5. The following transactions occurred in the first month of operation of the "At-Your-Service Motor- Shop". Jan. 2- The owner, A. Moreno, invested P10, 000 cash to start the business. 6- Bought for cash repair equipment worth P45, 000 550 for repair supplies bought. 7- Paid P3, 9- Cash of P2, 500 was received from a costumer for repair service done on his automobile. 12 - Sent a bill for P9, 500 to R. Fernandez for repair work done on his delivery truck. 15 - Paid for the tools ordered and received, P4, 550. 17 - Paid the wages of the shop helper, P2, 500. 20 – Bought repairs supplies, from ABC Trading worth P7, 800 on credit. 22 - Collected P2, 500 from R. Fernandez as partial settlement of his account. 25 - Gave P2, 800 cash to ABC Trading as partial settlement of the account due to it. 29 - Received P25, 000 from various customers for repair services rendered. 30 - Paid the rent of the shop, P8, 000. 30 – Paid the wages of the shop helper, P2, 500. Required: 1. Journal Entries

5. The following transactions occurred in the first month of operation of the "At-Your-Service Motor- Shop". Jan. 2- The owner, A. Moreno, invested P10, 000 cash to start the business. 6- Bought for cash repair equipment worth P45, 000 550 for repair supplies bought. 7- Paid P3, 9- Cash of P2, 500 was received from a costumer for repair service done on his automobile. 12 - Sent a bill for P9, 500 to R. Fernandez for repair work done on his delivery truck. 15 - Paid for the tools ordered and received, P4, 550. 17 - Paid the wages of the shop helper, P2, 500. 20 – Bought repairs supplies, from ABC Trading worth P7, 800 on credit. 22 - Collected P2, 500 from R. Fernandez as partial settlement of his account. 25 - Gave P2, 800 cash to ABC Trading as partial settlement of the account due to it. 29 - Received P25, 000 from various customers for repair services rendered. 30 - Paid the rent of the shop, P8, 000. 30 – Paid the wages of the shop helper, P2, 500. Required: 1. Journal Entries

Name: 5. The following transactions occurred in the first month of operatio
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Description: 5. The following transactions occurred in the first month of operation of the "At-Your-Service Motor-Shop".Jan. 2- The owner, A. Moreno, invested P10, 000 cash to start the business.6- Bought for cash repair equipment worth P45, 000550 for repair su

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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form the Journal entry of the given transaction: date/s transaction debit credit Sep-02 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 3 Paid monthly office rent of P4,000. 4 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 10 Borrowed P50,000 from the bank, signing a note payable 15 Performed service for patients on account, P3,600 22 Received cash from patients billed on September 3, P2,000 25 Received and paid a utility bill, P200 26 Paid monthly salary to nurses, P3,000 30 Paid interest expense of P200
Financial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note f remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on the account. The Cost of Goods Sold was $300,000.
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
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Record the following transactions for the month of June 20X1 in the cash receipts journal. Total, prove, and rule the cash receipts journal as of June 30. June 4 Collected $1,150 from Tom Whitney, a credit customer on account. 9 Received a cash refund of $105 for damaged supplies. 10 Laurie Bradley, the owner, invested an additional $14,500 cash in the business. 21 Received a check from Scott White to pay his $2,300 promissory note plus interest of $127. 26 Received $2,000 for cash sales of plus sales tax of $122. There was a cash overage of $19. Date June 4, 20X1 June 9, 20X1 June 10, 20X1 June 21, 20X1 June 26, 20X1 June 30, 20X1 Description Tom Whitney Cash refund Investment Collect note Scott White Cash sales Totals CASH RECEIPTS JOURNAL Accounts Receivable Credit 1,150 14,500 2,300 Sales Tax Payable Credit $ 17,950 $ 105 122 227 Sales Credit Other Accounts Credit $ 1,859 Account Title Laurie Bradley, Capital Supplies Laurie Bradley, Capital Notes receivable Interest income 1,859…
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
Problem #6, occurred during June of this year: P1,000 in cash and the balance on account. Bought office intercom on account from NE Office Supply, P2,750. e. Received and paid the telephone bill, P1,080. T. Performed professional services on account, P12,940. g. Received and paid the electric bill, P1,850. h. Received and paid the bill for the Regional Dental Convention, P3,500. i. Performed professional services for cash, P17,650. J. Partially settled accounts with NE Office Supply, P1,000. k. Paid rent for the month, P8,400. Paid salaries of the part-time receptionist, P3,500. m. Dalangin withdrew cash for personal use, P8,500. Received P5,500 on account from patients who were previously billed. I. n. Required: 1. Establish the following T-accounts: Cash; Accounts Receivable; Office Equipme Office Furniture; Accounts Payable; Dalangin, Capital; Dalangin, WithdrawG Professional Fees; Salaries Expense; Rent Expense; Utilities Expense a Miscellaneous Expense. 2. Record the transactions…
REQUIREMENT: JOURNAL ENTRIES
Dec. 2 Paid $1,060 cash to Northview Mall for Security First’ share of mall advertising costs. Dec. 3 Paid $520 cash for minor repairs to the company’s computer. Dec. 4 Received $6,900 cash from Brady Engineering Co. for the receivable from November. Dec. 10 Paid cash to Zahara Hughes for six days of work at the rate of $160 per day. Dec. 14 Notified by Brady Engineering Co. that Security First’ bid of $7,100 on a proposed project has been accepted. Brady paid a $1,550 cash advance to Security First. Dec. 15 Purchased $2,250 of computer supplies on credit from Arnold Office Products. Dec. 16 Sent a reminder to Jackson Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Masters Corporation and received $7,900 cash. Dec. 22-26 Took the week off for the holidays. Dec. 28 Received $4,400 cash from Jackson Co. on its receivable. Dec. 29 Reimbursed K. Hughes for business automobile mileage…
i am doing chart of accounting general journal, 4/10 Paid Culvers Landscaping $150 to plant flowers around the office entrance. 4/11 Received $4,500 for assisting Delphi Company’s bookkeeper in setting up their company accounting system. 4/13 Paid for repairs to the brakes of the company auto, $145. (Note: This is not an asset.) 4/15 Paid the Staples bill for the office supplies purchased on 4/3. 4/15 Paid employee salaries of $850. 4/15 Received $6,900 from Transport Iowa Inc. for setting up their QuickBooks accounts. 4/16 Purchased an additional computer from Best Buy for $350. how to solve this problem? with puting into general journal as debit and credit side