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On February 1, 20x1, Walang Oras opened a store that sells schools supplies. Her main customers are the students and teachers of Malayang Guro School that is located in front of her store. Walang Oras wanted to know the financial position of the store. Walang Oras knew you were studying accounting so she asked for your help. The following information were made available for you: 1. Walang Oras invested Php 42,535 in the business. 2. As of December 31, 20x1, cash on hand from sales and collections is amounted to Php 22,000. 10 3. Walang oras showed you a delivery receipt for Php 875. The receipt dated December 29, 200x showed that various school supplies were delivered to Juan Luna who is a SHS Teacher at Malayang Guro School. Juan Luna will pay Walang Oras on January 5, 20x2. 4. Walang Oras is renting the space for her store. It costs her Php 4,500 for the monthly rent. As of December 31, 20x1, Walang Oras store has a remaining one month advance rent. 5. Walang Oras purchased furniture and fxtures amounting to Php 55,000 with an estimated useful life of 5 years. Walang Oras started using the furniture and fixtures on December 1, 20x1. 6. Walang oras has an eding inventory of Php 25,275. 7. A LUELCO bill for electricity consumption from December 1-31, 20x1 for Php 5,600 payable on January 10, 20x2. 8. A December 20x1 PLDT telephone bill amounting to Php 1,200 is payable on January 12, 20x2 9. Walang Oras hired Gabriela Silang as helper with a wage of Php 450/day. Gabriela's wage were paid on December 28, 20x1 for work rendered until December 29, 20x1. Gabriela's pay for December 30 and 31 will be included in her January wage. 10. Mrs. Ling Briones ordered some various materials to Walang Oras. These materials are hi-tech pens, dividers and logbooks amounting to Php 5.143. These materials are pre-ordered and will delivered on January 20, 20x2. Walang Oras showed you an official receipts stating that Mrs. Briones paid half of its price as down payment. 11. On December 30, 20x1, Walang Oras borrowed Php 87,500 to Land Bank of the Philippines payable within 3 years. Interest is payable monthly. 12. Walang oras open a checking account depositing Php 50,000, On August 1, 20x1, Walang oras deposited Php 15,000 on the business checking account. Walang oras also withdrew Php 20,000 for personal use

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