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  • Lesson 4: Accounting Cycle For Service Business

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    The accounting cycle for a service business shows cash contributions from the owner of 500,000 pesos on Sept. 3. On Sept. 4, 20,000 pesos of cash was paid for rent expense. Equipment and furniture purchases of 70,000 and 60,000 pesos respectively were made on credit on Sept. 5 and 6, increasing accounts payable.

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    The accounting cycle for a service business shows cash contributions from the owner of 500,000 pesos on Sept. 3. On Sept. 4, 20,000 pesos of cash was paid for rent expense. Equipment and furniture purchases of 70,000 and 60,000 pesos respectively were made on credit on Sept. 5 and 6, increasing accounts payable.

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    5 views1 page

    Lesson 4: Accounting Cycle For Service Business

    Uploaded by

    Sharjaaah
    The accounting cycle for a service business shows cash contributions from the owner of 500,000 pesos on Sept. 3. On Sept. 4, 20,000 pesos of cash was paid for rent expense. Equipment and furniture purchases of 70,000 and 60,000 pesos respectively were made on credit on Sept. 5 and 6, increasing accounts payable.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Lesson 4: Accounting Cycle for Service Business

    Sept. 3 Cash P 500,000


    Mariano, Capital P500,000

    Sept. 4 Rent Expense P 20,000


    Cash P 20,000

    Sept. 5 Office Equipment P 70,000


    Accounts Payable P 70,000

    Sept. 6 Furnitures and Fixtures P 60,000


    Accounts Payable P 60,000

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