Ricardo Aninang established business on April 1,2017 and invested P5,000 cash and a building valued at P100,000. A summary of transactions for April as follows; 1. Collected rent for the month,P10,000. 2. Paid insurance premium on building,P1,500. 3. Paid MERALCO,P500. 4. Paid salaries,P1,500. 6. Borrowed P20,000 from Far East Bank. 7. Paid P300 interest on bank loan. 8. Withdrew P600 for personal use. 9. Paid P10,000 bank loan 5. Bought supplies,P400 10. Received P500 from the services rendered. REQUIRED: State the effects of the above transactions on the ASSETS, LIABILITIES, O.E., REVENUES AND EXPENSES.

Ricardo Aninang established business on April 1,2017 and invested P5,000 cash and a building valued at P100,000. A summary of transactions for April as follows; 1. Collected rent for the month,P10,000. 2. Paid insurance premium on building,P1,500. 3. Paid MERALCO,P500. 4. Paid salaries,P1,500. 6. Borrowed P20,000 from Far East Bank. 7. Paid P300 interest on bank loan. 8. Withdrew P600 for personal use. 9. Paid P10,000 bank loan 5. Bought supplies,P400 10. Received P500 from the services rendered. REQUIRED: State the effects of the above transactions on the ASSETS, LIABILITIES, O.E., REVENUES AND EXPENSES.

Name: Ricardo Aninang established business on April 1,2017 and invested P5,
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Description: Ricardo Aninang established business on April 1,2017 and invested P5,000 cash and a building valued atP100,000. A summary of transactions for April as follows;1. Collected rent for the month,P10,000.2. Paid insurance premium on building, P1,500.6. B

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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REQUIREMENT: JOURNAL ENTRIES
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