Can you recheck the transaction on Feb. 12? It was said that the owner received P50,000 from customers, why did you deduct the P50,000 in accounts receivable? The cash came from the customers and not from the Nestle Corporation, does it? Should that P50,000 be added on the Capital? A revenue earned? Accounting EquationAssetsLiabilitiesEquityCash in Hand + Bowling Equipment + Furniture4000000 +Date+ Accounts Receivab = Accounts Payable + Capital+ Retained Earnings NatureFeb-014000000 +Investment900000 +100000 +400000 +-500000 +-100000 +-100000+Feb-02Feb-03+++Feb-05200000 +100000++Feb-06400000 =400000 Bowling Service Revenue+++Feb-07100000 =100000 Bowling Service Revenue-2000 Telephone Expenses+++Feb-09+2000 ++Feb-10200000-200000 =+-10500-50000 +-110000 +Feb-11++-10500 Taxes ExpensesFeb-12+-50000 =++Feb-15-110000 Salaries Expenses-50000=50000 +-200000 +-10000 +500000 +Feb-16+Feb-17-200000|++++Feb-18-10000+Withdrawals++Feb-24500000 Investment+%3DFeb-26-1500 ++-1500 Advertisement Expenses+%3DFeb-2720000 +20000 +%3DTotal3768000 +1000000+220000 +200000=322000 +3990000 +876000

Can you recheck the transaction on Feb. 12? It was said that the owner received P50,000 from customers, why did you deduct the P50,000 in accounts receivable? The cash came from the customers and not from the Nestle Corporation, does it? Should that P50,000 be added on the Capital? A revenue earned?

Can you recheck the transaction on Feb. 12? It was said that the owner received P50,000 from customers, why did you deduct the P50,000 in accounts receivable? The cash came from the customers and not from the Nestle Corporation, does it? Should that P50,000 be added on the Capital? A revenue earned?

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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