Journal entry and effect on accounting equation

problem 9 : journal entries , problem 10 true or false

3 is continuation of problem 10 problem 11 multiple choice

210 PROBLEM 7: JOURNAL ENTRIES & ACCTG. EQUAT Instructions: Provide the journal entries to record th O described below and identify their effects on the basic a equation. After recording all the transactions, get the effects and check whether the equation is balanced (exa effects of the given example). otals exclude Example: Obtaining a business loan of P100,000. a. Journal entry Cash PRO You 100,000 100,000 Notes payable b. Effect on basic accounting equation LIABILITIES Notes 100,000 payable ASSETS UITY Cash 100,000 1. The business owner invests P90,000 cash to the business 2. The business purchases goods worth P60,000 on account. 3. The business sells goods costing P80,000 for P200,000 on cas7 basis 4. The business pays advanced rent amounting to P60,000 5. The business pays salaries expense of P10,000. Hint:Recall that income increases, while expense decreases, equity) PROBLEM 8:JOURNAL ENTRIES &ACCTG. EQUATION Instructions: Use the same instructions as with PROBLEM 7 above 1. Owner's contributes P600,000 to the business. Obtains a loan of P400,000. 2. hase of inventory worth P200,000 on cash basis. Purchase of inventory worth 9500,000 on account. 4