Fundamentals of Accounting(Subject)

instructions:

ps.i need help

Juan Carlos is a barber and on July 1 of the current year, Carlos Barber Shop had the following Statement of Financial Condition: CARLOS BARBER SHOP Statement of Financial Condition July 1, 20CY ASSETS Cash P 25,000 Shop Supplies 23,500 Shop Fixtures 55,000 Shop Equipment 170,000 TOTAL ASSETS P273,500 LIABILITIES Accounts Payable P 25,000 OWNER'S EQUITY Juan Carlos, Capital 248,500 TOTAL LIABILITIES and OWNER'S EQUITY P273,500 The following transactions were made during the month: a. Purchased equipment on account, P 11,500. b. Withdrew P 6,000 for personal use. C. Paid P10,000 of the accounts payable. d. Cash receipts for the month totaled P 65,000 for services rendered. e. Expenses paid for the month totaled P 24,000. f. Shop supplies wworth P 4,500 was used during the month. Required: Indicate the effects of the above transactions on the accounting equation shown below: OWNER'S EQUITY S S T E LIABILITIES A S J. Carlos Shop Cash Accounts Shop Shop Capital = Payable Revenues Expenses Supplies Fixtures Equipment +