MGMT 101 a: Principles of Accounting I15 Paid for the salaries of clerks, drivers and conductors, P 125,00020 Charges Holy Angel University P 80,000 for the use of two busesfor an educational tour. The school made 50% payment, thebalance payable next month21 Cargo fares amounting to P 70,000 were billed and collectedfrom various customers25 The owner made a cash withdrawal of P 50,00027 Utility bills were paid in the amount of P 40,00028 Lessor sent a bill for rental due on the bus terminal P 75,00029 Summary of revenues collected: Passenger Fares P 360,000and cargo fares P 120,00030 Paid salaries of employees P 125,00031 Paid Petron P 90,000Required:a. Analyze the above transaction. Include money columns for theaccounts: Cash, Accounts Receivable, Furniture and Fixtures, TransportBuses, Accounts Payable, Notes Payable, Rent Payable, and BrownCapital. Use the following temporary titles to explain the changes in hiscapital account: Transportation Fare, Cargo fare, Advertising Expense,Gas and Oil expenses, Rent Expense, Salaries Expense, Utilities Expenseand Brown Drawings.b. Prepare an income statement, a capital statement and properlyclassified report form of statement of financial position.Instructions on how to submit student output2020.11.19 21:30 b. Prepare an income statement for the month of Julyc. Prepare a classified statement of Financial Position as of July 31, 2018AssessmentDirection: Analyze and answer the following problems provided below.Problem 1. 0n July 1 of the current year Kenneth Brown formed the PampangaTransport Line popularly called PTL. The following transactions occurred forthe month of July:JulyThe owner invested cash P 1,000,000Bought furniture and fixtures making a 50% down payment ofP150,000 with balance on accountSecond hand buses were ordered from Japan, through itsdomestic dealer Hino Motors Corporation, amounting to8,444,000 in Japanese Yen. A yen is equal to P.45. The amountwas loaned by Hong Kong and Shanghai Bank after Brownissued an five- year promissory note8.The buses were delivered by Hino Motors10 Entered into an agreement with Petron who will supply the gasand oil of PTL, payable at the end of the month11 Paid radio advertisements and billboards which amounted to P100,00012 Passenger fares collected amounted to P 240,000A globailly competitive university for science, technology, and environmental conservaDevelopment of a highly competitive human resource, cutting-edge scientific knowleVision:Mission:and innovative technologies for susteinable communities and environment.2020.11.19 21:2974111,2.

Cash account (amount in P) Date Particulars Amount Date Particulars Amount July 1 '' 12 '' 20…

15 Paid for the salaries of clerks, drivers and conductors, P 125,000 20 Charges Holy Angel University P 80,000 for the use of two buses for an educational tour. The school made 50% payment, the balance payable next month 21 Cargo fares amounting to P 70,000 were billed and collected from various customers 25 The owner made a cash withdrawal of P 50,000 27 Utility bills were paid in the amount of P 40,000 28 Lessor sent a bill for rental due on the bus terminal P 75,000 29 Summary of revenues collected: Passenger Fares P 360,000 and cargo fares P 120,000 30 Paid salaries of employees P 125,000 31 Paid Petron P 90,000 uired: a. Analyze the above transaction. Include money columns for the accounts: Cash, Accounts Receivable, Furniture and Fixtures, Transport Buses, Accounts Payable, Notes Payable, Rent Payable, and Brown Capital. Use the following temporary titles to explain the changes in his capital account: Transportation Fare, Cargo fare, Advertising Expense, Gas and Oil expenses, Rent Expense, Salaries Expense, Utilities Expense and Brown Drawings.

15 Paid for the salaries of clerks, drivers and conductors, P 125,000 20 Charges Holy Angel University P 80,000 for the use of two buses for an educational tour. The school made 50% payment, the balance payable next month 21 Cargo fares amounting to P 70,000 were billed and collected from various customers 25 The owner made a cash withdrawal of P 50,000 27 Utility bills were paid in the amount of P 40,000 28 Lessor sent a bill for rental due on the bus terminal P 75,000 29 Summary of revenues collected: Passenger Fares P 360,000 and cargo fares P 120,000 30 Paid salaries of employees P 125,000 31 Paid Petron P 90,000 uired: a. Analyze the above transaction. Include money columns for the accounts: Cash, Accounts Receivable, Furniture and Fixtures, Transport Buses, Accounts Payable, Notes Payable, Rent Payable, and Brown Capital. Use the following temporary titles to explain the changes in his capital account: Transportation Fare, Cargo fare, Advertising Expense, Gas and Oil expenses, Rent Expense, Salaries Expense, Utilities Expense and Brown Drawings.

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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AB Ltd has a petty cash account that is set at $8,400. In month 1 the month end replenishment is for 20% of the fund. In month 2 the month end replenishment is for 25% of the fund and in month 3 the fund size is increased by $3,800 and the replenishment is for 22% of the fund level. Required: How much is the highest monthly expense from replenishment? $
33. subject:- Accounting
]Each month, $150 is available in petty cash funds for small office expenditures. Expenses paid from petty cash during the month are listed below. Postage $26.00 Office supplies $46.25 Delivery charge $ 9.50 Physician’s parking fee $12.00 What is the total for expenditures for the month from petty cash? Round your answer to the nearest cent and do not include the dollar sign ($) in your answer.
Please explain also.
Edwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that includes a promise to donate $100,000 in the next fiscal year provided the Center raise an equal amount of cash from other donors. What journal entry will be recorded when the letter is received? No journal entry would be recorded. Debit cash $100,000; credit refundable advance $100,000 Debit pledge receivable $100,000; credit contribution revenue with donor restrictions $100,000 Debit pledge receivable $100,000; credit contribution revenue without donor restrictions $100,000 Debit pledge receivable $100,000; credit refundable advance $100,000
2. If HHC has $1,150 cash, $500 of government Treasury bills purchased four months ago, $780 of cash set aside for its workers' compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Cash and Cash Equivalents
AB Ltd.has a petty cash account that is set at $1,200. In month 1 the month end replenishment is for 20% of the fund. In month 2 the month end replenishment is for 25% of the fund and in month 3 the fund size is increased by $200 and the replenishment is for 22% of the fund level. Required: How much is the highest monthly expense from replenishment?