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What is MBN Salon Financial Transactions Summary about?

Ms. Marivel Negrana opened a beauty salon called MBN Salon on December 1, 2021. She invested ₱200,000 cash and obtained a ₱100,000 bank loan. She acquired equipment for ₱180,000 and purchased supplies for ₱50,000. The salon rendered ₱220,000 in services and incurred ₱6,000 in utilities expenses. Journal entries were made for these transactions and an unadjusted trial balance was prepared. Adjusting entries were then made for interest expense and equipment depreciation before the financial statements were pr

Author

Aurora Sol

Language

EN