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.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 1CE
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![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.
6. Borrowed P20,000 from Far East Bank.
7. Paid P300 interest on bank loan.
8. Withdrew P600 for personal use.
3. Paid MERALCO.P500.
4. Paid salaries,P1,500.
9. Paid P10,000 bank loan
10. Received P500 from the services rendered.
5. Bought supplies,P400
REQUIRED: State the effects of the above transactions on the ASSETS, LIABILITIES, O.E., REVENUES
AND EXPENSES.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F436d2c94-e8ca-46b7-9992-d4ce70833fb1%2Fd777c334-e74f-4161-a07f-833182154f85%2Fzyz4d2_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
6. Borrowed P20,000 from Far East Bank.
7. Paid P300 interest on bank loan.
8. Withdrew P600 for personal use.
3. Paid MERALCO.P500.
4. Paid salaries,P1,500.
9. Paid P10,000 bank loan
10. Received P500 from the services rendered.
5. Bought supplies,P400
REQUIRED: State the effects of the above transactions on the ASSETS, LIABILITIES, O.E., REVENUES
AND EXPENSES.
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