** Gypsy Co. had the following cash related transaction for the fist month of operation, March 2018. Solve the Problem below. the owner invested P 100, 000 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 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 March 1 15 17 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. Credit Normal Debit Balance capital Gypsy Capital e 00 1D00) Liability Date Assets Date cash Account Inventory Account Receivable payable March I P l0b, 000 P 50, 200 S0,200 is 17 19 25 29 30
** Gypsy Co. had the following cash related transaction for the fist month of operation, March 2018. Solve the Problem below. the owner invested P 100, 000 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 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 March 1 15 17 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. Credit Normal Debit Balance capital Gypsy Capital e 00 1D00) Liability Date Assets Date cash Account Inventory Account Receivable payable March I P l0b, 000 P 50, 200 S0,200 is 17 19 25 29 30
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Getting Better:
** Gypsy Co. had the following cash related transaction for the fist month of operation,
March 2018.
Solve the Problem below.
the owner invested P 100, 000 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
Sold goods for cash P 75, 300
Paid employees salaries amounting toP 36, 900
paid electricity and water bills amounting to P 23, 600
the owner withdraw P 15, 500 for personal expenses
March
1
9.
15
17
19
25
29
30
Required: Determine theT-account.
Summarize the effect of all the transaction above problem and the balance at the end of the
period, consider the table below.
Gaining Mastery:
Credit
Normal
Debit
Balance
Assets
Liability
capital
Date
Gypsy
Capital
I00,000)
Date
cash
Account
Inventory
Account
Receivable
payable
March I
P I0b, o00
P 501 200
S0,200
9
is
17
19
25
29
30
we we
ww.ww a
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