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  • FAR Exercise 2

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    Erika Diapera
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    Manny Pacquiao opened an MP Boxing Gym business in December 2022 with initial capital of $200,000 cash and $300,000 in equipment. Throughout the month, the business purchased additional assets, paid expenses, and received payments from customers. By December 31st, the business had paid all expenses and received $200,000 in service income.

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    Manny Pacquiao opened an MP Boxing Gym business in December 2022 with initial capital of $200,000 cash and $300,000 in equipment. Throughout the month, the business purchased additional assets, paid expenses, and received payments from customers. By December 31st, the business had paid all expenses and received $200,000 in service income.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    3 views1 page

    FAR Exercise 2

    Uploaded by

    Erika Diapera
    Manny Pacquiao opened an MP Boxing Gym business in December 2022 with initial capital of $200,000 cash and $300,000 in equipment. Throughout the month, the business purchased additional assets, paid expenses, and received payments from customers. By December 31st, the business had paid all expenses and received $200,000 in service income.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Transactions in 2022

    December 1 Manny Pacquiao open a business called MP Boxing Gym with capital composed of:
    Cash 200,000
    Boxing Gym Equipment 300,000

    December 2 Paid business taxes to the city treasurer, P10,000

    December 3 Paid TV5 for the advertisement in national television, P50,000

    December 4 Purchased Furniture and fixtures from Robinsons. Cash paid, P10,000

    December 5 Purchased Furniture and fixtures from SM on credit, P30,000

    December 6 Completed boxing gym training contract of Oscar Dela Hoya on credit, P100,000

    December 7 Received P200,000 cash from various customers for the use of boxing gym.

    December 8 Completed boxing training contract for Boom Bautista. Boom Bautista just give promissory note amounting
    to P50,000.

    December 9 Boom Bautista paid P50,000 to MP Boxing Gym regarding his credit.

    December 15 Paid the salaries of the boxing trainers, P50,000.

    December 16 Paid one-half of the account due to SM.

    December 18 Withdrew cash of P10,000 for personal use

    December 30 Paid utility bills, P4,000

    December 31 Paid the month's rent, P15,000

    MP BOXING GYM
    CHART OF ACCOUNTS
    ASSETS INCOME
    Cash 101 Service income 401
    Notes receivable - Boom Bautista 102
    Accounts receivable - Oscar Dela Hoya 103 EXPENSES
    Boxing Gym Equipment 104 Taxes and licenses 501
    Furniture and Fixtures 105 Advertising expense 502
    Utilities expense 503
    Rent expense 504
    LIABILITIES Salaries expense 505
    Accounts payable - SM 201

    OWNER'S EQUITY/CAPITAL
    Manny Pacquiao, Capital 301
    Manny Pacquiao, Personal 302

    Prepare the following


    Journal
    Ledger
    Trial Balance
    Worksheet

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