www Arnold Dizon has decided to go into business for himself as professional photographer and the following transactions transpired in January A. He invested P300,000 to open the Dizon Photo Arts. B. Paid rental for the month, P12,000 C. Purchased for cash camera equipment worth P220,000 D. Bought photo and developing supplies worth P18,000 on account E. Bought office equipment worth P45,000 on credit from XYZ Company F. Received P25,000 for photography services rendered G. Arnold Dizon invested a computer valued at P30,000 in the business H. Arnold Dizon withrew P12,000 from the business for his personal use I. Paid XYZ Company P30,000 as partial payment of account J. Took wedding pictures and agreed to accept payment fifteen days later, P12,000 K. Paid salary of assistant for the month, P6,000 L. Photo supplies used for the month, P4,000 ASSETS Accounts Cash Receivables = LIABILITIES + OWNER'S EQUITY Photo Supplies Camera Equipment = Accounts Payable + A. Dizon www Capital + Revenues - Expenses