ACTIVITY 1CНАРТER 4Direction: Compute the followingEXPANDED FORM : COMPUTE THE FOLLOWINGPROBLEM:MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from hispersonal savings. He deposited the money in a bank account he want a build a business "TeaTan's"MAY 3 Mondie boughts a blender machine , refregirator and other necessary equipment fromE.Nena Inc., at a cost of P 50,000 E. Nena INc., agreed to allow 60 days for the firm to pay thebill.MAY 5 Mondie placed anrder forlectric etc. and other supplies that had a total cost of P10,000. the entity that sold the items, Cagayan Supplies Inc., requires cash payment form abusinesses 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 areallowed 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 thesalaries for this employee and Mondie.MAY 23 Tea Tan's received P20,000 from clients who had previously bought services onaccount.MAY 27 Tea Tan's earned a total of P110,000 in a revenue from the clients who paid cash forthe 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'ssigned specified a monthly rent of P35,000.May 31 Mr. Tan withdrew P40,000 in cash from the business to pay for personal use. 4:05cdn.fbsbx.comDoneMAY 18ASSETSLIABILITIESOWNER'S EQUITYMAY 23ASSETSLIABILITIESOWNER'S EQUITYMAY 27ASSETSLIABILITIESOWNER'S EQUITYMAY 30ASSETSLIABILITIESOWNER'S EQUITYMAY 31ASSETSLIABILITIESOWNER'S EQUITYMay 31ASSETSLIABILITIESOWNER'S EQUITY

Accounting equations are on the basis of the dual aspect concept of accounting. It means that every…

Answered: PROBLEM: MAY 1 Mr. Tan obtained the…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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