Question: Hi I need help on what is the answer to this problems? Below is the question and other concerns will be in the comment section
Hi I need help on what is the answer to this problems? Below is the question and other concerns will be in the comment section. I hope you can help me and surely I will give you full positive feedback
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C. Presenting Instances/ Instances for the new Lesson Activity 3 1. Assets invested by the owner July 1 - Paolo Reyes started a delivery service on July 1, 2013. The following transactions occurred during the month of July. He invested PHP800,000 cash and Cars amounting to PHP200,000. ASSETS LIABILITIES + OWNER'S EQUITY Jul 1 CASH 800,000 PAOLO REYES, CAPITAL 1,000,000 CARS 200,000 2. Borrowings from the bank July 2 - Reyes borrowed PHP100,090 cash from PNB for use in his business. ASSETS LIABILITIES + OWNER'S EQUITY Jul 2 CASH 900,000 LOAN PAYABLE PAOLO REYES, CAPITAL 100,000 1,000,000 CARS 200,000 3. Asset purchased for cash July 7 - Bought tables and chairs from Orocan and paid PHP45,000 Cash ASSETS LIABILITIES + OWNER'S EQUITY Jul 7 CASH 855,000 LOAN PAYABLE PAOLO REYES, CAPITAL 100,000 1,000,000 CARS 200,000 FURNITURE AND FIXTURE 45,0004. Assets purchased on account July 15 - Various equipment were purchased on account from Fortune for PHP55,000. ASSETS LIABILITIES + OWNER'S EQUITY Jul 15 CASH 855,000 LOAN PAYABLE PAOLO REYES, CAPITAL 100,000 1,000,000 Address: Tiongson Street, Lagao, 9500 General Santos City, Philippines Telephone No: (083) 552-8909 Email: depedgensan @deped.gov.ph Certificate Registration No. PHP QM5 20 93 CARS 200,000 FURNITURE AND FIXTURE 45,000 EQUIPMENT 55,000 ACCOUNTS PAYABLE 55,0005. Cash withdrawal by the owner Reyes made a cash withdrawal of PHP5,000 for personal use ASSETS LIABILITIES + OWNER'S EQUITY Jul 15 CASH 850,000 LOAN PAYABLE PAOLO REYES, CAPITAL 100,000 1,000,000 CARS 200,000 FURNITURE AND FIXTURE 45,000 EQUIPMENT 55,000 ACCOUNTS PAYABLE 55,000 PAOLO DRAWINGS (5000) 6. Payment of liability July 20 - The account due to Fortune was paid in cash. ASSETS LIABILITIES + OWNER'S EQUITY Jul 20 CASH 795,000 LOAN PAYABLE PAOLO REYES, CAPITAL 100,000 1,000,000 CARS 200,000 FURNITURE AND FIXTURE 45,000 EQUIPMENT 55,000 PAOLO DRAWINGS (5000)Received cash for revenue earned. July 21 - A customer hired the services of Reyes. Cash of PHP15,000 was received from the customers. ASSETS LIABILITIES + OWNER'S EQUITY Jul 21 CASH 15,000 SERVICE REVENUE 15,000 Paid cash for expenses incurred.. July 22 - Cash was paid for the following : gas and oil, PHP500 and car repairs, PHP1,000. ASSETS LIABILITIES OWNER'S EQUITY Jul 22 CASH (1,500) GAS AND OIL (500) REPAIRS (1,000) Revenue rendered on account July 24 - Another customer hired the services of Reyes and promised to pay PHP16,000 on July 31. ASSETS LIABILITIES + | OWNER'S EQUITYJul 24 ACCOUNTS SERVICE REVENUE RECEIVABLE 16,000 16,000 Paid for expenses incurred July 25 Paid PHP500 for telephone bill ASSETS = LIABILITIES + OWNER'S EQUITY CASH (500) TELEPHONE BILL (500) Revenue earned with a downpayment, balance on account July 27 - Another customer hired the services of Reyes. A bill was issued to them for PHP20,000, 50% of which was collected ASSETS LIABILITIES + OWNER'S EQUITY Jul 27 CASH 10,000 SERVICE REVENUE A/R 10,000 20,000 Customer's account collected in cash July 30 -The customer on July 24 paid 50% of his account in cash. ASSETS = LIABILITIES + OWNER'S EQUITY Jul 30 CASH 8,000 A/R ( 8,000) Paid cash for expenses incurred July 31 - Paid PHP10,000 for rental of office space, and salaries PHP9,000 ASSETS LIABILITIES + OWNER'S EQUITY Jul 31 CASH (19,000) RENTAL & OFFICE SPARE 10,000 SALARIES 10,000F. Finding practical applications of concepts and skills of the daily living. Activity 5 -Describe the given transactions below. CASH SUPPLIES EQUIPMENT BAL 60,000 7,500 300,000 75,000 292,500 1 150, 000 150,000 2 -20,000.00 20,000 3 -112,500 -112,500 4 5,000 5,000 5 -15,000 -15,000 6 -53,000 -53,000 7 -8000 -8,000
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