Which of the following transactions does not affect the balance sheet totals? Withdrawal of P75, 000 for personal use by the firm's owner Issuing a P250, 000 promissory note to apply on account Investing a P30, 000 worth of equipment
Which of the following transactions does not affect the balance sheet totals? Withdrawal of P75, 000 for personal use by the firm's owner Issuing a P250, 000 promissory note to apply on account Investing a P30, 000 worth of equipment
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me to answer this 2 questions.thank you

Transcribed Image Text:Which of the following transactions does
not affect the balance sheet totals?
Withdrawal of P75, 000 for personal use by
the firm's owner
Issuing a P250, 000 promissory note to
apply on account
Investing a P30, 000 worth of equipment
into the business

Transcribed Image Text:V Healing and Jin installed a P12, 000
healing system for one of its clients. The
client pald 1/3 down and promised to pay
the balance in 60 days. This transaction had
the following effects on V's accounting
equation: *
Increase P12, 000; no change; increase P12.
000
increase P12, 000, increase P8, 000;
increase P4, 000
Decrease P4, 000; increase P8, 000:
decrease P12, 000
Increase P4, 00D; no change, increase P4,
00
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