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

CREATE A GENERAL JOURNAL. FOLLOW THE FORMAT. Date Account titles Dr Cr Oct-01 Cash Common Shares Oct-01 Equipment Bank Loan Payable Oct-02 Rent Expense Cash Oct-05 Prepaid Insurance Cash Oct-09 Supplies Accounts Payable Oct-13 Accounts Receivable Service Revenue Oct-19 Cash Unearned Revenue Oct-22 Accounts Payable Cash Oct-23 Salaries Expense Cash Oct-26 Dividends Cash Oct-30 Cash Accounts Receivable…
45) Based on the following information from a business's financial statements, what amount of accounts receivable change was attributed to sales Sales Ending account receivable a. $37.00 b. $40.00 c. $44.40 d. $48.00 Year 1 ($) 4,440 500 Year 2 ($) 4,795 600
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
Please help me
Courses =HCS380 Week 1 Terminology Matching Accounts Receivable Terminology Matching Note Payable Bonds Payable Common Stock Income Statement Balance Sheet Retained Earnings Statement Statement of Cash Flow Basic Accounting Equation multimedia.phoenix.edu Annual Report View Assessment HCS/380: Week 1 - Terminology Matching - Academic Resources Owed to a bank for the money borrowed Bill customer/patient for services HCS Debt securities sold to investors that must be repaid at a particular date in the future A AOL PASSV REQUIRED Enter your password for "kaylakı Accounts. Prepared by corporate management to present financial information, management discussion, notes, and auditor's report Used by creditors to determine if they will be paid Assets Liabilities+Stockholder's Equity Used by creditors and investors to analyze the organization's cash position Used by investors to evaluate the organization's history of paying high dividends The total amount paid in by stockholders for the share…
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…
23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000
Can you help prepare the 2 attached journal entries for this example The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below. December 31, 20X1 20X0 Assets Cash $ 174,000 $ 223,200 Accounts receivable 306,000 327,600 Allowance for uncollectible accounts (19,200 ) (20,400 ) Inventories 579,600 645,600 Machinery and equipment 1,112,400 776,400 Accumulated depreciation on machinery and equipment (499,200 ) (446,400 ) Leasehold improvements 104,400 104,400 Accumulated amortization on leasehold improvements (69,600 ) (58,800 ) Securities held for plant expansion 180,000 0 Patents 33,360 36,000 Totals $ 1,901,760 $ 1,587,600 Liabilities and stockholders’ equity Accounts payable $ 279,360 $ 126,000 Dividend payable 48,000 0 Current portion of 6% serial bonds…
What is the average payment period of JFC? Note: please show the solution, don’t use excel.
Create the income statement from the adjusted trial balance
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
Income statement?