6:04 PM All65e. Purchased P6,400 of supplies onaccount. At year-end, P750 of suppliesremained on hand.IncreasesDecreasesAssetLiabilityOwner'sEquityIncomeExpensef. Invested P90,000 cash in certificate ofdeposit that paid 4% annual interest. thecertificate was acquired on May 1 andcarried a 1-year-term to maturity.Principal and interest will be paid after 1-year.IncreasesDecreasesAsset 6:04 PM A65g. Paid P78,000 cash in advance on Sept.1 for a 1-year lease of the office space.IncreasesDecreasesAssetLiabilityOwner'sEquityIncomeExpensePage 1 of 3NextClear formNever submit passwords through Google Forms.This form was created inside MAKATI SCIENCETECHNOLOGICAL INSTITUTE OF THE PHILIPPINES. ReportAbuseGoogle Forms

Supplies expense = purchase of supplies - purchase on hand at the end = P6400-750 = P5,650

Answered: e. Purchased P6,400 of supplies on…

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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37 )
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e. Purchased P6,400 of supplies on account. At year-end, P750 of supplies remained on hand. Increases Decreases Asset Liability Owner's Equity Income Expense