On March 1, Ms. Ann Joy established AJ Beauty Salon. She invested P750,000 in the business and a laptop worth P60,000. She paid rent of P10,000 and bought equipment for P30,000 cash. Cash collection from walk-in customers amounted to P150,000. She bought beauty supplies for P7,000 cash and bought salon furniture worth P80,000 on account. Ms. Ann had major repairs in her residence amounting to
On March 1, Ms. Ann Joy established AJ Beauty Salon. She invested P750,000 in the business and a laptop worth P60,000. She paid rent of P10,000 and bought equipment for P30,000 cash. Cash collection from walk-in customers amounted to P150,000. She bought beauty supplies for P7,000 cash and bought salon furniture worth P80,000 on account. Ms. Ann had major repairs in her residence amounting to P550,000 which was paid by the business. Collections of
Required:
Give the cash balance at the end of the month.
(Hint: Prepare the T-Account for cash to get the cash balance at the end of the month.)
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