ACCOUNTT TITLE DEBIT CREDIT account payable 60,000 Account receivable 65,000 Bank 38,000 Capital 170,000 Cash 3,000 Comission paid 4,300 Comission received 1,500 Discount Allowed 2,300 Discount Received 3,500 Donations 500 Drawings 500 Fixture and Fittings 35,000 Freight inwards 1000 Freight outward 1,400 General Expenses 2300 Insurance premium 3,600 Interest received on investment 5,000 Land and building 80,000 Loan from Mbb 67,500 opening inventory 1 JAN 2019 26,000 Patent 50,000 Printing and stationery 700 Purchases 65,000 Rates and taxes 3,200 Rental paid 4,000 Rental revenue 3,000 Return inwards 1,500 Returns Outwars 1,800 Sales 88,000 Wages and salaries 12,000 Electricity bills 1,566 Accrued Electricity 1,566 Utility bills 500 Depreciation 7,000 Accumulated Depreciation 7,000 unearned Rental Revenue 1,000 Prepaid rental 1,500 Total 409866 409866

ACCOUNTT TITLE DEBIT CREDIT account payable 60,000 Account receivable 65,000 Bank 38,000 Capital 170,000 Cash 3,000 Comission paid 4,300 Comission received 1,500 Discount Allowed 2,300 Discount Received 3,500 Donations 500 Drawings 500 Fixture and Fittings 35,000 Freight inwards 1000 Freight outward 1,400 General Expenses 2300 Insurance premium 3,600 Interest received on investment 5,000 Land and building 80,000 Loan from Mbb 67,500 opening inventory 1 JAN 2019 26,000 Patent 50,000 Printing and stationery 700 Purchases 65,000 Rates and taxes 3,200 Rental paid 4,000 Rental revenue 3,000 Return inwards 1,500 Returns Outwars 1,800 Sales 88,000 Wages and salaries 12,000 Electricity bills 1,566 Accrued Electricity 1,566 Utility bills 500 Depreciation 7,000 Accumulated Depreciation 7,000 unearned Rental Revenue 1,000 Prepaid rental 1,500 Total 409866 409866

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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Net income is to be answered for upvote.
Debit Credit Cash 18,400 Bank 73,800 Purchase 39,520 Adam 1,680 Return Sales 920 Furniture 24,000 Withdrawal 480 Rent 2,000 Salaries 2,800 Capital 118,000 Sales 8,400 Syazwani – Supplier 12,640 Dinesh – Furniture Store 24,000 Return Purchase 560 163,600 163,600 Prepare Income statement
Cash P S00,000 July 1 Taxes & Licenses 82,000 200,000 42,000 6,000 5,000 30,000 3,000 July 1 Investment of the owner 3 cash sales 13 loan 2 Freight on the equipment 4 Rent expense 7 Cash purchases 9 Salaries 11 Drawing 12 Sales returns P 1,000 2,000 5,000 25,000 21,000 20,000 6,000 15,000 4,000 23,000 15 Collection of accounts 20 Purchase returns 29 Rental received 30 Cash sales 31 Sale of old equipment 15 Payment of account 22 Insurance 30 Salaries How much is the net casà flow from investing activities? (P 1,000) Ob (P 2.000) P 1,000 P 2,000
The park's financial records are as follows. Revenues-camping fees$163,000Revenues - general store$40,000Operating expenses155,000Cash on hand17.200Supplies on hand2,500Original cost of equipment117 ,000Fair value of equiprment132,000Notes payable80,000Accounts payable12.200J Cumby, capital, April 1, 202317,000Accounts receivable21,400J. Cumby, drawings8,500Carmping fees collected for April10,000Insurance paid for in advance for April to June, 2024600 create a balance sheet with Liabilities and Owner's Equity.
Cash $ 35,000 Accounts Receivable 65,000 Finished Goods 120,000 Work in Process 58,683 Materials 14,000 Building 580,000 Accum. Deprec.—Building $ 43,500 Factory Equipment 440,000 Accum. Deprec.—Factory Equipment 110,000 Office Equipment 90,000 Accum. Deprec.—Office Equipment 33,750 Accounts Payable 85,000 Notes Payable 100,000 Capital Stock 470,000 Retained Earnings 560,433 Total $1,402,683 $1,402,683 During the month of August, the following transactions took place: a. Purchased raw materials at a cost of $55,000 and general factory supplies at a cost of $18,000 on account. (NOTE: Materials account includes both materials and supplies.) b. Issued raw material to be used in production, costing $45,500, and miscellaneous factory supplies, $13,500. c. Recorded the payroll, the payment to the…
Total 213 500 Monaro Motors Cash and credit sales in the General Ledger Capital contribution of $10 000 stock (agreed value) and $30 000 cash Purchased prem ises worth $150 000 paying a $10 000 cash deposit with the balance funded by a mortgage from QV Bank Cash sale of parts for $400 (cost price $200) Paid $2 500 cash to Wilson Fittings for shelv ing Purchased stock on credit from HolFord Parts for $2 600 Sold parts on credit to Lemon Rentals for $900 (cost price $450) 7. Aug. 1 Paid wages of apprentice $600 8. Kim Swood took home stock worth $1 500 6. Received $500 cash from Lemon Rentals Analysing Chart an A Date Accounts affected Classification Increase/ Debit Credit (A/L/Oe/R/E) Decrease Bank capital 24 2$ Aug 1. Asset awner'sequity Decreave Increase
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answered Accounts Dr Marked out of Cash OMR 50,000 2.00 Accounts receivable 20,000 P Flag question Supplies 10,000 Prepaid expenses 12,000 Buildings-at cost 160,000 10,000 Accumulated depreciation - Buildings 30,000 Notes payable (due in 2 months) 30,000 Accounts payable 12,000 Interest payable 10,000 Unearned service revenue 120,000 Shared- Capital 100,000 Service revenues 40,000 Salaries Expenses 10,000 Depreciation Expenses 30,000 Utilities Expenses 10,000 Dividends / drawings 342,000 342,000 Total If this information was used to prepare a statement of financial position, Total Liabilities should be: Cull lis islO
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