1011انه است1213ItemB. During the month of August 2019, Coco Chanel made the followingtransactions.124567891011A Closer Look on Basic Accounting 66Paid supplies purchased in item 8.Withdrew cash for personal use.Paid cash for rent in the building.Received bill from PLDT and paid the same.TransactionsDeposited money under the namebusinessAcquired a service vehicle on accountPurchased supplies for cashRendered services to Alonso Delfonso for cashProvided services to Claro Olei on account.Paid salaries of bookkeeperPaid rent for 12 months.of theHired a bookkeeper.The owner withdrew cash for personal useMade an additional investment into thebusinessCollected cash from Claro OleiALOE 4Item123LOProblem 1: Answer the questions. Provide the correct answer on the blankbefore each number.At the beginning of the year, the company had total assets of P260,000 and totalliabilities of P125,000.STRAIGHT PROBLEMSProblem 2: Determine the effect. For each transaction, indicate whether assets(A), Liabilities (L) or owner's equity (OE) increased (+), Decreased (-) or did notchange (0) by placing the appropriate sing in the appropriate column.A. Below are the transactions of LNS Company for the month of August 2019.OETransactionThe owner invested cash into the business.Purchased supplies on account.Charged customers for services rendered onaccount.Rendered services to cash customers.Purchased office equipment for cash.Paid salaries for the month.Received billing from Meralco for electricityconsumption during the month.Purchased supplies on account.Collected cash from charged customer in item 3.56The Accounting Equation 65781. If during the year, total liabilities decreased by P37,500 and equityincreased by P25,000, how much is the total assets at the end ofthe year?2. If during the year, equity decreased by P45,000 and assets increasedby P30,000, by how much did the total liability increase/decreasefor the year?3. If during the year, total liabilities increased by P27,500 and assetsdecreased by P100,000, how much did equity increase/decrease toat the end of the year?AL

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STRAIGHT PROBLEMS The Accounting Equation 65 Problem 1: Answer the questions. Provide the correct answer on the blank before each number. At the beginning of the year, the company had total assets of P260,000 and total liabilities of P125,000. 1. If during the year, total liabilities decreased by P37,500 and equity increased by P25,000, how much is the total assets at the end of the year? 2. If during the year, equity decreased by P45,000 and assets increased how much did the total liability increase/decrease by P30,000, for the year? 3. If during the year, total liabilities increased by P27,500 and assets decreased by P100,000, how much did equity increase/decrease to at the end of the year?

STRAIGHT PROBLEMS The Accounting Equation 65 Problem 1: Answer the questions. Provide the correct answer on the blank before each number. At the beginning of the year, the company had total assets of P260,000 and total liabilities of P125,000. 1. If during the year, total liabilities decreased by P37,500 and equity increased by P25,000, how much is the total assets at the end of the year? 2. If during the year, equity decreased by P45,000 and assets increased how much did the total liability increase/decrease by P30,000, for the year? 3. If during the year, total liabilities increased by P27,500 and assets decreased by P100,000, how much did equity increase/decrease to at the end of the year?

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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