1:04 OA. ull 50Basic1C3Exe.1314 - SavedBASIC ACCOUNTING 113. Angel De Jesus, a business graduate student who was working as a mere employeein a company called Think Computer, decided to become an entrepreneur and put upan internet shop. The following are the transactions for the start up transactions forMarch;March1 Angel started an internet shop called "Playnet.com" by investing her savings of andthe proceeds from the sale of her car which amounted to P300,000.5 Angel hired two workers to assist her in the shop for a monthly salary of P6,000 eachworker10 Lessor(owner) of the shop required her to pay two months rent deposit in cashP10,000.15 She paid cash of P8,000 for furniture bought from Alexis Furniture Store.18 She bought an aircon unit from Abbe Appliances for P45,000 promising to pay theaccount within three months.20 She purchased supplies and paid cash of P 1,500.25 The shop was ready for the installation of the computer units. Angel purchased 12units of computer hardware from Think PC She paid 50% in cashP125,000 and a promissory note for the balance payable in 24 monthly installmentsstarting April 25. Use the title notes payable.Required:A. Analyze the transactions using the following accounts and provide a money columnfor each one: Cash, Supplies, Rent Deposit, Furniture and Fixtures, Equipment,Accounts Payable, Notes Payable, and De Jesus Capital. Use the format ofdemonstration problem 2 but do not extract the balances until after the last transaction.B. Prove the accounting equation.C. Prepare a statement of financial position.ANSWERSHEETASSETSLIABILITIESOwnersequityRentFurnitureAccountsNotesDe JesusDateCashSupplies Deposit& Fixtures Equipment Payable PayableCapital11015182025TotalEqua-tionThink ComputerStatement of Financial PositionMarch 25, 2020ASSETSLIABILITIES AND OWNERS EQUITYAccounts PayableNotes payableCashPSupplies

The accounting equation shows the equality between the company's total assets and total liabilities…

Required: A. Analyze the transactions using the following accounts and provide a money column for each one: Cash, Supplies, Rent Deposit, Furniture and Fixtures, Equipment, Accounts Payable, Notes Payable, and De Jesus Capital. Use the format of demonstration problem 2 but do not extract the balances until after the last transaction. B. Prove the accounting equation. C. Prepare a statement of financial position.

Required: A. Analyze the transactions using the following accounts and provide a money column for each one: Cash, Supplies, Rent Deposit, Furniture and Fixtures, Equipment, Accounts Payable, Notes Payable, and De Jesus Capital. Use the format of demonstration problem 2 but do not extract the balances until after the last transaction. B. Prove the accounting equation. C. Prepare a statement of financial position.

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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