Georgia Peaches opened Peaches Photography on January 1 of the current year. During January, the followingtransactions occurred and were recorded in the company's books:• Georgia invested P13,500 cash in the business.Georgia contributed P20,000 of photography equipment to the business.• The company paid P2,100 cash for an insurance policy covering the next 24 months.The company received P5,700 cash for services provided during January.• The company purchased P6,200 of office equipment on credit.• The company provided P2,750 of services to customers on account.• The company paid cash of P1,500 for monthly rent.The company paid P3,100 on the office equipment purchased in the 5th transaction above.• Paid P275 cash for January utilities.Based on this information, the balance in the G. Peaches, Capital account reported on the Statement ofOwner's Equity at the end of the month would be:Note for your fınal answer:1. Do not use peso sign2. Do not use comma3. Do not use decimal point4. Round off your final answer to the nearest whole number

The capital account of the owner will be shown at capital incested and we should add net income…

Answered: Georgia Peaches opened Peaches…

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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