Exercise 1 Direction: Record the following transactions. Use as many records or sheets as you can. Feb. 1, 2021 Borrowed 20,000 pesos cash from bank Feb. 2, 2021 Made 5,000 pesos down payment to contractor for making a small store Feb. 18, 2021 Bought 2,000 pesos worth of soft drinks to be sold Feb. 18, 2021 Bought 2,500 pesos worth of biscuits to be sold Feb. 20, 2021 1,000 pesos worth of soft drinks were sold Feb. 20, 2021 1,100 pesos worth of biscuits were sold Feb. 20, 2021 Collected 2,300 pesos cash from sales Feb. 25, 2021 Paid utilities-water amounting 230 pesos Feb. 25, 2021 Paid utilities-electricity amounting 500 pesos Feb. 26, 2021 Paid taxes amounting 100 pesos Exercise 2 Direction: Show your solution in computing the net income resulting from the transactions in Exercise 1. Write your answers below.

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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B. Exercises
Exercise 1
Direction:
Record the following transactions. Use as many records or sheets as you can.
Feb. 1, 2021 Borrowed 20,000 pesos cash from bank
Feb. 2, 2021
Made 5,000 pesos down payment to contractor for making a
small store
Feb. 18, 2021
Bought 2,000 pesos worth of soft drinks to be sold
Feb. 18, 2021
Bought 2,500 pesos worth of biscuits to be sold
Feb. 20, 2021
1,000 pesos worth of soft drinks were sold
Feb. 20, 2021
1,100 pesos worth of biscuits were sold
Feb. 20, 2021
Collected 2,300 pesos cash from sales
Feb. 25, 2021 Paid utilities-water amounting 230 pesos
Feb. 25, 2021
Paid utilities electricity amounting 500 pesos
Feb. 26, 2021 Paid taxes amounting 100 pesos
Exercise 2
Direction:
Show your solution in computing the net income resulting from the transactions in
Exercise 1. Write your answers below.
Transcribed Image Text:B. Exercises Exercise 1 Direction: Record the following transactions. Use as many records or sheets as you can. Feb. 1, 2021 Borrowed 20,000 pesos cash from bank Feb. 2, 2021 Made 5,000 pesos down payment to contractor for making a small store Feb. 18, 2021 Bought 2,000 pesos worth of soft drinks to be sold Feb. 18, 2021 Bought 2,500 pesos worth of biscuits to be sold Feb. 20, 2021 1,000 pesos worth of soft drinks were sold Feb. 20, 2021 1,100 pesos worth of biscuits were sold Feb. 20, 2021 Collected 2,300 pesos cash from sales Feb. 25, 2021 Paid utilities-water amounting 230 pesos Feb. 25, 2021 Paid utilities electricity amounting 500 pesos Feb. 26, 2021 Paid taxes amounting 100 pesos Exercise 2 Direction: Show your solution in computing the net income resulting from the transactions in Exercise 1. Write your answers below.
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