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Economics, 28.10.2019 14:46 mildredjingpacpavhvg

Is accounts payable is an example of liablity?

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Economics, 28.10.2019 14:46
Miss janelle owns a restaurant in laguna called miss janelle’s restaurant. the restaurant has been operating for several months now. currently, it has the following accounts recorded in her books: (1) cash ₱10 000, (2) accounts payable ₱20 000, (3) equipment ₱50 000, (4) receivables ₱2 000, (5) owner’s equity (unknown), (6) inventory ₱30 000. during the month of april, the following transactions occurred: 1. purchased inventory on credit for ₱20 000 2. borrowed additional ₱3 000 from a local bank 3. purchased kitchen equipment for ₱1 000 4. paid the inventory purchased in credit 5. celebrated their 10th anniversary. mister ramirez incurred the party expenses of ₱5 000. 6. disposed ₱5 000 worth of equipment and replaced it by purchasing ₱10 000 new equipment through cash 7. miss janelle hired her sister, joy, to help with the work in her restaurant. joy signed a contract of employment with ₱5 000 as the starting salary. 8. paid the bank ₱3 000 for the loan plus interest expense of ₱500 9. paid income taxes of ₱1 000. 10. a break-in occurred in the restaurant. inventory worth ₱2 000 was stolen. 11. a famous blogger discovered the restaurant of miss janelle. miss janelle expects that this would boost the restaurant’s sale by ₱10 000. 12. for the month of july, total sales amounted to ₱50 000 in cash and ₱10 000 in credit. 13. cost of sales incurred for the month is 50% of the total sales. 14. miss janelle withdrew ₱4 000 from her capital. required: (1) determine the effect of each day’s transaction to the accounting equation. (2) what is the cumulative effect in equity of the transaction incurred by miss janelle’s restaurant?
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