At the end of June 30, 2022, FDN Company has the following summary ledger accounts: Asset=P500,000 Debit Liability P300,000 Credit Equity = P200,000 Credit Sales = P350,000 Credit Expense = ? How much is the balance of the Expense account?

At the end of June 30, 2022, FDN Company has the following summary ledger accounts: Asset=P500,000 Debit Liability P300,000 Credit Equity = P200,000 Credit Sales = P350,000 Credit Expense = ? How much is the balance of the Expense account?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

At the end of June 30, 2022, FDN Company has the following
summary ledger accounts:
Asset = P500,000 Debit
Liability = P300,000 Credit
Equity = P200,000 Credit
Sales = P350,000 Credit
Expense = ?
How much is the balance of the Expense account?

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