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Gaining Mastery: Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below.

Gaining Mastery: Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below.

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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Getting Better: Solve the Problem below. 1. Gypsy Co. had the following cash related transaction for the fist month of operation, March 2018. the owner invested P 100, 00 0 to start her business Bought P 50, 200 worth of merchandize inventory Sold goods for P 80, 500 on account Collected P 50, 800 from accounts receivable March 6. 15 17 Sold goods for cash P 75, 300 Paid employees salaries amounting to P 36, 900 paid electricity and water bills amounting to P 23, 600 the owner withdraw P 15, 500 for personal expenses 19 25 29 30 Required: Determine the T-account. Gaining Mastery: Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below. Normal Debit Credit Balance Date Assets Liability capital Gypsy Capital 100,000) Date cash Account Inventory Account Receivable payable March I 106, 000 P 501 200 PS0,200 is 17 19 25 29 30
Transcribed Image Text:Getting Better: Solve the Problem below. 1. Gypsy Co. had the following cash related transaction for the fist month of operation, March 2018. the owner invested P 100, 00 0 to start her business Bought P 50, 200 worth of merchandize inventory Sold goods for P 80, 500 on account Collected P 50, 800 from accounts receivable March 6. 15 17 Sold goods for cash P 75, 300 Paid employees salaries amounting to P 36, 900 paid electricity and water bills amounting to P 23, 600 the owner withdraw P 15, 500 for personal expenses 19 25 29 30 Required: Determine the T-account. Gaining Mastery: Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below. Normal Debit Credit Balance Date Assets Liability capital Gypsy Capital 100,000) Date cash Account Inventory Account Receivable payable March I 106, 000 P 501 200 PS0,200 is 17 19 25 29 30
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