Problem I. Jimin Park is a wholesale trader. He had the following transactions: a. Commence business with cash Php 200,000 and Land Php 50,000. b. Bought merchandising for cash Php 80,000. c. Cash sales of worth Php 25,000. d. Bought goods on credit from Salman of worth Php 50,000. e. Sales on account to J-Hope Php 12,000. f. Purchase furniture of the value of Php 5,000 by cash. g. Received cash form J-Hope of Php 10,000. h. Return defective furniture of worth Php 1,500. i. Paid wages Php 1,000, Rent 2,000 and Electricity Bill Payable Php 1,500. Transactions Cash ASSETS Accounts Receivable Land Furniture Accounts Payable Owner's Equity
Problem I. Jimin Park is a wholesale trader. He had the following transactions: a. Commence business with cash Php 200,000 and Land Php 50,000. b. Bought merchandising for cash Php 80,000. c. Cash sales of worth Php 25,000. d. Bought goods on credit from Salman of worth Php 50,000. e. Sales on account to J-Hope Php 12,000. f. Purchase furniture of the value of Php 5,000 by cash. g. Received cash form J-Hope of Php 10,000. h. Return defective furniture of worth Php 1,500. i. Paid wages Php 1,000, Rent 2,000 and Electricity Bill Payable Php 1,500. Transactions Cash ASSETS Accounts Receivable Land Furniture Accounts Payable Owner's Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem I. Jimin Park is a wholesale trader. He had the following transactions:
a. Commence business with cash Php 200,000 and Land Php 50,000.
b. Bought merchandising for cash Php 80,000.
c. Cash sales of worth Php 25,000.
d. Bought goods on credit from Salman of worth Php 50,000.
e. Sales on account to J-Hope Php 12,000.
f. Purchase furniture of the value of Php 5,000 by cash.
g. Received cash form J-Hope of Php 10,000.
h. Return defective furniture of worth Php 1,500.
i. Paid wages Php 1,000, Rent 2,000 and Electricity Bill Payable Php 1,500.
Transactions Cash
ASSETS
Accounts
Receivable
Land
Furniture Accounts
Payable
Owner's
Equity
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