EXERCISE 6 Direction: Supply the amount using the transaction below. Using the basic accounting equation (Asset - Liabilities Owner's Equity), the ending balance should be equal ASSETS DATE LIABILITIES OWNER'S EQUITY CASH SUPPLY EQUIPMENT BEGINNING 60.000 7.500 300.000 75.000 292.500 BALANCE 150.000 150.000 2 (20.000) 20.000 6 BALANCES ENDING BALANCE Transactions: 1. The owner invested cash of PHP150.000 or the business earned PHP150.000 cash from providing services. 2. Purchased equipment at PHP20.000 for cash. 3. The owner withdrew cash of PHP112.500 or the business incurred PHPI12.500 expenses and paid

EXERCISE 6 Direction: Supply the amount using the transaction below. Using the basic accounting equation (Asset - Liabilities Owner's Equity), the ending balance should be equal ASSETS DATE LIABILITIES OWNER'S EQUITY CASH SUPPLY EQUIPMENT BEGINNING 60.000 7.500 300.000 75.000 292.500 BALANCE 150.000 150.000 2 (20.000) 20.000 6 BALANCES ENDING BALANCE Transactions: 1. The owner invested cash of PHP150.000 or the business earned PHP150.000 cash from providing services. 2. Purchased equipment at PHP20.000 for cash. 3. The owner withdrew cash of PHP112.500 or the business incurred PHPI12.500 expenses and paid

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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