"What the Company Owns, What the Company Owes" (Glorious Company, a business entity and a merchandiser of grocery items, made the following transactions and exchanges: Mr. Lualhati, the owner, started the business by investing $350,000 to the company, composed of $250,000 cash and a second-hand delivery van priced at $100,000. Bought merchandise from suppliers, 84,000, giving cash. Bought supplies for $7,000 on the account. Paid the supplies that were bought on account. Received additional investment from Mr. Lualhati, the owner, $100,000 in cash

Exercise 2: "What the Company Owns, What the Company Owes" Glorious Company, a business entity and a merchandiser of grocery items, made the following transactions and exchanges: Mr. Lualhati, the owner, started the business by investing P350,000 to the company, composed of P250,000 cash and a second-hand delivery van priced at P100,000. Bought merchandise from suppliers, P84,000, giving cash. Bought supplies for P7,000 on the account. Paid the supplies that were bought on account. Received additional investment from Mr. Lualhati, the owner, P100,000 in cash Exercise 2: "What the Company Owns, What the Company Owes" Glorious Company, a business entity and a merchandiser of grocery items, made the following transactions and exchanges: Mr. Lualhati, the owner, started the business by investing P350,000 to the company, composed of P250,000 cash and a second-hand delivery van priced at P100,000. Bought merchandise from suppliers, P84,000, giving cash. Bought supplies for P7,000 on the account. Paid the supplies that were bought on account. Received additional investment from Mr. Lualhati, the owner, P100,000 in cash