1 - Invested P20,000 cash in the business2 - Bought repair tools worth P3,200 and repair supplies P4,500 on credit from ABC Merchandising3 - Paid P250 for a newspaper advertisement announcing the opening of his business4 - Completed repair work for R. Gil on credit, P2,2007- Rendered repair service for M. San Juan worth P3,800 accepting P1,800 cash and promised to pay thebalance after 10 days8 - Purchased additional repair supplies from M. Trading on credit, P3,0009 - Paid rent of the shop, P5,00011 - Received cash from C. Santos for repair service rendered, P4,30015 - Paid the salary of the shop helper, P2,50017 - Received payment from M. San Juan20 - Received and paid water & electric bill, P2,30021 - Sent payment to M. Trading24 - R. Gil paid his account27 - Earned P1,700 from a customer for repair services31 - Paid the salary of the shop helper, P2,500.ANSWERS:ASSETSLIABILITIESCAPITAL%3D

As per the accounting equation, total assets in the business should always be equal to total…

Answered: 1- Invested P20,000 cash in the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I. DYESEBILBIL has just begun the operation of a cleaning and pressing business named" WATERY LAUNDRY SHOP. During June of the current year she completed the following transactions: 1. Bilbil. Invested P 100,000 cleaning equipment and P 250, 500 cash to start the business 8. Purchased Furniture and Fixtures, P 55,000, terms: 90% down payment. 15. Paid its previous account amounting to P 10,000 17. Purchased cleaning supplies P 3,800 from PANDA BUK STUR on account 20. Delivered cleaned clothes to customers, P 72, 900 terms: payable within 15 days. 21 Purchased Laundry Equipment, P 31,900 in cash 22 Paid the account due to PANDA BUK STUR 23 Paid Utilities, P 4, 200 24. Paid the Salaries of the workers, P 6, 300 Prepare the Journal Entries of the above transactions. Current Assets (101 to 103) Cash 101 102 Accounts Receivable 103 102.1 Allowance for Bad Debts Cleaning Supplies Current Liabilities (301 to 302) 301 Accounts Payable 302 Loans Payable Equity (501 to 503) Bilbil, Capital 501…
Prepare journal entry Transactions: a) April 1- Mr. Song invested P100,000 cash and P 250,000 worth of machine in his business named Song Auto Shop b) April 5 - Bought supplies P40,000 on credit to Kim Store c) April 7 - Received advanced payment from the customers, P30,000 d) April 11 - Paid salaries expense for her two assistants amounting to 12,500. e) April 17-Paid the 25,000 for the account to Kim Store. f) April 23 - Performed services for the cash payment received last April 7, P10,500. g) April 25 - Performed three auto repair services on account, P10,000 each. h) April 27 - Received and paid the bill for utilities, P4,500. i) April 29 -Collected 50% of the receivables from clients on account i) April 30 - Withdrew 4,000 for personal use. k) April 30- Paid the following expenses: Advertising 1,000; Transportation 1,500; Miscellaneous 2,000 Use the following account titles and account numbers: 101 102 103 104 201 202 301 Cash Accounts Receivable Supplies Machine Accounts Payable…
5. On September 1ª 2020 Mr. SAM started new repair service business. Listed below are the transactions for the month of September 2019. On September 1 Mr. SAM invested Rs 250,000 cash in new business On September 5 Purchased office supplies 1,500 On September 11 Purchases building 50,000 paid cash 33,000 signed notes payables for remaining balance September 13 Received cash Rs. 27,000 for services rendered September 16 Rendered services to client SH worth 23,000 but payment not yet received. September 17 Purchased equipment for Rs 33, 000, paying Rs. 20,000 cash and signed a note for the balance September 18 Paid gas bill expenses Rs12,000 September 19 Received full payment from SH September 18 Withdrew Rs 6,000 cash for personal use September 18 Purchased supplies for Rs 3,000 on account September 23 Paid for outstanding note September 24 Withdrew supplies 400 for personal use September 28 Paid salaries 11,000 to staff and wages 4,000 to workers Required: a. Prepare General Journal.
He billed P22,500 from customers for cleaning services rendered. 28 He paid P1,700 for the salaries of full-time and part-time the balance will be paid within 30 days; issued a note He bought a service vehicle worth P47,000; paid P10,000 and on a separate sheet of paper. Atienza, Capital Atienza, Withdrawals Cleaning Revenues Salaries Expense Rent Expense Advertising Expense Telephone Expense Miscellaneous Expense Cash Cleaning Supplies Prepaid Insurance Cleaning Equipment Service Vehicle Accounts Receivable Notes Payable Accounts Payable as Feb. 1 He invested P62,000 cash in his business. P15,600. 6. balance will be paid within 30 days; issued a nofe payable. 7 He paid P7,300 for the rent. He received P31,800 cash for cleaning services rendered. He paid P1,700 for a newspaper advertisement. He bought an insurance premium covering 6 months, recorded 10 12 as prepaid insurance for P4,800. He paid P9,000 on account. He paid P2,200 for miscellaneous expenses. He billed customers with…
