ACTIVITY NO. 3 YR.&SEC. NAME: COURSE: DATE El Granado established the EG Travels on May 15, 2019. The following transactions occurred during the month. a. El Granado invested P157,000 cash to establish the business b. Bought office desks and filing cabinet for cash, P15,150. c. El Granado invested in the business her personal computer with a fair value of P57,500. d. Bought computer software for use in the business from Dela Torre Computer Center for P39,000 paying P15,000 down; the balance is due in thirty days. e. Paid rent for the month, P5,300. f. Received cash for services rendered, P5,160. g. Ordered a panaflex sign for P9,000 from Royal Bright Enterprises, with P5,000 as down payment and the balance due when installed. h. Received bill for advertising from Buy and Sell newspaper, P3,320. i. Bought print paper and stationary on account, P2,290. j. Received and paid electric bill, P1,240. k. Paid bill for advertising recorded previously in transaction (h). I. Received cash for services rendered, P10,900. m. Paid salaries to employees, P8,400. n. El Granado withdrew cash for personal use, P4,500. Required: 1. Journalize each transaction. 2 Establish the following T-accounts:

ACTIVITY NO. 3 YR.&SEC. NAME: COURSE: DATE El Granado established the EG Travels on May 15, 2019. The following transactions occurred during the month. a. El Granado invested P157,000 cash to establish the business b. Bought office desks and filing cabinet for cash, P15,150. c. El Granado invested in the business her personal computer with a fair value of P57,500. d. Bought computer software for use in the business from Dela Torre Computer Center for P39,000 paying P15,000 down; the balance is due in thirty days. e. Paid rent for the month, P5,300. f. Received cash for services rendered, P5,160. g. Ordered a panaflex sign for P9,000 from Royal Bright Enterprises, with P5,000 as down payment and the balance due when installed. h. Received bill for advertising from Buy and Sell newspaper, P3,320. i. Bought print paper and stationary on account, P2,290. j. Received and paid electric bill, P1,240. k. Paid bill for advertising recorded previously in transaction (h). I. Received cash for services rendered, P10,900. m. Paid salaries to employees, P8,400. n. El Granado withdrew cash for personal use, P4,500. Required: 1. Journalize each transaction. 2 Establish the following T-accounts:

Name: Prepare a Trial Balance.ACTIVITY NO. 3NAME:YR.&SEC.COURSE:DATEEl Gran
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Description: Prepare a Trial Balance.ACTIVITY NO. 3NAME:YR.&SEC.COURSE:DATEEl Granado established the EG Travels on May 15, 2019. The following transactions occurred during the month.a. El Granado invested P157,000 cash to establish the businessb. Bought office

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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2.
Mr. Qais started the business during the month of Feb 2020. The business named, Majestic Computers sells all kinds of electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred: Feb 2020 Transaction details 1 Mr. Qais invested OMR 25,000 to start the business 3 Paid rent OMR 1,000 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000 Purchased electronic goods for cash worth OMR 10,000 7 Purchased office computer and software for business worth OMR 2,000 for cash 10 Purchased electronic goods on credit from Arabia Traders worth OMR 10,000 12 Sold goods for cash – OMR 3,000 15 Sold goods for credit to MM Mobile Shop worth OMR 20,000 17 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5th Feb 18 Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10th Feb BUSS B 1004 QP Page 1 of 7
Part A: Journalize the following transactions for June.Dean Winchester opened Ghost Cleaners on June 1, 2021. He is the sole owner of the corporation.During June, the following transactions were completed by Dean.1-Jun Invested $65,000 in exchange for common stock in Ghost Cleaners, Inc.1-Jun Purchased a used van for $12,000, paying $3,000 cash and the taking out a note payable for the rest.He plans to pay off the remaining balance on the van by June 1, 2022. The note has a 10% APRwith interest being payable at the end of every month. No principle payments are due until August 1, 2021.1-Jun Paid $1,800 cash on a 12-month insurance policy effective June 1, 2021.1-Jun Hired his brother, Sam, to help with the corporation. He will be paid $1,000 per month for now.5-Jun Purchased cleaning supplies for $1,500 on account.7-Jun Billed a client, F. Crowley, for services performed on June 7 in the amount of $3,000.8-Jun Paid $100 for gasoline for the van.12-Jun Paid $200 for maintenance on the…
Looking for answers to subsections 4, 5 and 6 please!
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
Journal entries
Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly financial statement dated 31 January 2020. During this month period he completed the following transaction.January 1. Ms. Maryam invested cash OMR 50,000, Equipment value OMR 5,000 January 2. Ms. Maryam went to Malaysia and paid the cost from her own money.January 3. Paid for advertisement published in the newspaper OMR 300. January 4. Completed work for a client and immediately collected cash OMR 5,000. January 8. Hired an accountant and promised to give him OMR 750.January 10. Purchased Computer OMR 1000 on credit.January 12. Purchased supplies OMR 8,000 cash. January 14. Ms. Maryam withdraw OMR 2,000 from the business bank account for personal use. January 15. Performed a service for a customer who promised to pay later in this month OMR 500. January 17. Received cash OMR 6,000 from a client for the service to be provided for the month of February and March 2020. January 18. Collected OMR…
Mark Young opens his own company, Sunrise Travel and Tours, and completes the following transactions in December 2020: a. Deposited Php 150,000.00 for Sunrise Travel and Tours. b. Purchased office supplies on account, Php 75,000.00. c. Paid creditors on account, Php 45,000.00 d. Received cash from the provision of ticketing and tour services to clients, Php 95,000.00. e. Billed clients on account worth Php 135,000.00 for services performed. f. Determined that the cost of supplies on hand at the end of the month was P 35,500.00. g. Paid office rent, Php 10,000.00. h. Paid utilities expenses for December, Php 5,500.00 and miscellaneous expense, Php 1,000.00. i. Paid office salaries Php 15,000.00. j. Withdrew cash for personal use, Php 7,500 Indicate the effect of each transaction to the accounting equation elements and accounts using the following tabular headings. Write the balances after each transaction and the total…
Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $25,000 from personal funds. Purchased office supplies on account, $2,540. Paid creditor on account, $1,610. Earned sales commissions, receiving cash, $25,920. Paid rent on office and equipment for the month, $5,080. Withdrew cash for personal use, $8,000. Paid automobile expenses (including rental charge) for the month, $2,440, and miscellaneous expenses, $1,170. Paid office salaries, $3,060. Determined that the cost of supplies on hand was $860; therefore, the cost of supplies used was $1,680. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…
Post the following transactions into General Journal and report them in Table 3 given below. On November 01,2019 Ali Raza started Motor business with RS.500,000. On November 03, 2019 Purchase Furniture for Cash Rs. 10,000. On November 08, 2019 Purchase Land on account worth of Rs. 200,000. On November 13, 2019 sold motors on account for Rs. 100,000. On November 23, 2019 Owner withdrew Rs. 20,000 for personal use. Table 3 for General Journal S.No Date Account Title & Explanations Amount in Rupees Debit Credit 1 2 3 4 5
Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $34,000 from personal funds. Purchased office supplies on account, $3,470. Paid creditor on account, $2,190. Earned sales commissions, receiving cash, $35,390. Paid rent on office and equipment for the month, $6,940. Withdrew cash for personal use, $11,000. Paid automobile expenses (including rental charge) for the month, $3,330, and miscellaneous expenses, $1,590. Paid office salaries, $4,180. Determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $2,300. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…