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1 -Write the accounting equation of the following transactions: Mande invested $ l50,000 in the business. Bought pieces of furniture from Garcia...
1 -Write the accounting equation of the following transactions:
a). E. Mande invested $ l50,000 in the business.
b). Bought pieces of furniture from Garcia Furniture on credit $25,000.
c). Bought for cash repair supplies worth $ 5,000.
d). Paid the rent of the shop, $7,000.
e). Billed S. Roces for repair services done on his automobile.
f). Bought repair equipment from XYZ Trading on credit, $20,000.
g). Paid the wages of the shop helper, $2,000.
h). Paid one-half of the account due to Garcia Furniture.
I). Received $7500 cash for repairing the car of S. Valdez.
j). Received $3,500 from S. Roces as partial payment of his account.
k). Withdrew $3 ,500 cash from the business for personal use.
2. On May 6, Mr. Zuzoka pays us 6,000,000 for the purchase of our products. The product should be delivered 1/3 directly, 1/3 at the beginning of june and 1/3 at the beginning of July. At the end of May, only 1/3 of the sales were actually earned as the other 2/3 will be delivered in June and July. Prepare fairly presented financial statements of May 31 using .
