Christine opened a tour and travel business, “Tine Travels” on June 01, 2021. 

1 Christine invested P100,000 cash. 

5 Purchased Vehicles, P200,000 on account. 

10 Paid Taxes and Licenses, P5,000 cash. 

11 Paid Advertising Expense, P3,000 cash 

15 Hired the services of “Tine Travels” and collected P10,000 cash. 

20 Close friends of Christine hired the services of “Tine Travels” for a tour in Batangas, P5,000 on account. 

25 Paid the salaries of drivers, P5,000. 

27 Collected in full the account due from her friends. 

29 Paid rent for the month, P4,000. 

30 Received Meralco bill, Maynilad bill and PLDT bill and paid a total of P8,000 cash. 

PREPARE INCOME STATEMENT.

Answer rating: 100% (QA)

From the given transactions it is required to prepare the income statement Income statement Income s... View the full answer