Villadores started his own general cleaning business in Batangas. The following are the business transactions occurred for the first month of his operations: Villadores invested cash amounting P10,000 and cleaning equipment of P20,000 Hired an assistant. Performed cleaning services to his friend on cash, P2,000. Performed cleaning services to Abel on account, P3,500. Acquire additional cleaning equipment on account, P5,000. Paid his assistant, P2,500. Collected P2,000 cash from Abel. Paid 50% of his accounts payable on equipment purchase. Withdrew P500 cash for personal use.
Villadores started his own general cleaning business in Batangas. The following are the business transactions occurred for the first month of his operations: Villadores invested cash amounting P10,000 and cleaning equipment of P20,000 Hired an assistant. Performed cleaning services to his friend on cash, P2,000. Performed cleaning services to Abel on account, P3,500. Acquire additional cleaning equipment on account, P5,000. Paid his assistant, P2,500. Collected P2,000 cash from Abel. Paid 50% of his accounts payable on equipment purchase. Withdrew P500 cash for personal use.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
compute for account payable, cash.
Transcribed Image Text:Villadores started his own general cleaning business in Batangas. The following are the
business transactions occurred for the first month of his operations:
Villadores invested cash amounting P10,000 and cleaning equipment of P20,000.
Hired an assistant.
Performed cleaning services to his friend on cash, P2,000.
Performed cleaning services to Abel on account, P3,500.
Acquire additional cleaning equipment on account, P5,000.
Paid his assistant, P2,500.
Collected P2,000 cash from Abel.
Paid 50% of his accounts payable on equipment purchase.
Withdrew P50o cash for personal use.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education