Prepare balance sheet for this transaction.Don Pedro’s Accounting Firm has the following account balances: Cash, P5,000; Accounts Receivable, P2,000; Prepaid Rent P1,500; Supplies, P850; Equipment, P6,000; Trucks, P15,000; Accounts Payable, P2,500; Common Stock, P20,000; Retained Earnings P7,850. Business transactions during August are presented as follows: Company received cash from clients for services, P4,500Don Pedro paid to creditors P500,Paid office rent for the month of December, P750,Company billed client for accounting services on account, P5,200Supplies were purchased on account, P650,Company received cash from clients billed previously, P6,000Don Pedro received an invoice for office equipment repair services from Office Extra for December (the invoice will be paid next month), P850,Don Pedro paid monthly salaries, P2,700,Utilities expense were paid, P280Miscellaneous expense were paid, P350,Dividends were paid, P550.

Name: Prepare balance sheet for this transaction.Don Pedro’s Accounting Firm
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Description: Prepare balance sheet for this transaction.Don Pedro’s Accounting Firm has the following account balances: Cash, P5,000; Accounts Receivable, P2,000; Prepaid Rent P1,500; Supplies, P850; Equipment, P6,000; Trucks, P15,000; Accounts Payable, P2,500; C

Balance sheet is the financial statements of the organization prepared at the end of the year. It…

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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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Prepare balance sheet for this transaction.

Don Pedro’s Accounting Firm has the following account balances: Cash, P5,000; Accounts Receivable, P2,000; Prepaid Rent P1,500; Supplies, P850; Equipment, P6,000; Trucks, P15,000; Accounts Payable, P2,500; Common Stock, P20,000; Retained Earnings P7,850. Business transactions during August are presented as follows:

Company received cash from clients for services, P4,500

Don Pedro paid to creditors P500,

Paid office rent for the month of December, P750,

Company billed client for accounting services on account, P5,200

Supplies were purchased on account, P650,

Company received cash from clients billed previously, P6,000

Don Pedro received an invoice for office equipment repair services from Office Extra for December (the invoice will be paid next month), P850,

Don Pedro paid monthly salaries, P2,700,

Utilities expense were paid, P280

Miscellaneous expense were paid, P350,

Dividends were paid, P550.

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