Requirement is "Prepare an income sheet and balance sheet" Mr. Joaquin Buccat recently established...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Requirement is "Prepare an income sheet and balance sheet"
Mr. Joaquin Buccat recently established a busitless that will operate as Buccat Cleansing Service. The transactions for February 2012 are presented below. Feb 01 Deposited P62.000 cash in a bank account in tic tune of the new company 03 Acquired cleaning supplies on account, P21,400, 05 Acquired cleamng equipment on account, P15,000. 06 Acquired an old service vehicle costing P47.000 for the business, paying P10,000 cash and financing the remaining P47.000 for the business by issuing a note payable. 07 Paid rent on office space for the month. P7,300. 09 Received P31,800 cash for cleaning services rendered. 10 Paid for a newspaper advertisement, P1.700 12 Pnid for insurance for the next six months by recording prepaid insurance P4.800. 13 Paid P9,000 on account 14 Paid miscellaneous expenses, P 2.200. 15 Billed customers P18.600 for cleaning services rendered. 16 Paid salaries, P8.400. 20 Received P9.800 from customers billed on Feb. 15. 22 Paid amont due on the note payable. P2.400. 25 Paid telephone expense, 1900 28 Paid salaries, P7.900 28 Billed customers for cleaning services rendered, P22,500. 28 Withdrew P10.000 from the business
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
