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Solve the ending balance in the owner capital account

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At the end of its first month of operations, JYN Consulting reported net income of P25,000. They also had account balances of: Cash, P18,000; Office Supplies, P2,000 and Accounts Receivable, P10,000. The owner's total investment for this first month was P5,000. There were no owner withdrawals in the first month.

Problem 1: Calculate the ending balance in the Owner's Capital account to be reported on the Statement of Owner's Equity.

Reference no: EM133010373

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