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PROBLEM: MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from his personal savings. He deposited the money in a bank account he want a build a business "Tea

PROBLEM: MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from his personal savings. He deposited the money in a bank account he want a build a business "Tea

FINANCIAL ACCOUNTING
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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ACTIVITY 1 CНАРТER 4 Direction: Compute the following EXPANDED FORM : COMPUTE THE FOLLOWING PROBLEM: MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from his personal savings. He deposited the money in a bank account he want a build a business "Tea Tan's" MAY 3 Mondie boughts a blender machine , refregirator and other necessary equipment from E.Nena Inc., at a cost of P 50,000 E. Nena INc., agreed to allow 60 days for the firm to pay the bill. MAY 5 Mondie placed an rder for lectric etc. and other supplies that had a total cost of P 10,000. the entity that sold the items, Cagayan Supplies Inc., requires cash payment form a businesses that are under seven month old. MAY 9 Mondie decided to pay P20,000 to E. Nena Inc. to reduce the firms debt to that business. MAY 13 Tea Tan's earned P 60,000 of revenue from charge account clients. These clients are allowed 30 days to pay. MAY 18 Tea Tan's hired a staff on MAY 1 to help in the business. the firm paid P10,000 in the salaries for this employee and Mondie. MAY 23 Tea Tan's received P20,000 from clients who had previously bought services on account. MAY 27 Tea Tan's earned a total of P110,000 in a revenue from the clients who paid cash for the products of tea. MAY 30 Tea Tan's received a P25,000 bill for the utilities that it had used during the month. MAY 31 Tea Tan's issued a check as payment for office rent for May. the lease contract Tan's signed specified a monthly rent of P35,000. May 31 Mr. Tan withdrew P40,000 in cash from the business to pay for personal use.
Transcribed Image Text:ACTIVITY 1 CНАРТER 4 Direction: Compute the following EXPANDED FORM : COMPUTE THE FOLLOWING PROBLEM: MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from his personal savings. He deposited the money in a bank account he want a build a business "Tea Tan's" MAY 3 Mondie boughts a blender machine , refregirator and other necessary equipment from E.Nena Inc., at a cost of P 50,000 E. Nena INc., agreed to allow 60 days for the firm to pay the bill. MAY 5 Mondie placed an rder for lectric etc. and other supplies that had a total cost of P 10,000. the entity that sold the items, Cagayan Supplies Inc., requires cash payment form a businesses that are under seven month old. MAY 9 Mondie decided to pay P20,000 to E. Nena Inc. to reduce the firms debt to that business. MAY 13 Tea Tan's earned P 60,000 of revenue from charge account clients. These clients are allowed 30 days to pay. MAY 18 Tea Tan's hired a staff on MAY 1 to help in the business. the firm paid P10,000 in the salaries for this employee and Mondie. MAY 23 Tea Tan's received P20,000 from clients who had previously bought services on account. MAY 27 Tea Tan's earned a total of P110,000 in a revenue from the clients who paid cash for the products of tea. MAY 30 Tea Tan's received a P25,000 bill for the utilities that it had used during the month. MAY 31 Tea Tan's issued a check as payment for office rent for May. the lease contract Tan's signed specified a monthly rent of P35,000. May 31 Mr. Tan withdrew P40,000 in cash from the business to pay for personal use.
4:05 cdn.fbsbx.com Done MAY 18 ASSETS LIABILITIES OWNER'S EQUITY MAY 23 ASSETS LIABILITIES OWNER'S EQUITY MAY 27 ASSETS LIABILITIES OWNER'S EQUITY MAY 30 ASSETS LIABILITIES OWNER'S EQUITY MAY 31 ASSETS LIABILITIES OWNER'S EQUITY May 31 ASSETS LIABILITIES OWNER'S EQUITY
Transcribed Image Text:4:05 cdn.fbsbx.com Done MAY 18 ASSETS LIABILITIES OWNER'S EQUITY MAY 23 ASSETS LIABILITIES OWNER'S EQUITY MAY 27 ASSETS LIABILITIES OWNER'S EQUITY MAY 30 ASSETS LIABILITIES OWNER'S EQUITY MAY 31 ASSETS LIABILITIES OWNER'S EQUITY May 31 ASSETS LIABILITIES OWNER'S EQUITY
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