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Exercise 7-7 Hermione has the following balances on her book: Cash P50,000 Accounts Receivable 200,000 Building 1,000,000 Equipment 500,000 Allowance for bad debts 50,000 Accumulated

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Exercise 7-7 Hermione has the following balances on her book: Cash P50,000 Accounts Receivable 200,000 Building 1,000,000 Equipment 500,000 Allowance for bad debts 50,000 Accumulated depreciation - building 500,000 Accumulated depreciation - equipment 75,000 Note Payable 100,000 Cash collections 50,000 Cash payment 10,000 Requirement: Using T-account analysis, compute for the ending balance or carrying amount of the following: 1. Cash 2. Accounts Receivable 3. Building 4. Equipment 5. Note Payable

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