Make a journal enrty of the accounting eqaution: Carla established an insurance agency on July 1 of the current year and completed the following transactions during July: 1. Opened a business with an investment of P160,000. 2. Purchased supplies on account, P7,500. 3. Paid creditors on account, P5,600. 4. Received cash from fees earned, P45,350. 5. Paid rent on office for the month, P45,000. 6. Paid automobile expenses for the month, P5,800 and miscellaneous expenses, P1,600. 7. Paid office salaries, P10,250. 8. Determined that the cost of supplies on hand was P5,250; therefore, the cost of supplies used was P2,250. 9. Billed clients for commissions earned, P32,750. 10. Withdrew cash for
Make a journal enrty of the accounting eqaution: Carla established an insurance agency on July 1 of the current year and completed the following transactions during July: 1. Opened a business with an investment of P160,000. 2. Purchased supplies on account, P7,500. 3. Paid creditors on account, P5,600. 4. Received cash from fees earned, P45,350. 5. Paid rent on office for the month, P45,000. 6. Paid automobile expenses for the month, P5,800 and miscellaneous expenses, P1,600. 7. Paid office salaries, P10,250. 8. Determined that the cost of supplies on hand was P5,250; therefore, the cost of supplies used was P2,250. 9. Billed clients for commissions earned, P32,750. 10. Withdrew cash for
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Make a journal enrty of the accounting eqaution:
Carla established an insurance agency on July 1 of the current year and completed the following transactions during July:
1. Opened a business with an investment of P160,000.
2. Purchased supplies on account, P7,500.
3. Paid creditors on account, P5,600.
4. Received cash from fees earned, P45,350.
5. Paid rent on office for the month, P45,000.
6. Paid automobile expenses for the month, P5,800 and miscellaneous expenses, P1,600.
7. Paid office salaries, P10,250.
8. Determined that the cost of supplies on hand was P5,250; therefore, the cost of supplies used was P2,250.
9. Billed clients for commissions earned, P32,750.
10. Withdrew cash for personal use, P12,000.
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