Journalize and adjust with explanation the following transactions below in balance sheet approach and liability for advances: equipment costing P100,000 was purchased using P40,000 cash. The remaining amount of P60,000 is a one year note with an interest rate of 3.4% compounded monthly Adjustment: Payment for equipment At the end of 5 years the equipment salvage value is P10,000
Journalize and adjust with explanation the following transactions below in balance sheet approach and liability for advances: equipment costing P100,000 was purchased using P40,000 cash. The remaining amount of P60,000 is a one year note with an interest rate of 3.4% compounded monthly Adjustment: Payment for equipment At the end of 5 years the equipment salvage value is P10,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Journalize and adjust with explanation the following transactions below in
balance sheet approach and liability for advances:
- equipment costing P100,000 was purchased using P40,000 cash. The remaining amount of P60,000 is a one year note with an interest rate of 3.4% compounded monthly
Adjustment:
- Payment for equipment
- At the end of 5 years the equipment salvage value is P10,000
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