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Exercise 2. B. Mayna Tutunan started a new business and completed the following transactions during August: Aug 1- Mayna Tutunan invested Php48,000 cash in the business. 1- Rented office space and paid Php8,000 cash for the August rent. 3 - Purchased exploration equipment for Php22,000 by paying Php12,000 cash and the balance after one month. 5- Purchased office supplies by paying Php1,500 6- Completed exploration work and collected Php4,200 cash for the work. 8- Purchased Php13,500 of office equipment on credit. 15 - Completed exploration work on credit in the amount of Php8,000 18 - Purchased Php800 of office supplies on credit 20 - Paid cash for the office equipment purchased on Aug 8 2 400

Exercise 2. B. Mayna Tutunan started a new business and completed the following transactions during August: Aug 1- Mayna Tutunan invested Php48,000 cash in the business. 1- Rented office space and paid Php8,000 cash for the August rent. 3 - Purchased exploration equipment for Php22,000 by paying Php12,000 cash and the balance after one month. 5- Purchased office supplies by paying Php1,500 6- Completed exploration work and collected Php4,200 cash for the work. 8- Purchased Php13,500 of office equipment on credit. 15 - Completed exploration work on credit in the amount of Php8,000 18 - Purchased Php800 of office supplies on credit 20 - Paid cash for the office equipment purchased on Aug 8 2 400

FINANCIAL ACCOUNTING
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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Exercise 2. B. Mayna Tutunan started a new business and completed the following transactions during August: Aug 1- Mayna Tutunan invested Php48,000 cash in the business. 1- Rented office space and paid Php8,000 cash for the August rent. 3 - Purchased exploration equipment for Php22,000 by paying Php12,000 cash and the balance after one month. 5- Purchased office supplies by paying Php1,500 6- Completed exploration work and collected Php4,200 cash for the work. 8- Purchased Php13,500 of office equipment on credit. 15 - Completed exploration work on credit in the amount of Php8,000 18 – Purchased Php800 of office supplies on credit 20 - Paid cash for the office equipment purchased on Aug 8 24 – Billed a client for work completed, Php2,400 28 – Received cash for work completed on Aug 15 30 – Paid Php340 cash for this month's utility bill 30 – Mayna Tutunan withdrew Php1,050 cash from the business for personal use. Required: 1. Arrange the following asset, liability and equity titles in a table: Cash, Accounts Receivable, Office Supplies, Office Equipment, Exploration Equipment, Accounts Payable, Mayna Tutunan, Capital, Mayna Tutunan, Drawings, Revenues and Еxpenses 2. Use additions and subtractions to show the effects of each transaction on the accounts in the accounting equation. Show new balances for each transaction.
Transcribed Image Text:Exercise 2. B. Mayna Tutunan started a new business and completed the following transactions during August: Aug 1- Mayna Tutunan invested Php48,000 cash in the business. 1- Rented office space and paid Php8,000 cash for the August rent. 3 - Purchased exploration equipment for Php22,000 by paying Php12,000 cash and the balance after one month. 5- Purchased office supplies by paying Php1,500 6- Completed exploration work and collected Php4,200 cash for the work. 8- Purchased Php13,500 of office equipment on credit. 15 - Completed exploration work on credit in the amount of Php8,000 18 – Purchased Php800 of office supplies on credit 20 - Paid cash for the office equipment purchased on Aug 8 24 – Billed a client for work completed, Php2,400 28 – Received cash for work completed on Aug 15 30 – Paid Php340 cash for this month's utility bill 30 – Mayna Tutunan withdrew Php1,050 cash from the business for personal use. Required: 1. Arrange the following asset, liability and equity titles in a table: Cash, Accounts Receivable, Office Supplies, Office Equipment, Exploration Equipment, Accounts Payable, Mayna Tutunan, Capital, Mayna Tutunan, Drawings, Revenues and Еxpenses 2. Use additions and subtractions to show the effects of each transaction on the accounts in the accounting equation. Show new balances for each transaction.
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