Reference no: EM132992256
On January 1, 2020, Mr. AB Cruz started his service business. The following are the transactions during the month of January:
a. On January 1, 2020, Mr. Cruz contributed his personal savings of PHP100,000 to the business.
b. Bought Office Supplies for PHP10,000 on account on January 15, 2020.
c. Purchase Office Equipment for PHP20,000 on January 16, 2020, Mr. Cruz paid PHP5,000 and the balance on the account.
d. On January 31, 2020, Mr. Cruz is in need of cash so he withdrew PHP2,000 cash from the business.
REQUIRED:
Problem 1: The total of cash account, total assets, total liability, total equity, and net assets as of January 31, 2020
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