I need the journal entries. : The owner contributed P800,00 cash to the business. The business purchased inventory worth P100,000 on cash basis. The business
I need the journal entries. : The owner contributed P800,00 cash to the business.
The business purchased inventory worth P100,000 on cash basis.
The business purchased inventory worth P400,000 on account,
The business sold goods for P300,000 cash. The cost of the goods
sold is P120,000.
The business sold goods for P700,000 on account. The cost of the
goods sold is P280,000.
The business paid P400,000 account payable.
The business collected P700,000 accounts receivable.
The business purchased equipment worth P280,000 for cash.
The owner withdraws P20,000 from the business.
The business paid salaries expense of P50,000
Requirement: Provide the journal entries to record the transaction.
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