Question: Hi I need help on what is the answer for this. I hope that you can help Instructions: Answers and solution must be written in
Hi I need help on what is the answer for this. I hope that you can help

Instructions: Answers and solution must be written in a yellow pad paper. Scan or take a photo of your answers and it thru our google classroom or thru my email. PROBLEM 1: Given below are selected transactions for January for Leo Garcia, landscaper: 2 Invested Php. 100.000 cash to start the business Paid Php. 6,900 cash for advertising and Php. 10,000 for rent 5 Purchased equipment. 50% of which was in cash Php. 25,000 and the balance with a note payable in two installments 11 Billed customers Php. 22,500 for services performed. Collected 50% from them. 16 Purchased materials and supplies on account for Php. 7.000 20 Received Php. 10,000 cash from customers billed on January 1I 25 Paid for the first installment duc on the note 28 Withdrew Php. 5.000 for food spent in entertaining friends 30 Used up Php. 5,000 of the material and supplies purchased 31 Received bills from PLDT Php. 2.000 and MERALCO Php 3,000 a. Open T-accounts based on the following Chart of Accounts: 101 - Cash 102 - Accounts Receivable 103 - Materials and Supplies 201 - Equipment 301 - Accounts Payable 401 - Notes Payable 402 - Utilities Payable 501 - Garcia, Capital 502 - Garcia, Drawings 601 - Service Income 701 - Advertising Expense 702 - Rent Expense 703 - Representation Expense 704 - Supplies Expense 705 - Utilities Expenses b. Use the T-account, analyze the above transactions, post and foot the debit and credit side and extract the balances
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