Prepare a journal entries and a balance sheet The following transactions transpired during the month of August,

Prepare a journal entries and a balance sheet

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The following transactions transpired during the month of August, 2023. Aug 1 Tirso Cruz, a CPA, began his practice on August 1, 2023, and invested p170,000 in his Accounting firm. 2 Paid the rent for August to Mabuhay Builders, p11,000. 4 Purchased supplies on account, p5,000. 6 Acquired office equipment with a cost of p70,000, paying p20,000 cash and the balance due in 60 days. 8 Paid p3,000 for the supplies purchased on August 4. 15 Paid salaries of assistants, p9,000. 20 Performed Auditing services for cash, p90,000. 25 Billed clients for August Auditing services rendered to clients, p80,000. 29 Paid electric bills, p3,000. 30 Withdrew p3,000 for personal use. The following transactions transpired during the month of August, 2023. Aug 1 Tirso Cruz, a CPA, began his practice on August 1, 2023, and invested p170,000 in his Accounting firm. 2 Paid the rent for August to Mabuhay Builders, p11,000. 4 Purchased supplies on account, p5,000. 6 Acquired office equipment with a cost of p70,000, paying p20,000 cash and the balance due in 60 days. 8 Paid p3,000 for the supplies purchased on August 4. 15 Paid salaries of assistants, p9,000. 20 Performed Auditing services for cash, p90,000. 25 Billed clients for August Auditing services rendered to clients, p80,000. 29 Paid electric bills, p3,000. 30 Withdrew p3,000 for personal use.

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Journal Entries for August 2023 Investment in Business Date Account Debit Credit Aug 1 Cash 170000 C... View the full answer