Question: can someone help me with this one Exercises for Understanding 1. Gawa Agad Repair Shop had been in operation for two years. Balances of the
can someone help me with this one

Exercises for Understanding 1. Gawa Agad Repair Shop had been in operation for two years. Balances of the accounts as of July 1, 2019 are shown in the form provided. The following transactions were completed by Gawa Agad Repair Shop for the month of July. Date Transactions 2019 Mr. Aldwin Gawa invested additional cash P 50,000- and July equipment valued at P10,000- in his business. Borrowed money from Banco de Oro for P 200,000- issuing four non-interest bearing note of P 50,000- each payable at the end of month beginning July 31. 10 Bought additional equipment for P 100,000- paying P50,000- cash and the balance on account. 12 Rendered services to a customer on account for P25,000. 13 Bought supplies for cash for use in the shop Pi 5,000- 15 Paid the salaries of shop employees P 12,000- 16 Returned P2,000- defective supplies bought on July 13. 20 Collected 50% of the customer's account (refer to July 12 transaction) 24 The owner withdraws cash for personal use PI 5,000-. 25 Rendered services for cash P10,000- 31 Supplies used for the month P 5,500-. 31 Paid the note due today. Instructions: a. For each transaction above, state in column A the accounts affected of the value received and value given away. In column B, the account classification of the value received and value given away as to Asset, Liability and Capital and in column C, the effect on the account of the value received and value given away if it is an increase or decrease. The first transaction has been done for you. b. Record the transactions and the balances after each transaction using the tabular form provided. C. Prepare the following financial statements 1. Income Statement 2. Statement of Owners' Equity Statement of Financial Position 4. Statement of Cash Flows a. Effect on the accounting equation (write increase or decrease). July 3 transaction is done as an example. Column A Column B Column C Effect Account Affected Account Classification (Increse/Decrease) Date Value Value Given Value Value Given Value Value Given Received Away Received Away Received Away 2019 Cash win Gawa July Asset Capital Increase Increase B 10 12 13 15 16 20 24
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