Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how can I answer these questions, how will I know if it is DEBIT or CREDIT?? c Peyton Keyes invested additional cash in the business

image text in transcribed

how can I answer these questions, how will I know if it is DEBIT or CREDIT??

c Peyton Keyes invested additional cash in the business with a deposit of P25,000 in the business bank account. b Paid P24,000 for the purchase of land as a future building site Received cash from cash customers for dry cleaning revenue, P19,500. d Paid rent for the month, P3,000 Purchased supplies on account, P1.550. 1. Paid creditors on account, P5.100. g. Charged customers for dry cleaning revenue on account, P24.750 h Received monthly invoice for dry cleaning expense for July (to be paid on August 10), P8,200. Paid the following: wages expense, P5.100, truck expense, P1.200utilities expense, P800; miscellaneous expense, P950 Received cash from customers on account, P26.750. Determined that the cost of supplies on hand was P1,800 therefore, the cost of supplies used during the month was P2.950. Withdrew P18.000 cash for personal use

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Artificial Intelligence In Accounting And Auditing Creating Value With Al Volume 5

Authors: Miklos A. Vasarhelyi, Dan O'Leary

1st Edition

1558761780, 978-1558761780

More Books

Students also viewed these Accounting questions

Question

Understand the different approaches to job design. page 167

Answered: 1 week ago