August 1 August 2 August 3 August 7 August 8 August 15 August 17 Mr. Min Jimin invested P50,000 to establish the business. Bought office desks and chairs for cash, P8,000. Mr. Min paid 10,000 in advance payment for rent of the office. Office supplies amounting to P5,000 was purchased on account. He bought 3 vans amounting to 700,000 each and invested these to the business. A customer rented one of his van and paid P20,000 for the services. One of the van was rented, after the rentals, the customer promised to pay the amount of P10,000 after a week. Another customer rented the van for 2 days, from August 19-20 for P50,000. At the end of the day, the customer paid Mr. Min P30,000 and promised to pay the balance at the end of the month. August 20 August 21 August 24 August 31 (a) August 31 (b) August 31 (c) Mr. Min paid the office supplies bought on account. Mr. Min collected the amount of P10,000 from the customer last August 17. Received bills for electricity - P1,500 and telephone - P2,500. The payment is expected to be done next month. Paid the 3 drivers their salaries for the month, P3,000 each. Received P20,000 from the customer who promised to pay at the end of the month.

August 1 August 2 August 3 August 7 August 8 August 15 August 17 Mr. Min Jimin invested P50,000 to establish the business. Bought office desks and chairs for cash, P8,000. Mr. Min paid 10,000 in advance payment for rent of the office. Office supplies amounting to P5,000 was purchased on account. He bought 3 vans amounting to 700,000 each and invested these to the business. A customer rented one of his van and paid P20,000 for the services. One of the van was rented, after the rentals, the customer promised to pay the amount of P10,000 after a week. Another customer rented the van for 2 days, from August 19-20 for P50,000. At the end of the day, the customer paid Mr. Min P30,000 and promised to pay the balance at the end of the month. August 20 August 21 August 24 August 31 (a) August 31 (b) August 31 (c) Mr. Min paid the office supplies bought on account. Mr. Min collected the amount of P10,000 from the customer last August 17. Received bills for electricity - P1,500 and telephone - P2,500. The payment is expected to be done next month. Paid the 3 drivers their salaries for the month, P3,000 each. Received P20,000 from the customer who promised to pay at the end of the month.

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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