Problem 3. Raymond opened the Muscles Fitness Gym in August. The Following transactionsoccurred during the first month of the business:a) Raymond invested P100,000 in cash and 30,000 in gym equipment in the business.b) Paid P10,000 for the first month's rent.c) Purchased supplies costing P4,000 on credit.d) Purchased exercise equipment costing P25,000 for 15,000 cash and the rest on account.e) Recorded income for the first half of the month of P6,500 in cash and P3,500 on account.f) Paid P2,750 to a creditor on account.g) Received payment from a customer on account for P1600.h) Raymond withdrew P500 for a graduation gift.i) Paid aerobics instructor her salary, P3,000.j) Paid miscellaneous expense P1,500k) Recorded income for the second half of the month of P5,600 in cash.Prepare a new accounting equation every time a transaction occurs.

Name: Problem 3. Raymond opened the Muscles Fitness Gym in August. The Foll
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Description: Problem 3. Raymond opened the Muscles Fitness Gym in August. The Following transactionsoccurred during the first month of the business:a) Raymond invested P100,000 in cash and 30,000 in gym equipment in the business.b) Paid P10,000 for the first mon

Accounting equation of the business says that total assets in the business must be always equal…

Business

Accounting

Raymond opened the Muscles Fitness Gym in August. Th uring the first month of the business: nd invested P100,000 in cash and 30,000 in gym equipme 0,000 for the first month's rent. sed supplies costing P4,000 on credit.

Raymond opened the Muscles Fitness Gym in August. Th uring the first month of the business: nd invested P100,000 in cash and 30,000 in gym equipme 0,000 for the first month's rent. sed supplies costing P4,000 on credit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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