Solving: Please answer the following problems and submit to google classroom under classwork Evaluative Assignment M1.2. 1. a) State the expanded accounting equation. b) Explain the meaning of each term in the equation 2. On January 1, Orange Crates had assets of P30,000 and owner's equity of P20,000. During the year, the company had cash revenue or income of P10,000, cash expenses of P8,000, paid 3,000 to its creditors, and its owner withdrew P1,000. What are the assets, liabilities, and owner's equity at the end of the year? 3. Determine the value received and value parted with for the following transactions: Value Received Value Parted With a) Paid rent. b) Rendered professional services for cash. c) Withdrew P100 for personal service. d) Paid the balance of P350 on a typewriter previously purchased on account. e) Purchased office supplies