Analyze and identify the transactions needed in preparation of SCI. Prepare statement of comprehensive income for the month of September with the following transactions. For the heading, create name for Service Business and use the current year
1. The company has cash deposited in a bank account amounting to P50,000 as initial capital
2. Bought parlor furniture set amounting to Php65, 000.00 by paying 30% down and the balance in 6 monthly installments.
3. Supplies expense for the month is Php15,000.00
4. Paid two months rent amounting to Php20,000.00
5. Total income for the month of September is Php150, 000.00 cash. 6. Paid one staff for Php6,000.00 a month
7. The business paid Php5,000.00 for the light, water and internet connection.
8. The business has trade receivables amounting to Php40,000.00 for services rendered.
9. Loan from the bank amounting to Php100,000.00 to be paid in 5 years
10. Paid transportation expenses amounting to Php2,500.00.00
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