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Jelai Ong, an interior decorator, invested cash into her new business and purchased assets like a car and equipment. She billed customers, received some payments, and paid expenses like supplies, advertising, and salaries. By the end of September, she had assets, liabilities, revenue, and expenses in her first month of operations.
Jelai Ong, an interior decorator, invested cash into her new business and purchased assets like a car and equipment. She billed customers, received some payments, and paid expenses like supplies, advertising, and salaries. By the end of September, she had assets, liabilities, revenue, and expenses in her first month of operations.
Jelai Ong, an interior decorator, invested cash into her new business and purchased assets like a car and equipment. She billed customers, received some payments, and paid expenses like supplies, advertising, and salaries. By the end of September, she had assets, liabilities, revenue, and expenses in her first month of operations.
Assignment No. 3 The following are transactions of Ms. Jelai Ong, an interior decorator in her first month of business operation. September
1 3 9 11 12 15 16 17 18 20 21 22 23 28 30
Invested P1,000,000 cash in business
Bought a used car for P250,000 in cash to be used in business Purchased supplies on account, P7,000 Billed customers for services rendered, P75,000 Received a check from a customer for services rendered for cash, P10,500 Paid P2,500 cash for advertisement Invested additional P100,000 cash in the business. Purchased equipment worth P50,000 by issuing a promissory note Issued check in payment for supplies purchased on September 9. Received P15,000 cash for customers billed on September 11. Purchased additional office supplies on account, P5,000. Issued check in payment of the promissory note issued on September 17 Paid creditor on account, P3,500 Withdrew P5,200 cash for personal use. Paid salaries of assistant, P12,000, rent of P15,000 and utilities amounting to P8,000
Required: Prepare in good form the following: a. b. c. d.
Expanded accounting equation recording the transactions
Income statement for the month of September, 2015 Statement of changes in owners equity for the month of September, 2015 Balance sheet as of September 30, 2015
Reference: Basic Accounting for Non-Accountants (c) 2014
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