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Selected transactions are presented below. Give the effect of the following transactions on the three elements of the balance sheet. Give the accounts affected and the amount of increase or decrease. Jan. 1 Jan. 2 Jan. 3 Jan. 4 Jan. 10 Owner invested P550,000 cash. Paid one month rent P20,000. Paid insurance for one year P36,000. Bought supplies on credit P4,300. Owner invested equipment valued at 99,000. Purchased furniture, P69,000;paying of the amount and the Jan. 12 remaining balance on account. Rendered service to account customer, P10, 000 Paid the balance on the furniture. Jan.15 Jan. 18 Jan. 20 Jan. 21 Owner withdrew P15,000 cash for personal use. Rendered service for cash P68,000

Selected transactions are presented below. Give the effect of the following transactions on the three elements of the balance sheet. Give the accounts affected and the amount of increase or decrease. Jan. 1 Jan. 2 Jan. 3 Jan. 4 Jan. 10 Owner invested P550,000 cash. Paid one month rent P20,000. Paid insurance for one year P36,000. Bought supplies on credit P4,300. Owner invested equipment valued at 99,000. Purchased furniture, P69,000;paying of the amount and the Jan. 12 remaining balance on account. Rendered service to account customer, P10, 000 Paid the balance on the furniture. Jan.15 Jan. 18 Jan. 20 Jan. 21 Owner withdrew P15,000 cash for personal use. Rendered service for cash P68,000

Entrepreneurial Finance
Entrepreneurial Finance
6th Edition
ISBN:9781337635653
Author:Leach
Publisher:Leach
Chapter10: Valuing Early-stage Ventures
Section: Chapter Questions
Problem 2cM
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Answer the questions below and take the example 1 as a basis.

 
Transaction Assets Liabilities Owner's Equity + Mr. Go, Capital 1. Mr. Go invest cash P800,000. Cash P800,000 P800,000
Transcribed Image Text:Transaction Assets Liabilities Owner's Equity + Mr. Go, Capital 1. Mr. Go invest cash P800,000. Cash P800,000 P800,000
Selected transactions are presented below. Give the effect of the following transactions on the three elements of the balance sheet. Give the accounts affected and the amount of increase or decrease. Jan. 1 Jan. 2 Jan. 3 Jan. 4 Jan. 10 Owner invested P550,000 cash. Paid one month rent P20,000. Paid insurance for one year P36,000. Bought supplies on credit P4,300. Owner invested equipment valued at 99,000. Purchased furniture, P69,000;paying of the amount and the remaining balance on account. Rendered service to account customer, P10, 000 Jan. 12 Jan.15 Jan. 18 Jan. 20 Jan. 21 Jan. 23 Jan. 24 Jan. 25 Jan. 25 Jan. 26 Jan. 26 Jan. 27 Jan. 27 Jan. 30 Jan. 31 Paid the balance on the furniture. Owner withdrew P15,000 cash for personal use. Rendered service for cash P68,000 Billed Ms. Penga P9, 000 for service rendered. Owner withdrew P2,000 worth of supplies for personal use. Collected P9,000 from Ms. Penga. Rendered services on credit to Ms. Quiripot P8,800 Paid secretary' salary P7,700 Received bill from Globe for internet service, P999 Ms. Quiripot issued a note in lieu of her account. Paid Globe bill Owner made an additional investment of P100,000 Ms. Quiripot paid the note.
Transcribed Image Text:Selected transactions are presented below. Give the effect of the following transactions on the three elements of the balance sheet. Give the accounts affected and the amount of increase or decrease. Jan. 1 Jan. 2 Jan. 3 Jan. 4 Jan. 10 Owner invested P550,000 cash. Paid one month rent P20,000. Paid insurance for one year P36,000. Bought supplies on credit P4,300. Owner invested equipment valued at 99,000. Purchased furniture, P69,000;paying of the amount and the remaining balance on account. Rendered service to account customer, P10, 000 Jan. 12 Jan.15 Jan. 18 Jan. 20 Jan. 21 Jan. 23 Jan. 24 Jan. 25 Jan. 25 Jan. 26 Jan. 26 Jan. 27 Jan. 27 Jan. 30 Jan. 31 Paid the balance on the furniture. Owner withdrew P15,000 cash for personal use. Rendered service for cash P68,000 Billed Ms. Penga P9, 000 for service rendered. Owner withdrew P2,000 worth of supplies for personal use. Collected P9,000 from Ms. Penga. Rendered services on credit to Ms. Quiripot P8,800 Paid secretary' salary P7,700 Received bill from Globe for internet service, P999 Ms. Quiripot issued a note in lieu of her account. Paid Globe bill Owner made an additional investment of P100,000 Ms. Quiripot paid the note.
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