BUSINESS FINANCE Instruction: Provide the journal entries, T-Account and Trial Balance of the business transactions described below The business owner provides P60,000 capital to the business. The business purchased equipment worth P58,000. The business pays advanced rent amounting to P66,000. The business pays utilities expense of P8,000. The business obtains a loan of P800,000.
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Answer:
Journal entry
Cash 60k
Capital 60k
Business owner provides capital to the business
Equipment 58k
Cash 58k
Business purchased equipment for cash
Prepaid Rent 66k
Cash 66k
Business pays advanced rent
Utilities Expense 8k
Cash 8k
Business pays utilities expense
Cash 800k
Loan Payable 800k
Business obtains a loan
T-Account (lagyan mo nalang ng parang sa T acc)
Cash
dr. cr.
60k 58k
800k 66k
8k
860k 132k
728k
Equipment
dr.
58k
58k
Prepaid Rent
dr.
66k
66k
Loan Payable
dr. cr.
800k
800k
Utilities Expense
dr.
8k
8k
Capital
dr. cr.
60k
60k
Trial Balance
Cash 728k
Equipment 58k
Prepaid Rent 66k
Loan Payable 800k
Utilities Expense 8k
Capital 60k
860k 860k
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