Yoon Hye-jin opened a dental service business opened on October 1, 2021. Initial investment recorded are as follows: Cash: P180,000 Dental Equipment: P220,000 Dental Supplies: P80,000 Total Initial Investment: P480,000 On its first month of operation, the business has rendered dental services for a total amount of P180,000. Cash withdrawal of the owner for personal use amounted to P30,000. Total Expenses was P70,000 which include the costs of salaries, utilities and rent for the month. Credit purchases of dental supplies have reached a total of P90,000 and remains unpaid as of end October 2021. How much is the increase in
Yoon Hye-jin opened a dental service business opened on October 1, 2021. Initial investment recorded are as follows: Cash: P180,000 Dental Equipment: P220,000 Dental Supplies: P80,000 Total Initial Investment: P480,000 On its first month of operation, the business has rendered dental services for a total amount of P180,000. Cash withdrawal of the owner for personal use amounted to P30,000. Total Expenses was P70,000 which include the costs of salaries, utilities and rent for the month. Credit purchases of dental supplies have reached a total of P90,000 and remains unpaid as of end October 2021. How much is the increase in
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer correctly.
Transcribed Image Text:Yoon Hye-jin opened a dental service business opened on October 1, 2021. Initial
investment recorded are as follows:
Cash: P180,000
Dental Equipment: P220,000
Dental Supplies: P80,000
Total Initial Investment: P480,000
On its first month of operation, the business has rendered dental services for a total
amount of P180,000. Cash withdrawal of the owner for personal use amounted to
P30,000. Total Expenses was P70,000 which include the costs of salaries, utilities
and rent for the month. Credit purchases of dental supplies have reached a total of
P90,000 and remains unpaid as of end October 2021. How much is the increase in
Assets in October 2021?
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 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.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