Question: Given the data below for a firm on its first year of operation, determine the net income under the accrual basis: of accounting: Revenue recognized

Given the data below for a firm on its first year of operation, determine the net income under the accrual basis: of accounting: Revenue recognized P19,000; Accounts Receivable P3,000; Expense incurred P7,250; Accounts payable (related to expenses) P750; and Supplies purchased with cash P1,800. show your solution

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