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Economics, 28.10.2019 14:46 tayis

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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restaurant has...
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