1. Kanding, the owner of Waylego Co. invested P48,280 in his laundry business on June 2022.

2. Received P21,240 cash

3. Accounts Receivable is P7,590
4. Unearned income is P11,000
5. Bought office furniture for P15,020 and laundry equipment for P25,500.
6. Accounts Payable for the month is P6,830
7. Expenses paid in cash were as follows:
Salaries Expense P5,500
Supplies Expense P3,000
Rent Expense P2,300
Utilities Expense P2,460
8. On Oct. 15, Kanding withdraw P8,500
9. Waylego Co. hired an administrative assistant with a salary of P12,000 per month.
10. Service Revenue for the month is P25,000

The following are the transactions made by Kwaknit, an interior designer and owner of Wangguls
Enterprise for the month of March:
-Invested P84,000
-Purchased of car for P120,000 for use in business
-Hired a receptionist at a salary of P2,000 per month, worked for 3 months.
-Paid office rent for P1,800 per month.
-Paid advertising expenses for P12,200
-Paid P13,000 insurance policy
-Wangguls Enterprise withdraw of P9,000
A. Identify if the account is an asset, liability, income, or expense.
B. Identify the normal balances of each account.
C. How much is Wangguls Enterprise’s Assets?
D. How much is Wangguls Enterprise’s Liabilities?
E. How much is Wanggul’s Enterprise’s Equity?