NOTE: Should following the given format for balance sheet. CLASS EXERCISE – recording of transactions (Balance Sheet Accounts)Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the month:Mar 1, Zee invested P 100,000 cash, Office Furnitures @ P 50,000 Office Equipment amounting to P 30,000.Mar 3, Zee borrowed P 300,000 cash from Banco de Oro to expand his businessMar 9, Zee bought Groceries for sale amounting to P150,000Mar 16, Zee bought additional Office Furnitures on account from Woody Supply @ P 50,000, with 30 day term, butif paid within 15 days, a 2% discount will be applied.CLASS EXERCISE – recording of transactions (Balance Sheet Accounts)Mar 30, Zee withdraw cash to buy his own personal hygiene kit amounting to P 5,000Mar 31, Zee paid Woody supply in full.

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: Mr. Zee started a Grocery store on…

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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NOTE: Should following the given format for balance sheet.

CLASS EXERCISE – recording of transactions (Balance Sheet Accounts)
Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the month:
Mar 1, Zee invested P 100,000 cash, Office Furnitures @ P 50,000 Office Equipment amounting to P 30,000.
Mar 3, Zee borrowed P 300,000 cash from Banco de Oro to expand his business
Mar 9, Zee bought Groceries for sale amounting to P150,000
Mar 16, Zee bought additional Office Furnitures on account from Woody Supply @ P 50,000, with 30 day term, but
if paid within 15 days, a 2% discount will be applied.
CLASS EXERCISE – recording of transactions (Balance Sheet Accounts)
Mar 30, Zee withdraw cash to buy his own personal hygiene kit amounting to P 5,000
Mar 31, Zee paid Woody supply in full.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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