Problem 2. Mabel Wong began a professional practice as system analyst on July 1. She plans to prepare monthlyfinancial statements. During July the owner completed these transactions:JulyOwner invested P50,000 cash along with furniture and fixtures that had a P20,000 market value twoyears ago but now worth P10,000 only2Paid P25,000 cash for July rent (including P500 water bill of a fully furnished office space at the MadrigalBuilding4Purchased P120,000 worth of state of the art equipment on credit for thirty monthly instalmentpaymentsPurchased office supplies for cash, P2,5008Completed work for a client and immediately collected the P32,000 cash earned10Completed work for a client and sent a bill for P27,000 to be paid within thirty days15Paid an assistant P6,200 cash as wages for 15 days18Collected P15,000 cash on the amount owed by the client25Completed work for another client who paid only P40,000 or 40% of the total computerized system. Theclient promised to pay the balance in thirty days28Owner withdrew P5,000 cash for personal use28Paid the first instalment to settle the liability on the equipment purchased30Paid salary of assistantReceived PLDT bill, P1,800 and Meralco bill, P3,8003131Used up to P2,000 worth of suppliesUse the following: Cash, Accounts Receivable, Office Supplies, Equipment, Furnitures, Accounts Payable, Wong Capital

Name: Problem 2. Mabel Wong began a professional practice as system analyst
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Description: Problem 2. Mabel Wong began a professional practice as system analyst on July 1. She plans to prepare monthlyfinancial statements. During July the owner completed these transactions:JulyOwner invested P50,000 cash along with furniture and fixtures t

The financial statement is a statement that shows the financial position of the business entity.…

Business

Accounting

Problem 2. Mabel Wong began a professional practice as system analyst on July 1. She plans to prepare monthly financial statements. During July the owner completed these transactions: July 1 Owner invested P50,000 cash along with furniture and fixtures that had a P20,000 market value two years ago but now worth P10,000 only Paid P25,000 cash for July rent (including P500 water bill of a fully furnished office space at the Madrigal Building Purchased P120,000 worth of state of the art equipment on credit for thirty monthly instalment payments Purchased office supplies for cash, P2,500 Completed work for a client and immediately collected the P32,000 cash earned Completed work for a client and sent a bill for P27,000 to be paid within thirty days Paid an assistant P6,200 cash as wages for 15 days Collected P15,000 cash on the amount owed by the client Completed work for another client who paid only P40,000 or 40% of the total computerized system. The 6 8 10 15 18 25 client promised to pay the balance in thirty days

Problem 2. Mabel Wong began a professional practice as system analyst on July 1. She plans to prepare monthly financial statements. During July the owner completed these transactions: July 1 Owner invested P50,000 cash along with furniture and fixtures that had a P20,000 market value two years ago but now worth P10,000 only Paid P25,000 cash for July rent (including P500 water bill of a fully furnished office space at the Madrigal Building Purchased P120,000 worth of state of the art equipment on credit for thirty monthly instalment payments Purchased office supplies for cash, P2,500 Completed work for a client and immediately collected the P32,000 cash earned Completed work for a client and sent a bill for P27,000 to be paid within thirty days Paid an assistant P6,200 cash as wages for 15 days Collected P15,000 cash on the amount owed by the client Completed work for another client who paid only P40,000 or 40% of the total computerized system. The 6 8 10 15 18 25 client promised to pay the balance in thirty days

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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