CLASS EXERCISE – recording of transactions (Balance Sheet Accounts) Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the month: Mar 1, Zee invested P 100,000 cash, Office Furnitures @ P 50,000 Office Equipment amounting to P 30,000. Mar 3, Zee borrowed P 300,000 cash from Banco de Oro to expand his business Mar 9, Zee bought Groceries for sale amounting to P150,000 Mar 16, Zee bought additional Office Furnitures on account from Woody Supply @ P 50,000, with 30 day term, but if paid within 15 days, a 2% discount will be applied. CLASS EXERCISE – recording of transactions (Balance Sheet Accounts) Mar 30, Zee withdraw cash to buy his own personal hygiene kit amounting to P 5,000 Mar 31, Zee paid Woody supply in full.
CLASS EXERCISE – recording of transactions (Balance Sheet Accounts) Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the month: Mar 1, Zee invested P 100,000 cash, Office Furnitures @ P 50,000 Office Equipment amounting to P 30,000. Mar 3, Zee borrowed P 300,000 cash from Banco de Oro to expand his business Mar 9, Zee bought Groceries for sale amounting to P150,000 Mar 16, Zee bought additional Office Furnitures on account from Woody Supply @ P 50,000, with 30 day term, but if paid within 15 days, a 2% discount will be applied. CLASS EXERCISE – recording of transactions (Balance Sheet Accounts) Mar 30, Zee withdraw cash to buy his own personal hygiene kit amounting to P 5,000 Mar 31, Zee paid Woody supply in full.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Note: should follow the given format for balance sheet .
![CLASS EXERCISE – recording of transactions (Balance Sheet Accounts)
Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the month:
Mar 1, Zee invested P 100,000 cash, Office Furnitures @ P 50,000 Office Equipment amounting to P 30,000.
Mar 3, Zee borrowed P 300,000 cash from Banco de Oro to expand his business
Mar 9, Zee bought Groceries for sale amounting to P150,000
Mar 16, Zee bought additional Office Furnitures on account from Woody Supply @ P 50,000, with 30 day term, but
if paid within 15 days, a 2% discount will be applied.
CLASS EXERCISE – recording of transactions (Balance Sheet Accounts)
Mar 30, Zee withdraw cash to buy his own personal hygiene kit amounting to P 5,000
Mar 31, Zee paid Woody supply in full.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8553c81b-593b-47dc-99d4-f1b1da898a24%2F40cec84f-2a3f-4430-bfb2-710c10910860%2Fwk8w9si_processed.jpeg&w=3840&q=75)
Transcribed Image Text:CLASS EXERCISE – recording of transactions (Balance Sheet Accounts)
Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the month:
Mar 1, Zee invested P 100,000 cash, Office Furnitures @ P 50,000 Office Equipment amounting to P 30,000.
Mar 3, Zee borrowed P 300,000 cash from Banco de Oro to expand his business
Mar 9, Zee bought Groceries for sale amounting to P150,000
Mar 16, Zee bought additional Office Furnitures on account from Woody Supply @ P 50,000, with 30 day term, but
if paid within 15 days, a 2% discount will be applied.
CLASS EXERCISE – recording of transactions (Balance Sheet Accounts)
Mar 30, Zee withdraw cash to buy his own personal hygiene kit amounting to P 5,000
Mar 31, Zee paid Woody supply in full.
![BALANCE SHEET
AS OF JULY 31, 2019
ASSET
CASH
12,000
ACCOUNTS RECEIVABLE
18,000
TOTAL ASSETS
30,000
LIABILITIES
TOTAL LIABILITIES
OWNERS EQUITY
PAOLO CAPITAL
30,000
TOTAL CAPITAL
30,000
TOTAL LIABILITIES & OWNER'S EQUITY 30,000
FORMAT](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8553c81b-593b-47dc-99d4-f1b1da898a24%2F40cec84f-2a3f-4430-bfb2-710c10910860%2Fcfbh03g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:BALANCE SHEET
AS OF JULY 31, 2019
ASSET
CASH
12,000
ACCOUNTS RECEIVABLE
18,000
TOTAL ASSETS
30,000
LIABILITIES
TOTAL LIABILITIES
OWNERS EQUITY
PAOLO CAPITAL
30,000
TOTAL CAPITAL
30,000
TOTAL LIABILITIES & OWNER'S EQUITY 30,000
FORMAT
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