4. During the month of October, High Performance Company has the following transactions: a. Revenues of P100,000 were earned of which 80% was received in cash b. Bank loans P25,000 were paid off c. Equipment of P50,000 was purchased and paid in cash d. Expenses of P75,000 were incurred but P25,000 was not paid in cash e. Additional P60,000 cash contribution was made by the owner f. Owner's personal expenses paid using cash of the business, P10,000 Using the matrix, determine profit, cash, liabilities and equity balances as at October 31 Transaction Revenues Cash Asset other Liabilities Owner's (Expenses) Received or than cash Incurred Capital (Paid) (Paid) Balances P75,000 150,000 P80,000 ? a) g. Transfer the net profit to the capital account Required: a) Compare profit and cash. Comment on why the balances are not the same. b) Prove the accounting equation. Is owner better off at the end of the month? Explain