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GIVEN PROBLEM: In June of 2019, Mr. Moreno began a business, Furniture and Repair Shop and completed the following transactions during the month. June
GIVEN PROBLEM: In June of 2019, Mr. Moreno began a business, "Furniture and Repair Shop" and completed the following transactions during the month. June 1 - Invested P500,000 and Equipment P375,000 to start a business. 2- Paid P20,000 for the rent of the shop building. 3- Purchased P165,000 of shop machinery, giving P47,000 cash and promissory note on for the balance. 5- Purchased of P19,500 shop supplies from Mr. Samonte on credit. 9- Collected cash of P28,500 for the ordered cabinet from customer. 10- Paid repair services for the equipment od P3,550. 13 15 16 20 23 24 26 28 - Completed and delivered sofa bed to Mr. Belmonte P23,500 on credit. Paid wages of the shop helpers, P23,450. Paid the delivery services rendered by A. Co. Trucking, P7,950. Bought worth of shop supplies to cash P2,650. Received P15,500 from Mr. Belmonte in partial payment of his account. Paid light and water bill for the month, P3,500. Collected P15,400 on the delivery of small chairs to customer. of P45 100 op de 29-Purchased paints for P5,950 on account. Required: A. Answer the following items (50 pts.) (5 pts. Each) 1. Total amount of cash debit side 2. Total amount of cash credit side 3. Amount of Cash balance 4. Total amount of Equipment 5. Total amount of Supplies 6. Total amount of Service Income 7. Amount of Accounts Receivable Balance 8. Total Expenses 9. Total Assets 10. Total Liabilities & Proprietorship B. Prepare in good form Trial balance. (20 pts.)
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