Create a table shown below. From the Performance task activity(Activity 4), use the 10 business transactions that you have madeand show the rules of debit and credit. Compute for the total ofeach column to check the equality of the equation.TransactionASSETLIABILITYEQUITY%3Ddate March 1 - received P1600 cash from BeautySupply CorpMarch 3 - Sold merchandise on account toJoshua Lin P5000 invoice No. 110March 4 - Received P3500 from MicahHernadez in full settlement of her account.March 7 - Purchased merchandise for cashP2890March 10 - Sold merchandise on account toMV&Co. P21,120, INVOICE nO. 210March 13 - Purchased merchandise onaccount from SS & Co, invoice no. 310March 16 - Cash sales for the first half of themonth P10,750March 23 - Purchased merchandise onaccount from Jack Trading for P3460, invoiceno. 410March 25 - Paid employees' salaries P11,550March 27 - Paid rent for the month P10, 000

The accounting equation states that the total of assets is equal to the sum total of liabilities and…

Create a table shown below. From the Performance task activity Activity 4), use the 10 business transactions that you have made and show the rules of debit and credit. Compute for the total of each column to check the equality of the equation. Transaction ASSET LIABILITY EQUITY %3D date

Create a table shown below. From the Performance task activity Activity 4), use the 10 business transactions that you have made and show the rules of debit and credit. Compute for the total of each column to check the equality of the equation. Transaction ASSET LIABILITY EQUITY %3D date

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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