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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. image text in transcribed

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