Ramon opened the Quarantine Gym in August. The Following transactions occurred during the first month of the business: a) Ramon invested P100,000 in cash and 30,000 in gym equipment in the business. b) Paid P10,000 for the first month’s rent. c) Purchased supplies costing P4,000 on credit. d) Purchased exercise equipment costing P25,000. e) Recorded income for the first half of the month of P6,500 in cash and P3,500 on account. f) Received payment from a customer on account for P1600. g) Ramon withdrew P500 for a graduation gift. h) Paid aerobics instructor her salary, P3,000. i) Paid miscellaneous expense P1,500 j) Recorded income for the second half of the month of P5,600 in cash.

Ramon opened the Quarantine Gym in August. The Following transactions occurred during the first month of the business: a) Ramon invested P100,000 in cash and 30,000 in gym equipment in the business. b) Paid P10,000 for the first month’s rent. c) Purchased supplies costing P4,000 on credit. d) Purchased exercise equipment costing P25,000. e) Recorded income for the first half of the month of P6,500 in cash and P3,500 on account. f) Received payment from a customer on account for P1600. g) Ramon withdrew P500 for a graduation gift. h) Paid aerobics instructor her salary, P3,000. i) Paid miscellaneous expense P1,500 j) Recorded income for the second half of the month of P5,600 in cash.

Name: 2. Ramon opened the Quarantine Gym in August.The Following transaction
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Description: 2. Ramon opened the Quarantine Gym in August.The Following transactions occurred duringthe first month of the business:a) Ramon invested P100,000 in cash and 30,000 in gym equipment in the business.b) Paid P10,000 for the first month’s rent.c) Purcha

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter21: Cash Budgeting (cashbud)

Section: Chapter Questions

Problem 1R: On January 1, Sweet Pleasures, Inc., begins business. The company has 14,000 cash on hand and is...

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