Mrs. Agustin is wholesale trader; following transactions are record in Accounting Equation? 1. Commence business with cash P400,000 and Land P70,000. 2. Bought merchandising for cash P 900,000. 3. Cash sales of worth P35,000. 4. Bought goods on credit from Salman of worth P60,000. 5. Sales on account to Ali Raza P 13,000. 6. Purchase furniture of the value of P 6,000 by cash. 7. Received cash form Ali Raza of P 11,000. 8. Return defective furniture of worth P1,000. 9. Paid wages P1,000, Rent 2,000 and Electricity Bill Payable P1,500.
Mrs. Agustin is wholesale trader; following transactions are record in Accounting Equation? 1. Commence business with cash P400,000 and Land P70,000. 2. Bought merchandising for cash P 900,000. 3. Cash sales of worth P35,000. 4. Bought goods on credit from Salman of worth P60,000. 5. Sales on account to Ali Raza P 13,000. 6. Purchase furniture of the value of P 6,000 by cash. 7. Received cash form Ali Raza of P 11,000. 8. Return defective furniture of worth P1,000. 9. Paid wages P1,000, Rent 2,000 and Electricity Bill Payable P1,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mrs. Agustin is wholesale trader; following transactions are record in Accounting Equation ?
1. Commence business with cash P400,000 and Land P70,000.
2. Bought merchandising for cash P 900,000.
3. Cash sales of worth P35,000.
4. Bought goods on credit from Salman of worth P60,000.
5. Sales on account to Ali Raza P 13,000.
6. Purchase furniture of the value of P 6,000 by cash.
7. Received cash form Ali Raza of P 11,000.
8. Return defective furniture of worth P1,000.
9. Paid wages P1,000, Rent 2,000 and Electricity Bill Payable P1,500.
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