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Hi I need help on what is the answer to this problems? Below is the question and other concerns will be in the comment section
Hi I need help on what is the answer to this problems? Below is the question and other concerns will be in the comment section. I hope you can help me and surely I will give you full positive feedback.
1. The following are selected transactions of BSAIS Company, an accounting firm: June 1 Andy Alarcon invested P200,000 cash to establish the business of which P150,000 was deposited to its UnionBank current account. June 2 He also invested a computer acquired a few months ago at a cost of P55,000 but there is still an outstanding liability of P25,000 due to ACER Electronic Equipment. This liability is to be assumed by the business. June 5 He also invested furniture and fixtures which were acquired a year ago for P20,000 but with a current market value of P10,000. Dec. 8 Withdrew a piece of furniture which was invested last June 5 and listed in the books as P2,500. It has an accumulated depreciation of P250. Required: Prepare the entries to record the above transactionsStep by Step Solution
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