On April 01, 2016 Anees started business with P100,000 and other transactions for the month are: 2. Purchase Furniture for Cash P7,000. 8. Purchase Goods for Cash P2,000 and for Credit P1,000 from Khalid Retail Store. 14. Sold Goods to Khan Brothers P12,000 and Cash Sales P5,000. 18. Owner withdrew of worth P2,000 for personal use. 22. Paid Khalid Retail Store P500. 26. Received P10,000 from Khan Brothers. 30. Paid Salaries Expense P2,000

On April 01, 2016 Anees started business with P100,000 and other transactions for the month are: 2. Purchase Furniture for Cash P7,000. 8. Purchase Goods for Cash P2,000 and for Credit P1,000 from Khalid Retail Store. 14. Sold Goods to Khan Brothers P12,000 and Cash Sales P5,000. 18. Owner withdrew of worth P2,000 for personal use. 22. Paid Khalid Retail Store P500. 26. Received P10,000 from Khan Brothers. 30. Paid Salaries Expense P2,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....

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