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Economics, 28.10.2019 14:46 nila93

Kuya joem’s brother, gab-o, decided to open another ice cream store on january1, 20x6. however, being the frugal person as he is, he did not want to investhis own money. as such, he invested only ₱1 000 and borrowed ₱300 000 inorder to start the business. however, unlike his brother joem, gab-o has terribleluck in managing a business. on the month of january, gab-o also incurred thefollowing transactions: january 4 bought the necessary equipment for the ice cream shop usingcredit. the purchase price was ₱200 000.january 8 bought goods on cash. the goods were bought from ryan storeat a cost of ₱50 000.142 fundamentals of accountancy, business, and management 1january 11 the ice cream store opened. however, since gab-o was rathercareless in his preparations for the ice cream, the quality of hisproducts suffered. as such, gab-o sold his ice cream at a loss for₱15 000. half of this was paid in cash and the other was to be paidin 14 days. the cost of the ice cream sold is ₱20 000.january 25 the customer defaulted on the goods sold on january 15required: determine the effect of each day’s transaction to the accountingequation. use the following format as a guide. assets = liabilities + equitydate cash receivable equipment inventory payable capital revenues expenses

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Kuya joem’s brother, gab-o, decided to open another ice cream store on january1, 20x6. however, bein...
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