Instruction: Do the initial transaction of accounts. Write your answeron yellow paper. Submit this today, March 22, 2024, until 11:59 p.m.In January 2023, Olive Cañete is an experienced events planner. Thetransactions and accounts for the business are as follows:a. Invested P100,000 in cash to start her own businessb. Paid P5,000 for one month's rent.c. Bought office furniture for P15,000 in cash.d. Received delivery of laptop computer, P54,000. Paid 50% down,balance due in 30 dayse. Performed services for P12,000 in cashf. Performed services for P10,800 on credit.g. Acquired a fax machine for P7,500; paid P3,000 in cash, balancedue in 10 days.h. Received P5,400 from clients on account.I. Paid P10,000 for salaries.J. Settled in full the P4,500 balance for the fax machinek. Received P7,000 in cash for services performed.I. Performed services for P12,000 on credit.m. Paid P1,350 for the monthly telephone bill.n. Paid P2,400 for the electric and water billso. Collected P2,000 from clients on account.p. Mrs. Cañete withdrew P7,000 in cash for personal expenses

The objective of the question is to understand the financial transactions of Olive Cañete's business…

Answered: Instruction: Do the initial transaction…

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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