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October 1 Traevis is an accountant officer. After long years of being employed he decided to put up his own business. He made an initial investment amounting to P500, 000 to s tart this endeavor.

October 1 Traevis is an accountant officer. After long years of being employed he decided to put up his own business. He made an initial investment amounting to P500, 000 to s tart this endeavor.

FINANCIAL ACCOUNTING
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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October 1 Traevis is an accountant officer. After long years of being employed he decided to put up own business. He made an initial investment amounting to P500, 000 to start this endeavor. Analysis: Asset is by P Owner's Equity is by Rules of Debit and Credit Accounts to use (Cash: Traevis, Capital) Debit: Credit: P - October 8 Acquired 1 computer for office use, P40,000 Analysis: Asset is by P Another Asset is. by Rules of Debit and Credit Accounts to use (Cash: Computer Equipment) Debit: P. Credit: October 19 Rendered service to Mr. Pan amounting to PI0,000 on account Analysis: Asset is by P Revenue is by Rules of Debit and Credit Accounts to use (Accounts Receivable: Service Income) Debit: Credit: P -
Transcribed Image Text:October 1 Traevis is an accountant officer. After long years of being employed he decided to put up own business. He made an initial investment amounting to P500, 000 to start this endeavor. Analysis: Asset is by P Owner's Equity is by Rules of Debit and Credit Accounts to use (Cash: Traevis, Capital) Debit: Credit: P - October 8 Acquired 1 computer for office use, P40,000 Analysis: Asset is by P Another Asset is. by Rules of Debit and Credit Accounts to use (Cash: Computer Equipment) Debit: P. Credit: October 19 Rendered service to Mr. Pan amounting to PI0,000 on account Analysis: Asset is by P Revenue is by Rules of Debit and Credit Accounts to use (Accounts Receivable: Service Income) Debit: Credit: P -
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