Answer the first photo and take the second photo as an example and basis. TransactionAssetsLiabilities Owner's Equity+Mr. Go, Capital1. Mr. Go investcash P800,000.CashP800,000P800,000 Selected transactions are presented below. Give the effect of the following transactions onthe three elements of the balance sheet. Give the accounts affected and the amount ofincrease or decrease.Jan. 1Jan. 2Jan. 3Jan. 4Jan. 10Owner invested P550,000 cash.Paid one month rent P20,000.Paid insurance for one year P36,000.Bought supplies on credit P4,300.Owner invested equipment valued at 99,000.Purchased furniture, P69,000;paying of the amount and theremaining balance on account.Rendered service to account customer, P10, 000Jan. 12Jan.15Jan. 18Jan. 20Jan. 21Jan. 23Jan. 24Jan. 25Jan. 25Jan. 26Jan. 26Jan. 27Jan. 27Jan. 30Jan. 31Paid the balance on the furniture.Owner withdrew P15,000 cash for personal use.Rendered service for cash P68,000Billed Ms. Penga P9, 000 for service rendered.Owner withdrew P2,000 worth of supplies for personal use.Collected P9,000 from Ms. Penga.Rendered services on credit to Ms. Quiripot P8,800Paid secretary' salary P7,700Received bill from Globe for internet service, P999Ms. Quiripot issued a note in lieu of her account.Paid Globe billOwner made an additional investment of P100,000Ms. Quiripot paid the note.

The accounting equation states that assets equal to sum of liabilities and equity. Assets =…

Selected transactions are presented below. Give the effect of the following transactions on the three elements of the balance sheet. Give the accounts affected and the amount of increase or decrease. Jan. 1 Jan. 2 Jan. 3 Jan. 4 Jan. 10 Owner invested P550,000 cash. Paid one month rent P20,000. Paid insurance for one year P36,000. Bought supplies on credit P4,300. Owner invested equipment valued at 99,000. Purchased furniture, P69,000;paying of the amount and the Jan. 12 remaining balance on account. Rendered service to account customer, P10, 000 Jan.15 Jan. 18 Jan. 20 Jan. 21 Jan. 23 Jan. 24 Jan. 25 Jan. 25 Jan. 26 Jan. 26 Jan. 27 Jan. 27 Jan. 30 Jan. 31 Paid the balance on the furniture. Owner withdrew P15,000 cash for personal use. Rendered service for cash P68,000 Billed Ms. Penga P9, 000 for service rendered. Owner withdrew P2,000 worth of supplies for personal use. Collected P9,000 from Ms. Penga. Rendered services on credit to Ms. Quiripot P8,800 Paid secretary' salary P7,700 Received bill from Globe for internet service, P999 Ms. Quiripot issued a note in lieu of her account. Paid Globe bill Owner made an additional investment of P100,000 Ms. Quiripot paid the note.

Selected transactions are presented below. Give the effect of the following transactions on the three elements of the balance sheet. Give the accounts affected and the amount of increase or decrease. Jan. 1 Jan. 2 Jan. 3 Jan. 4 Jan. 10 Owner invested P550,000 cash. Paid one month rent P20,000. Paid insurance for one year P36,000. Bought supplies on credit P4,300. Owner invested equipment valued at 99,000. Purchased furniture, P69,000;paying of the amount and the Jan. 12 remaining balance on account. Rendered service to account customer, P10, 000 Jan.15 Jan. 18 Jan. 20 Jan. 21 Jan. 23 Jan. 24 Jan. 25 Jan. 25 Jan. 26 Jan. 26 Jan. 27 Jan. 27 Jan. 30 Jan. 31 Paid the balance on the furniture. Owner withdrew P15,000 cash for personal use. Rendered service for cash P68,000 Billed Ms. Penga P9, 000 for service rendered. Owner withdrew P2,000 worth of supplies for personal use. Collected P9,000 from Ms. Penga. Rendered services on credit to Ms. Quiripot P8,800 Paid secretary' salary P7,700 Received bill from Globe for internet service, P999 Ms. Quiripot issued a note in lieu of her account. Paid Globe bill Owner made an additional investment of P100,000 Ms. Quiripot paid the note.

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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