Transcribed Image Text:April
Ms. Ann Chavez, the owner of the business, transferred cash
from personal bank account to the account of the business. P
1,000,000.
Purchased Plain shirts for cash, P 50,000.
Bought Screen Printing Machine for notes payable, P 30,000.
Bought Ink for cash, P 25,000.
Bought Computer Equipment for notes payable, P 10,000.
Paid water & electricity bill, P 3,500.
Ms. Ann Chavez withdrew P 4,000 cash for personal use.
Purchased Office Supplies for cash, P 2,000.
Paid May rent for office, P 15,000.
Received cash from a customer for service rendered, P3,400.
Received cash from a customer for service rendered, P 4,400.
Made payment on notes payable, P 40,000.
Received cash from a customer for service rendered, P 6,450.
Paid annual insurance policies, P 10,000.
Paid salaries, P 12,000.
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
