Reference no: EM132808312

Entity C had the following transactions during the period:

1. Owner invested P1,000,000 cash to the business.

2. Purchased equipment worth P58,000 for cash.

3. Purchased office supplies worth P300,000 on account (use an asset account).

4. Paid P100,000 accounts payable.

5. Rendered services worth P500,000, on cash basis.

6. Rendered services worth P800,000, on account.

7. Collected P700,000 accounts receivable.

8. Paid salaries expense of P70,000.

9. Paid interest expense of P5,000.

10. Owner withdrew P10,000 cash from the business.

Question 1) How much are the total service fees earned during the period?

Question 2) How much are the total collections from clients during the period?

Question 3) How much are the total disbursements during the period?

Question 4) How much cash does the business have at the end of the period?

Question 5) How much are the outstanding accounts receivable from clients at the end of the period?