Question
Business Transactions: Cristine Reyes has decided to go into business for herself as a professional photographer and the following transactions transpired in February. a. She
Business Transactions: Cristine Reyes has decided to go into business for herself as a professional photographer and the following transactions transpired in February. a. She invested P300,000 from her funds to open the DAF Photo Arts. b. Paid rental for the month, P12,000. c. Purchased for cash camera equipment worth P220,000. d. Bought photo and developing supplies worth P18,000. e. DAF Photo bought office equipment worth P45,000 on credit. f. Received P25,000 for photography service rendered. g. Cristine Reyes invested a computer valued at P30,000, in the business. h. Withdrew P12,000 from the business for personal use. i. Paid to a creditor P30,000 as partial payment on account. j. Took wedding and delivered pictures and agreed to accept payment fifteen day later, P12,000. k. Paid salary of assistant for the month, P6,000. l. Photo supplies used for the month, P4,000.
create table and compute for balances
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started