Using "T" accounts, shows the addition orsubtraction by "position" for the followingtransactions:1. Ms. Santos invested in her CleaningService business P500,000.00 cash.2. After a month she paid $8,000.00 for themonth's rent.3. They received $40,000.00 cash for sservice delivered.4. She paid the wages of employees,P16,000.00.5. She purchased a machine from ABCCompany, P10,000.00 on credit.

T-accounts are the accounts in which the journal entries are posted.

Using "I" accounts, shows the addition or subtraction by "position" for the following transactions: 1. Ms. Santos invested in her Cleaning Service business P500,000.00 cash. 2. After a month she paid P8,000.00 for the month's rent. 3. They received $40,000.00 cash for s service delivered. 4. She paid the wages of employees, P16,000.00. 5. She purchased a machine from ABC Company, P10,000.00 on credit.

Using "I" accounts, shows the addition or subtraction by "position" for the following transactions: 1. Ms. Santos invested in her Cleaning Service business P500,000.00 cash. 2. After a month she paid P8,000.00 for the month's rent. 3. They received $40,000.00 cash for s service delivered. 4. She paid the wages of employees, P16,000.00. 5. She purchased a machine from ABC Company, P10,000.00 on credit.

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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