B. Bess Quedan began operating the Acc Modeling Agency with the following transactions: 1) Invested cash of P500,000 2) signed a five-year lease contract for a floor space at Makati Peninsula and paid P250,000. 3) Applied for a business loan from PNB for P500,000. 4) Received P500,000 from PNB and issued a 180-day, 5% promissory note. 5) Half of the amount borrowed was used to buy furniture and fixtures P100,000 and P150,000 for a set of a computer, printer and fax machine to be used by her agency. 6) She withdraw P50,000 cash for personal use and bought portraits and chandeliers for her house. 7) Bought a car worth P400,000 for the use in the agency from World Motors. Terms 50% or P200,000 down with the balance payable within the year. a) Paid P100,000 of the amount due to World Motors. Analyze the transactions using format below, place a on amounts to be deducted. Get only the final balances after transaction 8. Provide the accounting equation. No. Cash Leasehold Furniture Equipment Car Account Notes Quedan & Fixtures Payables Payable Capital 1 500,000 2 250,000 3 4 500,000 5 6 7 B Assets P = Liabilities P Owner's Equity Prepare a statement of financial position using an account form with assets on the left side and the liabilities and the owner's equity on the right side