Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Balance and solve the problem. Complete the table TRANSACTION CASH ACCOUNTS RECEIVABLE SUPPLIES FACILITIES UTILITIES PAYABLE ACCOUNTS PAYABLE OWNER'S EQUITY Mr. Li invested P65,000 for

Balance and solve the problem. Complete the table

image text in transcribed

TRANSACTION CASH ACCOUNTS RECEIVABLE SUPPLIES FACILITIES UTILITIES PAYABLE ACCOUNTS PAYABLE OWNER'S EQUITY Mr. Li invested P65,000 for his small business Mr. Li bought P5,000 worth of supplies Mr. Li bought P12,000 worth of furnitures Mr. Li sold P21,000 worth of products Mr. Li borrowed P30,000 from Mrs. Lu Mr. Li paid the electric bill worth P5,020 Mr. Li sold P15,300 on account to Ms. La Mr. Li delivered orders worth P22,000 Mr. Li spent P10,600 on shop expenses Mr. Li paid Mrs. Lu P23,000 Mr. Li collected P10,300 from Ms. La TOTAL ASSETS: TOTAL LIABILITIES: TOTAL OWNER'S EQUITY

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

Analysing The Value Proposition Of The Audit Process In Africa The Case Of Malawi

Authors: Daniel Dunga

1st Edition

3659166286, 978-3659166280

More Books

Students also viewed these Accounting questions

Question

Demonstrate three aspects of assessing group performance?

Answered: 1 week ago