Reference no: EM132995905
On January 1, 2021, lalisa established lalisa Company, a laundry business. She used her savings amounting to P1,000,000 as his initial investment. Washing machines amounting to P750,000 were purchased for cash during the month. Rent, as well as taxes and licenses paid for the month amounted to P50,000 and P12,500 respectively. Services rendered to customers during the month totaled P181,000, of which 50% was for cash while the remaining balance was on account. On January 25, salaries of the laundry helpers amounting to P48,000 were paid. Before the end of the month, due to increasing number of customers, additional units of washing machines were acquired on account for P110,000.
The company is using the following account titles in recording its transactions: Cash; Laundry Equipment; Accounts Payable; lisa, Capital; Service Revenue; Rent Expense; Taxes and Licenses Expense; Salaries Expense;
Problem 1: How much is the total assets at the end of the month?
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