Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

State the effects of the above transactions on the assets, liabilities and proprietorship/capital. 2. Indicate its corresponding amounts in the transactions. 3. Enclose in

 

State the effects of the above transactions on the assets, liabilities and proprietorship/capital. 2. Indicate its corresponding amounts in the transactions. 3. Enclose in parenthesis the deductions. Transactions: February 2. Mr. Eddie Cruz opened a mini grocery and invested Php 300,000.00 in cash. February 4. He purchased 100 bundles of echo bags on credit to CSR corporation in the amount of Php50,000.00. February 6.Billed Mrs. Roxas for the purchase of 4 boxes of canned goods and 6 boxes of assorted biscuits, Php 20,000.00. February 20. Mrs. Roxas paid her account Php 20,000.00 to Mr. Eddie Cruz. February 21. Mr. Cruz made a withdrawal for his personal use. Php 15,000.00. February 28. Mr. Cruz paid the salaries of his 2 employees. Php 10,000.00 each. March 1. Mr. Cruz paid his account to CSR corporation. Php 50,000.00. March 2. Mr. Cruz paid rentals and utility bills for February. Php 18,000.00.

Step by Step Solution

3.44 Rating (163 Votes )

There are 3 Steps involved in it

Step: 1

Initial Investment February 2 Mr Eddie Cruz invested Php 30000000 in cash Balance Php 30000000 Purch... 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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions

Question

What is a verb?

Answered: 1 week ago

Question

Kruskal's algorithm always finds a minimum - cost spanning tree.

Answered: 1 week ago