The following transactions were made during the first month (January 2022) of Mr. X Carwash's (sole proprietor) business operation: REQUIRED: a) an Income Statement for January 2022 b) Balance Sheet as of January 31, 2022.
The following transactions were made during the first month (January 2022) of Mr. X Carwash's (sole proprietor) business operation: REQUIRED: a) an Income Statement for January 2022 b) Balance Sheet as of January 31, 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following transactions were made during the first month (January 2022) of Mr. X Carwash's (sole proprietor) business operation:
REQUIRED:
a) an Income Statement for January 2022
b)

Transcribed Image Text:Date
Jan, 1
Jan, 1
Jan, 2
Jan. 7
Jan. 10
Jan. 21
Jan. 25
Jan. 30
Jan. 31
Transaction
Mr.X started a Carwash shop and invested P200,000 cash as initial capital.
paid P6,000 for shop rent applicable for one month.
Bought and consumed shop supplies for the month of January worth P12, 750.
Bought 1 desktop computer for P39,000.
bought 1 printer on account (credit terms) from Mr. M, worth P15,000.
paid electric bill-P2,500
Paid water bill- P2,900
Received P39.700 in cash for carwash services
paid employees' salary for the month, P15,000
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