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After taking into account the transactions of Choy, please answer Questions 1 -10. Choy, after receiving her degree in Hotel and Restaurant Management began her own business called Choy Cakes and Patries. She completed the following transactions soon after the start of the business. Choy began her business with a P150,000 cash investment, which she deposited in the bank and a laptop and printer worth P35,000. Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month. Choy does her baking at their home and she only needed a display and sales outlet for her products. Purchased an oven worth P70,000 in cash. Purchased baking supplies on account worth P50,000. Purchased baking paraphernalia like pans, etc.worth P20,000, in cash. Received cash for cakes and pastries sold, P40,000 for the month. Billed a customer for the cakes and pastries ordered for a birthday party, P15,000. Paid utilities for the month worth P5000. b. C. d. e. f. g- h. Paid her parents for the space being used as baking area at their home, P5000. j. Determined that baking supplies is now worth P30,000 for the month. From letter D transaction, Choy pald P20,000. Customer from letter G paid his order in full. Choy withdrew P10,000 cash from the business for personal use. k. 1. m. Required: Analyze the transactions as to their effect on the accounting equation. Show new balances after each transaction. Identify each owner's equity account type. Please use the following account names / account titles for uniformity: Assets: Cash Accounts receivable Baking supplies Baking tools Oven Office equipment Laibility: Accounts payable Capital: Choy, capital Choy, Withdrawals Sales revenue Rent expense Utilities expense Baking supplies expense

After taking into account the transactions of Choy, please answer Questions 1 -10. Choy, after receiving her degree in Hotel and Restaurant Management began her own business called Choy Cakes and Patries. She completed the following transactions soon after the start of the business. Choy began her business with a P150,000 cash investment, which she deposited in the bank and a laptop and printer worth P35,000. Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month. Choy does her baking at their home and she only needed a display and sales outlet for her products. Purchased an oven worth P70,000 in cash. Purchased baking supplies on account worth P50,000. Purchased baking paraphernalia like pans, etc.worth P20,000, in cash. Received cash for cakes and pastries sold, P40,000 for the month. Billed a customer for the cakes and pastries ordered for a birthday party, P15,000. Paid utilities for the month worth P5000. b. C. d. e. f. g- h. Paid her parents for the space being used as baking area at their home, P5000. j. Determined that baking supplies is now worth P30,000 for the month. From letter D transaction, Choy pald P20,000. Customer from letter G paid his order in full. Choy withdrew P10,000 cash from the business for personal use. k. 1. m. Required: Analyze the transactions as to their effect on the accounting equation. Show new balances after each transaction. Identify each owner's equity account type. Please use the following account names / account titles for uniformity: Assets: Cash Accounts receivable Baking supplies Baking tools Oven Office equipment Laibility: Accounts payable Capital: Choy, capital Choy, Withdrawals Sales revenue Rent expense Utilities expense Baking supplies expense

FINANCIAL ACCOUNTING
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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After taking into account the transactions of Choy, please answer Questions 1 -10. Choy, after recelving her degree in Hotel and Restaurant Management began her own business called Choy Cakes and Patries. She completed the following transactions soon after the start of the business. Choy began her business with a P150,000 cash investment, which she deposited in the bank and a laptop and printer worth P35,000. Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month. Choy does her baking at their home and she only needed a display and sales outlet for her products. Purchased an oven worth P70,000 in cash. Purchased baking supplies on account worth P50,000. Purchased baking paraphernalia like pans, etc.worth P20,000, in cash. Received cash for cakes and pastries sold, P40,000 for the month. Billed a customer for the cakes and pastries ordered for a birthday party, P15,000. Paid utilities for the month worth P5000. a. b. C. d. e. f. B- h. Paid her parents for the space being used as baking area at their home, P5000. Determined that baking supplies is now worth P30,000 for the month. From letter D transaction, Choy paid P20,000. i. j. k. Customer from letter G paid his order in full. Choy withdrew P10,000 cash from the business for personal use. 1. m. Required: Analyze the transactions as to their effect on the accounting equation. Show new balances after each transaction. Identify each owner's equity account type. Please use the following account names / account titles for uniformity: Assets: Cash Accounts receivable Baking supplies Baking tools Oven Office equipment Laibility: Accounts payable Capital: Choy, capital Choy, Withdrawals Sales revenue Rent expense Utilities expense Baking supplies expense
Transcribed Image Text:After taking into account the transactions of Choy, please answer Questions 1 -10. Choy, after recelving her degree in Hotel and Restaurant Management began her own business called Choy Cakes and Patries. She completed the following transactions soon after the start of the business. Choy began her business with a P150,000 cash investment, which she deposited in the bank and a laptop and printer worth P35,000. Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month. Choy does her baking at their home and she only needed a display and sales outlet for her products. Purchased an oven worth P70,000 in cash. Purchased baking supplies on account worth P50,000. Purchased baking paraphernalia like pans, etc.worth P20,000, in cash. Received cash for cakes and pastries sold, P40,000 for the month. Billed a customer for the cakes and pastries ordered for a birthday party, P15,000. Paid utilities for the month worth P5000. a. b. C. d. e. f. B- h. Paid her parents for the space being used as baking area at their home, P5000. Determined that baking supplies is now worth P30,000 for the month. From letter D transaction, Choy paid P20,000. i. j. k. Customer from letter G paid his order in full. Choy withdrew P10,000 cash from the business for personal use. 1. m. Required: Analyze the transactions as to their effect on the accounting equation. Show new balances after each transaction. Identify each owner's equity account type. Please use the following account names / account titles for uniformity: Assets: Cash Accounts receivable Baking supplies Baking tools Oven Office equipment Laibility: Accounts payable Capital: Choy, capital Choy, Withdrawals Sales revenue Rent expense Utilities expense Baking supplies expense
1. How much is the cash balance after all transactions were taken into 5 points account? Your answer 2. How much is the accounts receivable balance after analyzing all 5 points transactions. Your answer 3. How much is baking supplies left after taking into account all 5 points transactions. Your answer 4. How much is the balance of the accounts payable? 5 points Your answer 5. What is the beginning capital balance of Choy? 5 points Your answer
Transcribed Image Text:1. How much is the cash balance after all transactions were taken into 5 points account? Your answer 2. How much is the accounts receivable balance after analyzing all 5 points transactions. Your answer 3. How much is baking supplies left after taking into account all 5 points transactions. Your answer 4. How much is the balance of the accounts payable? 5 points Your answer 5. What is the beginning capital balance of Choy? 5 points Your answer
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