On January 1, 2020, the following accounts appeared in the general ledger of Ace's Repair Shop:...

 

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On January 1, 2020, the following accounts appeared in the general ledger of Ace's Repair Shop: Cash P10,500 Accounts receivable 8.400 Furniture 12,600 Repair Equipment 54,000 Accounts Payable 22,000 Loan Payable 5,000 Ace Capital During the month of January, the following transactions transpired: Collection of accounts receivable P4,500 Furniture bought for cash P3,700 Repair Equipment bought for cash P12,000 Payment of account P6,000 Partial payment of loan, P3,000 Additional investment of Ace, P4,000 Cash received for repair services rendered P50,000 Total expenses paid for the month P27,000 REQUIRED: 1. Open T accounts for the beginning balances 2. Record transactions directly to the T accounts 3. Prepare the statement of changes in Equity 4. Prepare financial Condition as of January 31, 2020 Your answer On January 1, 2020, the following accounts appeared in the general ledger of Ace's Repair Shop: Cash P10,500 Accounts receivable 8.400 Furniture 12,600 Repair Equipment 54,000 Accounts Payable 22,000 Loan Payable 5,000 Ace Capital During the month of January, the following transactions transpired: Collection of accounts receivable P4,500 Furniture bought for cash P3,700 Repair Equipment bought for cash P12,000 Payment of account P6,000 Partial payment of loan, P3,000 Additional investment of Ace, P4,000 Cash received for repair services rendered P50,000 Total expenses paid for the month P27,000 REQUIRED: 1. Open T accounts for the beginning balances 2. Record transactions directly to the T accounts 3. Prepare the statement of changes in Equity 4. Prepare financial Condition as of January 31, 2020 Your answer

Answer rating: 100% (QA)

Answer 1 TAccounts for the beginning balances Account Debit Credit Cash 10500 Accounts Receivable 84... View the full answer