PROBLEM: MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from his personal savings. He deposited the money in a bank account he want a build a business "Tea
PROBLEM: MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from his personal savings. He deposited the money in a bank account he want a build a business "Tea
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 13GI
Related questions
Question
![ACTIVITY 1
CНАРТER 4
Direction: Compute the following
EXPANDED FORM : COMPUTE THE FOLLOWING
PROBLEM:
MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from his
personal savings. He deposited the money in a bank account he want a build a business "Tea
Tan's"
MAY 3 Mondie boughts a blender machine , refregirator and other necessary equipment from
E.Nena Inc., at a cost of P 50,000 E. Nena INc., agreed to allow 60 days for the firm to pay the
bill.
MAY 5 Mondie placed an
rder for
lectric etc. and other supplies that had a total cost of P
10,000. the entity that sold the items, Cagayan Supplies Inc., requires cash payment form a
businesses that are under seven month old.
MAY 9 Mondie decided to pay P20,000 to E. Nena Inc. to reduce the firms debt to that business.
MAY 13 Tea Tan's earned P 60,000 of revenue from charge account clients. These clients are
allowed 30 days to pay.
MAY 18 Tea Tan's hired a staff on MAY 1 to help in the business. the firm paid P10,000 in the
salaries for this employee and Mondie.
MAY 23 Tea Tan's received P20,000 from clients who had previously bought services on
account.
MAY 27 Tea Tan's earned a total of P110,000 in a revenue from the clients who paid cash for
the products of tea.
MAY 30 Tea Tan's received a P25,000 bill for the utilities that it had used during the month.
MAY 31 Tea Tan's issued a check as payment for office rent for May. the lease contract Tan's
signed specified a monthly rent of P35,000.
May 31 Mr. Tan withdrew P40,000 in cash from the business to pay for personal use.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc64d939a-5114-4e85-941a-c2a2d189cf09%2F67fdaa5e-cc13-4a2c-997d-79b13a7537d2%2Fxxre9s8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ACTIVITY 1
CНАРТER 4
Direction: Compute the following
EXPANDED FORM : COMPUTE THE FOLLOWING
PROBLEM:
MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from his
personal savings. He deposited the money in a bank account he want a build a business "Tea
Tan's"
MAY 3 Mondie boughts a blender machine , refregirator and other necessary equipment from
E.Nena Inc., at a cost of P 50,000 E. Nena INc., agreed to allow 60 days for the firm to pay the
bill.
MAY 5 Mondie placed an
rder for
lectric etc. and other supplies that had a total cost of P
10,000. the entity that sold the items, Cagayan Supplies Inc., requires cash payment form a
businesses that are under seven month old.
MAY 9 Mondie decided to pay P20,000 to E. Nena Inc. to reduce the firms debt to that business.
MAY 13 Tea Tan's earned P 60,000 of revenue from charge account clients. These clients are
allowed 30 days to pay.
MAY 18 Tea Tan's hired a staff on MAY 1 to help in the business. the firm paid P10,000 in the
salaries for this employee and Mondie.
MAY 23 Tea Tan's received P20,000 from clients who had previously bought services on
account.
MAY 27 Tea Tan's earned a total of P110,000 in a revenue from the clients who paid cash for
the products of tea.
MAY 30 Tea Tan's received a P25,000 bill for the utilities that it had used during the month.
MAY 31 Tea Tan's issued a check as payment for office rent for May. the lease contract Tan's
signed specified a monthly rent of P35,000.
May 31 Mr. Tan withdrew P40,000 in cash from the business to pay for personal use.
![4:05
cdn.fbsbx.com
Done
MAY 18
ASSETS
LIABILITIES
OWNER'S EQUITY
MAY 23
ASSETS
LIABILITIES
OWNER'S EQUITY
MAY 27
ASSETS
LIABILITIES
OWNER'S EQUITY
MAY 30
ASSETS
LIABILITIES
OWNER'S EQUITY
MAY 31
ASSETS
LIABILITIES
OWNER'S EQUITY
May 31
ASSETS
LIABILITIES
OWNER'S EQUITY](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc64d939a-5114-4e85-941a-c2a2d189cf09%2F67fdaa5e-cc13-4a2c-997d-79b13a7537d2%2Fk6hvjic_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4:05
cdn.fbsbx.com
Done
MAY 18
ASSETS
LIABILITIES
OWNER'S EQUITY
MAY 23
ASSETS
LIABILITIES
OWNER'S EQUITY
MAY 27
ASSETS
LIABILITIES
OWNER'S EQUITY
MAY 30
ASSETS
LIABILITIES
OWNER'S EQUITY
MAY 31
ASSETS
LIABILITIES
OWNER'S EQUITY
May 31
ASSETS
LIABILITIES
OWNER'S EQUITY
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