Reference no: EM133113115
Question - Joan Robinson her own law office on July 1, 2017. During the first month of operations, the following transactions occurred.
1. Joan invested P110,000 in cash in the law practice.
2. Paid P8,000 for July rent on office space.
3. Purchased equipment on account P30,000.
4. Performed legal services to clients for cash P15,000.
5. Borrowed P7,000 cash from a bank on a note payable.
6. Perfumed legal services for client on account P20,000.
7. Paid month expenses: salaries and wages P5,200, utilities P3,500, and advertising P1,300.
8. Joan withdrew P10,000 cash for personal use.
Required -
a) Prepare a tabular summary of the transactions.
b) Prepare the income statement and balance sheet at July 31, 2017, for loan Robinson, Attorney.
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