affecting the capital account that does not affect profit. 2. What was the change in the Cash account for the month? In Galang, Capital? Nine transactions are reflected in the October transaction worksheet of the Teresita Galang Financial Planner presented below: Teresita Galang Financial Planner Financial Transaction Worksheet Month of October 2018 OE %3D Galang, Capital + Supplies Office Accounts %3D Cash Accounts Receivable Equipment Payable P 4,500 P 153,000 P 60,000 P 130,000 P 17,500 (7,000) %3D P 15,000 7,000 (5,000) Bal. %3D %3D 2 5,000 25,000 25,000 %3D 3 24,500 %3D 4 24,500 (16,000) 16,000 (6,500) 3,700 5 (6,500) %3D 7 3,700 (2,500) (5,000) P 131,000 8 (2,500) (5,000) P 3,000 P 178,000 P 98,200 %3D P 35,000 P 13,200 P 229,200 P 229,200 %3D Required: 1. Describe each of the above transactions. The last transaction is the only transaction affecting the capital account that does not affect profit.

affecting the capital account that does not affect profit. 2. What was the change in the Cash account for the month? In Galang, Capital? Nine transactions are reflected in the October transaction worksheet of the Teresita Galang Financial Planner presented below: Teresita Galang Financial Planner Financial Transaction Worksheet Month of October 2018 OE %3D Galang, Capital + Supplies Office Accounts %3D Cash Accounts Receivable Equipment Payable P 4,500 P 153,000 P 60,000 P 130,000 P 17,500 (7,000) %3D P 15,000 7,000 (5,000) Bal. %3D %3D 2 5,000 25,000 25,000 %3D 3 24,500 %3D 4 24,500 (16,000) 16,000 (6,500) 3,700 5 (6,500) %3D 7 3,700 (2,500) (5,000) P 131,000 8 (2,500) (5,000) P 3,000 P 178,000 P 98,200 %3D P 35,000 P 13,200 P 229,200 P 229,200 %3D Required: 1. Describe each of the above transactions. The last transaction is the only transaction affecting the capital account that does not affect profit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals 8. November 20 9. December 30 Requirement The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 Provide storage services for cash, $144,100, and on account, $57,200. Collect on accounts receivable, $52,500. General Journal Receive cash in advance from customers, $13,900. Purchase supplies on account, $11,200. Pay property taxes, $9,500. Pay on accounts payable, $12,400. Pay salaries, $133,600. Issue shares of common stock in exchange for $37,000 cash. Pay $3,800 cash dividends to stockholders. Insurance expired during the year is $8,000. Supplies remaining on hand at the end of the year equal $3,900. Provide services of $12,800 related to cash paid in advance by…
Net Income? Ali Mamat Enterprise Trial Balance as at 31 December 2019 Particulars Sales Purchases Salaries Motor expenses Rent Insurance General expenses Premises Motor vehicles Account receivables Account payable Cash at bank Cash in hand Drawings Capital TOTAL Debit (RM) Credit (RM) 190,576 119,832 56,527 2,416 1,894 372 85 95,420 16,594 26,740 16,519 342 8,425 345.166 16,524 138,066 345.166
Here is the partial work sheet for Eckland Stereo. Eckland Stereo Work Sheet For Year Ended December 31, 20-- BALANCE SHEET ACCOUNT NAME DEBIT CREDIT Cash 14,622.00 Notes Receivable 7,529.00 Accounts Receivable 29,036.00 Merchandise Inventory 51,103.00 Prepaid Property Taxes 2,202.00 Prepaid Insurance 1,739.00 Land 17,153.00 Building 54,966.00 Accumulated Depreciation, Building 15,470.00 Computer Equipment 7,111.00 Accumulated Depreciation, Computer Equipment 6,116.00 Store Equipment 7,054.00 Accumulated Depreciation, Store Equipment 4,530.00 Delivery Equipment 4,689.00 Accumulated Depreciation, Delivery Equipment 3,299.00 Notes Payable 5,380.00 Accounts Payable 27,818.00 Mortgage Payable (current portion) 3,020.00 Mortgage Payable 67,945.00 M. J. Eckland, Capital 57,665.00 M. J. Eckland, Drawing 23,205.00 Wages Payable 2,011.00 220,409.00 193,254.00 Net Income…
P6
Ensemble Co. Unadjusted Trial Balance For the Year Ending December 31, 2018 Debit Balances Credit Balances 42,900 123,500 27,000 300,000 52,000 4,800 40,000 137,200 5,000 1,216,000 660,000 275,000 16,600 1,801,500 1,801,500 Trial Balance to be prepared from the above given values? Cash Accounts Receivable. Prepaid Insurance. Equipment... Accounts Payable Salaries Payable. Common Stock Retained Earnings Dividends... Service Revenue Salary Expense... Advertising Expense... Miscellaneous Expense
Kindly prepare the following: Ledgers Balancing off the accounts Trial balance
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
The following are the accounts and clsosing balances for Eventful Events Planning on December 31, 2021 Accounts Payable Accounts Receivable Bank Loan Cash Credit Card Receivable Ed Edwards, Capital Ed Edwards, Withdrawals Insurance Expense Office Equipment Office Supplies Expense Prepaid Insurance Rent Expense Service Revenue Travel Expense Unearned Revenue $880 $1,450 $4,640 $16,450 $950 $10,745 $8,750 $3,300 $6,985 $450 $1,650 $8,400 $36,400 $5,125 $845 16 18 11 12 13 14 15 16 17 18 19 20 21 22 Ed Edwards did not invest any new money into the company 23 during the year 24 25 From the above information, prepare the three financial statements, 26 Income Statement, Statement of Changes to Equity, Balance Sheet 27 28
create a t account for this month
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
Post the following general journal entries to the general ledger?
- The following data as of June 1, 2020 were taken from the records of X: Cash 21,000 Accouns Receivable 244,536 Inverntories 130,035 Furniture & Fixtures 60,345 Land 613,000 Other assets 12,000 Accounts Payable 188,940 Notes Payable 210,000 X capital 681,976 And the following accounts and balances were taken from the records of Y: Cash P 32,354 Accounts Receivable 577,890 Inventories 270,102 Furniture and Fixtures 44,789 Building 438,267 Other Assets 13,600 Accounts Payable 253,650 Notes Payable 355,000 Y, capital 768,352 X & Y agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6,500 and P6,700 are worthless inX& Y respective books. b) Accounts Receivable of P25 000 X's book and P30.000 in Ys book are uncollectible c) Other assets of P4,000 and P6,000 in X and Ys resbective books are to be written off. How much is the capital adjustment of partner Y?