EXERCISE 6 Direction: Supply the amount using the transaction below. Using the basic accounting equation (Asset - Liabilities Owner's Equity), the ending balance should be equal ASSETS DATE LIABILITIES OWNER'S EQUITY CASH SUPPLY EQUIPMENT BEGINNING 60.000 7.500 300.000 75.000 292.500 BALANCE 150.000 150.000 2 (20.000) 20.000 6 BALANCES ENDING BALANCE Transactions: 1. The owner invested cash of PHP150.000 or the business earned PHP150.000 cash from providing services. 2. Purchased equipment at PHP20.000 for cash. 3. The owner withdrew cash of PHP112.500 or the business incurred PHPI12.500 expenses and paid
EXERCISE 6 Direction: Supply the amount using the transaction below. Using the basic accounting equation (Asset - Liabilities Owner's Equity), the ending balance should be equal ASSETS DATE LIABILITIES OWNER'S EQUITY CASH SUPPLY EQUIPMENT BEGINNING 60.000 7.500 300.000 75.000 292.500 BALANCE 150.000 150.000 2 (20.000) 20.000 6 BALANCES ENDING BALANCE Transactions: 1. The owner invested cash of PHP150.000 or the business earned PHP150.000 cash from providing services. 2. Purchased equipment at PHP20.000 for cash. 3. The owner withdrew cash of PHP112.500 or the business incurred PHPI12.500 expenses and paid
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:in cash.
4. The company purchased supplies on account amounting to 5.000
5. The owner withdrew cash of PHP15.000 or the business incurred PHP15.000 expenses and paid
in cash.
6. Paid liabilities worth PHP53.000.
7. The owner withdrew supplies worth PHPS.000 or the business used supplies worth PHPS.000.
WPS Office
Transcribed Image Text:EXERCISE 6
Direction: Supply the amount using the transaction below. Using the basic accounting equation (Asset -
Liabilities + Owner's Equity), the ending balance should be equal
ASSETS
DATE
LIABILITIES
OWNER'S EQUITY
CASH
SUPPLY
EQUIPMENT
BEGINNING
60.000
7.500
300.000
75.000
292.500
BALANCE
1
150.000
150.000
(20.000)
20.000
4
6
BALANCES
ENDING
BALANCE
Transactions:
1. The owner invested cash of PHP150.000 or the business earned PHP150.000 cash from providing
services.
2. Purchased equipment at PHP20.000 for cash.
3. The owner withdrew cash of PHP112.500 or the business incurred PHP112.500 expenses and paid
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