RR Claro, a public relation man, opened his business on May 1, 2020. Below are the transactions completed by the RC Communication Company during the month of May.May 1 RR Claro invested cash, P80,000 to start the business. 7 Paid taxes and licenses to the City Treasurer, P1,500.8 Purchased office furniture from Acme Furniture, P15,000 paying P5,000 down, balance in 10 days. 15 Received P25,000 for services rendered from various clients. 19 Billed National Enterprises for services rendered, P28,000. 31 Withdrew 30,000 for personal use Required: Complete the journal sheet for RR Claro.PRDebit1 May0181이이이02RR Claro, Capitalto record initial capital07 Taxes and Licenses1500515006.6.to record payment for taxes and licenses89.089500010Cash10100001211Accounts Payable111213131415 Cash1415Service Revenues1516to record earned services for cash16171719 Accounts Receivable28000181819Service Revenues19202021212231 RR Claro, Drawings2223300002324to record drawings for personal use242525

RR Claro, a public relation man, opened his business on May 1, 2020. Below are the transactions completed by the RC Communication Company during the month of May. May 1 RR Claro invested cash, P80,000 to start the business. 7 Paid taxes and licenses to the City Treasurer, P1,500. 8 Purchased office furniture from Acme Furniture, P15,000 paying P5,000 down, balance in 10 days. 15 Received P25,000 for services rendered from various clients. 19 Billed National Enterprises for services rendered, P28,000. 31 Withdrew 30,000 for personal use

RR Claro, a public relation man, opened his business on May 1, 2020. Below are the transactions completed by the RC Communication Company during the month of May. May 1 RR Claro invested cash, P80,000 to start the business. 7 Paid taxes and licenses to the City Treasurer, P1,500. 8 Purchased office furniture from Acme Furniture, P15,000 paying P5,000 down, balance in 10 days. 15 Received P25,000 for services rendered from various clients. 19 Billed National Enterprises for services rendered, P28,000. 31 Withdrew 30,000 for personal use

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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Prepare a statement of financial position.
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