Accounting cycle. MARCHCovida invested cash amounting to P300,000 to theOMICRONO CAR WASH LINISBusinessPaid P5.000 to Mr. Juanito for all the business licensesrequirementsPurchased office supplies amounting to P3,000 from NationalBook StoretoareevellsofThe business paid rent for the month amounting P10,000 toMr. SaulCovida hired secretary with the salary of 5,000 monthyPurchased car wash supplies from AGP merchandiseamounting to P15,000Rendered services to various clients and per official receipts,the total amount received totaled to.P50.000Rhe10paid salary for the half month amounting to P15,000Rendered car wash services on account amounting to P25.000Of the one his employee retire effective this day161819cash received for the services rendered for the week amountsto P20.00020Collected P15,000 from customer who availed of services onaccountCovida withdrew P5,000 cash from the businessPaid the salary for the last haif of the month amounting toP15,00024Pg. 3525Paid P8,000 for water and electricity consumption for themonthHer husband celebrated his birthday in the office broughtcake worth P3,000.Paid the utility P1,000, miscellaneous 500, transportation 200Spend P10,000 for the anniversary of their wedding held in theshop.282930.QUIRED:Identify business and nonbusiness transactions

Business transactions are identified as economic events that are made with a third party and these…

Answered: QUIRED: Identify business and…

Business

Accounting

QUIRED: Identify business and nonbusiness transactions

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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