At the beginning of the period, Addy had a cash balance of P20,000 and a notes payable of P15,000. During the period, Addy collected P11,000 accounts receivable, paid P8,000 notes payable, and issued additional notes payable of P5,000 in exchange for cash.

At the beginning of the period, Addy had a cash balance of P20,000 and a notes payable of P15,000. During the period, Addy collected P11,000 accounts receivable, paid P8,000 notes payable, and issued additional notes payable of P5,000 in exchange for cash.

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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