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Prepare a simple journal entry

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Question - On March 1, 2010, Mr. Ruel Santos opens a current account with Allied Banking Corporation amounting to P700,000 to start with his laundry shop business under the trade name Gensan Laundry Services. On March 3, 2010 he purchased laundry supplies for cash, P40,000 from Gaisano Mall. Prepare a simple journal entry with these following transactions.

Reference no: EM132654227

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