The Accounting Cycle: Nov. 1: Luis Ruiz invests $20,000 to start his own consulting agency. Nov. 1: Purchased a one-year fire insurance policy, $960. Nov. 5: Acquired a computer for $10,000, paying $3,500 down with balance due in 60 days. Nov. 6: Purchased office supplies on account from Taylor Supply, $1,500. Nov.9: Paid Taylor Supply $400 on account. Nov. 10: Billed Barkley Insurance for consulting services performed, $6,000. Nov. 12: Collected $1,500 from Barkley Insurance. Nov. 12: Hired secretary to be paid $600 per week. Nov. 15: Collected $1,000 from Bryant Realty for consulting services to be performed. Nov. 26: Paid the secretary two weeks' wages, $1,200. Nov. 29: Received and paid the November utility bill, $700. Nov. 30: Received (but did not pay) the November telephone bill, $100. Nov. 30: Performed consulting services for Bing Enterprises, $4,800, to be collected in December. Nov. 30: Ruiz withdrew $1,400 from the business for personal living expenses.
S The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $7,200 cash. b. The company completed commission work for a client and sent a bill for $5,700 to be received within 30 days. c. The company paid an assistant $2,250 cash as wages for the period. d. The company collected $2,850 cash as a partial payment for the amount owed by the client in transaction b e. The company paid $1,040 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Transactions Number a. b. Balance after a and b C. Balance after c Balance after d e. Balance after e Cash Assets + + + + + + + + + Accounts Receivable = Liabilities Accounts Payable = = = = # 1111 + + + + + + + + + + Common Stock II Equity Dividends + + + + + + + + Revenue 111 11 Expenses
Professor Quark opens his own company, Electronic Tutorial Services, and completes the following transactions in June: 6/1 Quark invests 24,000 into the business. 6/3 Purchased 2,100 of equipment on account. 6/4 Paid 400 premium for a two-year insurance policy. 6/6 Purchased office supplies for cash, 220. 6/9 Purchased a new computer for 6,000. Paid 30% cash agreed to pay the remainder in 30 days. 6/10 Billed student Rashid Ali 30 for tutorial services that were performed. 6/14 Paid for the equipment purchased on June 3rd. 6/15 the owner suggested to purchased new building for his company by 10,000 6/25 Received $35 cash from student Mohammed Nasir for tutorial services performed. 6/30 Student billed on June 10 pays the amount due to Quark. 6/30 Quark withdraws 200 for personal use. Required: Prepare the _journal entries to transactions. record these
Determine what ACCOUNT TITLE and group according to MAJOR ACCOUNT. Fill in the chart. Mr. Juan purchased table napkins worth P2,000 to be used in his barbecue operations. The customer with the P5,000 account receivable is broke you have estimated that you can only collect P4,200 from him. He hired a helper in his barbecue business. The employee earns compensation of P8,000. The cost of the barbecue that was sold for P5,000 is P3,000. He paid Val Santos Matubang P5,000 to endorse the product. ACCOUNT TITLE MAJOR ACCOUNT
5. On September 1* 2020 Mr. SAM started new repair service business. Listed below are the transactions for the month of September 2019. On September 1 Mr. SAM invested Rs 250,000 cash in new business On September 5 Purchased office supplies 1,500 On September 11 Purchases building 50,000 paid cash 33,000 signed notes payables for remaining balance September 13 Received cash Rs. 27,000 for services rendered September 16 Rendered services to client SH worth 23,000 but payment not yet received. September 17 Purchased equipment for Rs 33, 000, paying Rs. 20,000 cash and signed a note for the balance September 18 Paid gas bill expenses Rs12,000 September 19 Received full payment from SH September 18 Withdrew Rs 6,000 cash for personal use September 18 Purchased supplies for Rs 3,000 on account September 23 Paid for outstanding note September 24 Withdrew supplies 400 for personal use September 28 Paid salaries 11,000 to staff and wages 4,000 to workers Required: a. Prepare General Journal.…
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A dentist opens a dental practice by depositing $10,000 into a bank account in the business name The dental business borrows $100,000 from the bank The dentist pays for malpractice insurance for the month, $2,000 Purchases for cash dental equipment, including X-ray machine, chair, etc. $60,000 The dentist pays for a billboard to advertise his services for one month, $500 The dentist performs dental services for the first half of the month and receives $8,000 for services January 1 January 2 January 3 January 4 January 20 January 21 rendered January 29 January 31 Pays the dental hygienist $2500 Bills patients for services rendered that have not been paid $5,000 Date Account Debit Credit 1/1/16 Cash 10000 Сapital 10000 Chart of Accounts: 1/2/16 Cash Accounts Receivable 1/3/16 Equipment Notes Payable 1/4/06 Сapital Fees Earned 1/20/16 Insurance Expense Advertising Expense 1/21/16 Salaries Expense 1/29/16 1/31/16 1. What is the net income for January? 2. How much do patients owe the…

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