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    CHAPTER 7 - The Accounting Equation Complete

    Uploaded by

    Richael Ann Delubio Zapanta

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    © All Rights Reserved
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    CHAPTER 7 - The Accounting Equation Complete

    Uploaded by

    Richael Ann Delubio Zapanta
    14 views2 pages

    Original Title

    CHAPTER 7 -The Accounting Equation complete

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    14 views2 pages

    CHAPTER 7 - The Accounting Equation Complete

    Uploaded by

    Richael Ann Delubio Zapanta

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    The Accounting Equation

    Jerome Garcia started a new business and completed these transactions during August:
    Aug. 1 Garcia invested PHP48,000 cash in the business.
    1 Rented office space and paid PHP800 cash for the August rent.
    3 Purchased exploration equipment for PHP22,000 by paying PHP12,000 cash and agreeing to pay the balance in 3 months.
    5 Purchased office supplies by paying PHP1,500 cash.
    6 Completed exploration work and immediately collected PHP420 cash for the work.
    8 Purchased PHP1,350 of office equipment on credit.
    15 Completed exploration work on credit in the amount of PHP8,000.
    18 Purchased PHP700 of office supplies on credit.
    20 Paid cash for the office equipment purchased on August 8.
    24 Billed a client PHP2,400 for work completed; the balance is due in 30 days.
    28 Received PHP5,000 cash for the work completed on August 15.
    30 Paid the assistant’s salary of PHP1,100 cash for this month.
    30 Paid PHP340 cash for this month’s utility bill.
    30 Garcia withdrew PHP1,050 cash from the business for personal use.

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