Activity 5: Describe each transactionDirections: Describe the transaction in each item. Write your answer inyour activity notebook. Number one is done for you.DateASSETSLIABILITIESOWNER'SEQUITYCashSuppliesEquipment100,000100,000(20,000)(5,000)150,00050,000(5,000)20,0003.45,000150,00050,000(5,000)10,000(50,000)7.10,0008.(50,000)6.(5,000)(5,000)1050,00050,0001. The owner invested cash of P100,000 or the business earned P100,000 cash fromproviding services.2.3.4.5.6.7.8.9.10.PARENTS/GUARDIAN SIGNITURE OVER PRINTED NAMESDCB Q3_FABM11 LAS2 Wk2022.02.18 11:35

Answered: Image /qna-images/answer/136c9981-cc15-4623-9854-dddeec9826b1.jpg

Activity 5: Describe each transaction Directions: Describe the transaction in each item. Write your answer in your activity notebook. Number one is done for you. Date ASSETS LIABILITIES OWNER'S EQUITY Cash 100,000 (20,000) (5,000) 150,000 50,000 (5,000) Supplies Equipment 100,000 20,000 5,000 150,000 50,000 (5,000) 10,000 (50,000) 10,000 8. (50,000) (5,000) (5,000) 10 50,000 50,000 1. The owner invested cash of P100,000 or the business earned P100,000 cash from providing services. 2. 3. 4. 5. 6. 7. 8. 9. 10. 2344567009

Activity 5: Describe each transaction Directions: Describe the transaction in each item. Write your answer in your activity notebook. Number one is done for you. Date ASSETS LIABILITIES OWNER'S EQUITY Cash 100,000 (20,000) (5,000) 150,000 50,000 (5,000) Supplies Equipment 100,000 20,000 5,000 150,000 50,000 (5,000) 10,000 (50,000) 10,000 8. (50,000) (5,000) (5,000) 10 50,000 50,000 1. The owner invested cash of P100,000 or the business earned P100,000 cash from providing services. 2. 3. 4. 5. 6. 7. 8. 9. 10. 2344567009

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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5) Insert the following account opening balances: Deblt 134,000 22,000 60,000 10,000 6,000 Account name Credit Account no. 1-1110 1-1310 1-1320 1-2110 1-2310 2-1210 Cheque Trade Debtors Inventory Plant and Equipment at cost Office Equipment at cost GST Collected GST Pald Trade Creditors Business Loan #1 Owners Capital 2,000 3,500 2-1220 2-1510 2-2100 3-1000 33,000 100,000 100,000
The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $85,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: Raw materials Work in process Finished goods During the year, the following transactions were completed: $ 10,100 $ 4,100 $ 8,700 a. Raw materials purchased on account, $169,000. b. Raw materials used in production, $142,000 (materials costing $122,000 were charged directly to jobs; the remaining materials were indirect). c. Costs for employee services were incurred as follows: Direct labor Indirect labor Sales commissions Administrative salaries $ 178,000 $ 262,200 e. Utility costs incurred in the factory, $12,000. f. Advertising costs incurred, $14,000. $ 25,000 $ 47,000 d. Rent for the year was $19,000 ($13,600 of this amount…
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B. State whether the following T accounts have normal balance or not. (Please refer to the picture.)
Calculate the unknown amount required in each of the following five independent situations. The answer to situation (a) is given as an example: Beginning Ending Balance Balance Other Information a. Cash $7,000 $5,250 Total cash disbursed, $5,400. b. Accounts Receivable 11,000 9,300 Services on account, $16,500. c. Notes Payable 17,500 23,000 d. Accounts Payable 2,500 1,720 Payments on account, $3,900. e. Stockholders' Equity 29,000 46,000 Capital Contribution, $7,000. Account Borrowed funds by issuing a note, $30,001 Unknown Amounts Required a. Total cash received b. Total cash collected from credit customers c. Notes payable repaid during the period $ d. Good and services received from suppliers on account $ e. Net income, assuming that no dividends were paid $ $3,650
temaining Time: 1 hour, 57 minutes, 32 seconds. Question Completion Status: 4. 6. 8 10 11 12 13 14 15 16 17 18 19 2 U.Anew intermationarmarket QUESTION 21 Answer the following questions based on Daktronic Inc's selected financial data provided in the table below: Selected Income Statement Figures Selected Balance Sheet Figures Amts in USD 20X8 Amts in USD 20X8 20X7 Accounts Cash Sales Credit Sales 3,000,000 Receiva ble 10,000,000 Inventory 600,000 500,000 250,000 225,000 Accounts 13,000,000 Payable Total Sales Cost of Goods Sold 160,000 120,000 8,000,000 (a) what is the average inventory turnover for Daktronics Inc? (b) What is the average payable days for the firm? (c) What is the average receivables collection days? (d) What changes have taken place in Daktronics Inc working capital requirement, year-on-year? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). В I Paragraph Arial 14px A. x X2 土 Click Save and Submit to save and submit. Click Save All Answers to save all…
es - live (Every Remaining Time: 53 minutes, 42 seconds. * Question Completion Status: Moving to another question will save this response. < Question 3 c Question 3 1 points Save NetPerks Co. establishes a $440 petty cash fund on January 1. The journal entry to establish the fund on January 1 includes: O A. $440 Debit to petty cash account O B. $440 credit to petty cash account O C. $440 Credit to expense account O D. $440 credit to owner, capital account Question 3 of 5E A Moving to another question will save this response. ENG 28 67°F e here to search
Prepare Trial Balance Cash Accounts Receivable Capital Withdrawals Service Fees Rent Expense $1,200 700 1,900 500 1,000 500 $2,900 debit, S2,900 credit $3.900 debit, $3,900 credit $2,000 debit, $2,000 credit $1.200 debit, $1,200 credit
10. LO 4.3 Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). A. March 1, paid interest due on note, $2,500 B. December 31, interest accrued on note payable, $4,250
MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
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Post the following general journal entries to the general ledger?