 cash and P34,000 worth of supplies. 2. Purchased office furniture of P4,600. 3. Paid for the office rent, P12,000. 4. Received water bill, P4,500. 5. Rendered services to various clients and received P23,000 cash as fees. 6. Rendered services on account, P34,000. 7. Paid the water bill. 8. Withdrew P10,000 cash for personal us

FINANCIAL ACCOUNTING
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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Construst the Journal Entry of the accounting equations:

Rei put up Rei Realty to serve as real estate agent to potential clients in the Calabarzon on July 1 of the current year.

The following transactions reflect the business activity selected period:

1. Invested P250,000 cash and P34,000 worth of supplies.

2. Purchased office furniture of P4,600.

3. Paid for the office rent, P12,000.

4. Received water bill, P4,500.

5. Rendered services to various clients and received P23,000 cash as fees.

6. Rendered services on account, P34,000.

7. Paid the water bill.

8. Withdrew P10,000 cash for personal use.

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