Kuya Joem decide to open an ice cream store on Jan. 1, 2021. In order to do so, he invested P300,000 for the establishment of his business. On the month of January, Kuya Joem also incurred the following transactions: Jan. 5 Bought the necessary equipment for the ice cream shop. The purchase price was 200 000 Jan. 7 Bought goods on credit. This goods were bought from Ryan store at a cost of 50 000. The goods are to be paid in 15 days. Jan. 15 The ice cream store opened. During this day Joem sold 25 000 worth of ice cream. Half of this was paid in cash and the other was to be paid in 15 days. The cost of ice cream sold is 20 000. Jan.22 Paid Ryan Store Jan. 30 Receive payment for the goods sold in Jan.

REQUIRED: Determine the effect of each days' transaction to the accounting equation.

Answer rating: 100% (QA)

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