ABC Company started its business operations on November 2, 2021. The following were the transactions during the month: The owner made a cash investment to the business amounting to P2,000,000. Nov. 2, 2021 Obtained a P500,000 loan and issues a promissory note to Nov. 5, 2021 Citibank. Nov. 8, 2021 Acquired land costing P1,000,000 on cash basis. Nov.16, 2021 Rendered services worth P1,200,000 on account, Nov.30, 2021 Paid salaries of the workers amounting to P280,000. How much is the owner's capital balance at the end of its first month of operation?

ABC Company started its business operations on November 2, 2021. The following were the transactions during the month: The owner made a cash investment to the business amounting to P2,000,000. Nov. 2, 2021 Obtained a P500,000 loan and issues a promissory note to Nov. 5, 2021 Citibank. Nov. 8, 2021 Acquired land costing P1,000,000 on cash basis. Nov.16, 2021 Rendered services worth P1,200,000 on account, Nov.30, 2021 Paid salaries of the workers amounting to P280,000. How much is the owner's capital balance at the end of its first month of operation?

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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ABC Company started its business operations on November 2, 2021. The following were the transactions during the month: Nov. 2, 2021 The owner made a cash investment to the business amounting to ₱2,000,000. Nov. 5, 2021 Obtained a ₱500,000 loan and issues a promissory note to Citibank. Nov. 8, 2021 Acquired land costing ₱1,000,000 on cash basis. Nov.16, 2021 Rendered services worth ₱1,200,000 on account. Nov.30, 2021 Paid salaries of the workers amounting to ₱280,000. How much is the owner's capital balance at the end of its first month of operation?
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