Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ASSIGNMENT: Arrange the following asset, liability, and equity titles in a table: Cash: Accounts Receivable; Office Supplies; Office Equipment: Exploration Equipement Accounts Payable: Jerome Garcia,

ASSIGNMENT: Arrange the following asset, liability, and equity titles in a table: Cash: Accounts Receivable; Office Supplies; Office Equipment: Exploration Equipement Accounts Payable: Jerome Garcia, Capital; Jerome Garcia, Withdrawals; Revenues; and Expenses. editions and subtractions to show the effects of each transaction on the accounts in the accounting equation, Show new rich transaction Jer started a new business and completed these transactions during August AUD Garda invested PHP48,000 cash in the business Rented office space and paid PHP800 cash for the August rent Purchased exploration equipment for PHP22,000 by paying PHP12,000 cash and agreeing to pay the balance in 3 months Purchased office supplies by paying PHP1,500 cash Completed exploration work and immediately collected PHP420 cash for the work 6 Purchased PHP350 of office equipment on credit 15 Completed exploration work on credit in the amount of PHPB,000 10 20 Paid cash for the office equipment purchased on August & 24 28 30 Paid the assistant's salary of PHP1,100 cash for this month 30 30 Plused PHP700 of office supplies on credit Billed a client PHP2,400 for work completed; the balance is due in 30 days. Received PHP5,000 cash for the work completed on August 15. Paid PHP340 cash for this month's utility bill. Garda withdrew PHP1,050 cash from the business for personal use

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Policies In Local Government Finance

Authors: Icma Staff

5th Edition

0873267729, 978-0873267724

More Books

Students also viewed these Accounting questions

Question

If P[A] 1/2 and P[B] 2/3, can A and B be disjoint? Explain.

Answered: 1 week ago

Question

3. What might you have done differently

Answered: 1 week ago

Question

4. Did you rethink your decision?

Answered: 1 week ago