Defermine the value received and value parted with for the following transactions: Value Received Value Parted With a) Paid rent. b) Rendered professional services for cash. c) Withdrew P100 for personal service. d) Paid the balance of P350 on a typewriter previously purchased on account. e) Purchased office supplies.

Defermine the value received and value parted with for the following transactions: Value Received Value Parted With a) Paid rent. b) Rendered professional services for cash. c) Withdrew P100 for personal service. d) Paid the balance of P350 on a typewriter previously purchased on account. e) Purchased office supplies.

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Description: Problem 2.Determine the value received and value parted with for the following transactions:Value ReceivedValue Parted Witha) Paid rent.b) Rendered professional services for cash.c) Withdrew P100 for personal service.d) Paid the balance of P350 on a

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Problem 2.
Determine the value received and value parted with for the following transactions:
Value Received
Value Parted With
a) Paid rent.
b) Rendered professional services for cash.
c) Withdrew P100 for personal service.
d) Paid the balance of P350 on a typewriter
previously purchased on account.
e) Purchased office supplies.

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