on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions (PHP = Philippine Peso, currency of Philippines): July 1. Owner invested PHp 500,000 cash along with computer equipment that had a market value of php. 120,000 two years ago but was now worth Php. 100,000 only. July 2. Paid php. 15,000 cash for the rent of office space for the month. July 4. Purchased php. 12,000 of additional equipment on credit (due within 30 days). July 8. Completed awork for a client and immediately collected the php. 32,000 Gash
on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions (PHP = Philippine Peso, currency of Philippines): July 1. Owner invested PHp 500,000 cash along with computer equipment that had a market value of php. 120,000 two years ago but was now worth Php. 100,000 only. July 2. Paid php. 15,000 cash for the rent of office space for the month. July 4. Purchased php. 12,000 of additional equipment on credit (due within 30 days). July 8. Completed awork for a client and immediately collected the php. 32,000 Gash
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Make a
Transcribed Image Text:Juan de la Cruz began professional practice as a system analyst
on July
1. He plans to prepare a monthly financial statement. During July,
the owner
completed these transactions (PHP = Philippine Peso, currency of
Philippines):
July 1. Owner invested PHp 500,000 cash along with computer
equipment that had
a market value of php. 120,000 two years ago but was now worth
Php. 100,000
only.
July 2. Paid php. 15,000 cash for the rent of office space for the
month.
July 4. Purchased php. 12,000 of additional equipment on credit
(due within 30
days).
July 8. Completed awork for a client and immediately collected
the php. 32,000
cash.
July 10. Completed work for a client and sent a bill for php.
27,000 to be paid
within 30 days.
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