Analyze the following transactions using ONE T-Account.The following are the transactions of A. Austria, owner of "AA Typing and Stenographic Services", for themonth of October 2018.1. A.Austria invested P3,500 and typewriter P35,000.2. Purchased supplies for cash P350.3. Purchased a typewriter table on credit from Ace Furniture P4,5004. Received P22,000 from various customers for typing services rendered.5. Sent a bill to K. Garcia for typing service rendered, P3,750.6. Paid Ace Furniture in full amount due.7. Received P2,000 from K. Garcia as partial payment of her account.8. Withdrew P1,800 for personal use.9. Paid the helper's wages, P2,000.10. Received P590 from J. Santos for typing service rendered.CHART OF ACCOUNTSASSETS111 CashCAPITAL311 Austria, Capital312 Austria, Drawing112 Accounts Receivable113 Supplies114 Furniture & Fixtures115 EquipmentINCOME411 Service IncomeLIABILITIES211 Accounts PayableEXPENSE511 Salaries & WagesANSWERS:DebitCredit

Cash and cash equivalents are those term assets which are either in cash or can be converted into…

Answered: Analyze the following transactions…

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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Required Journal Entry Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 1.Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 2.Bought grocery supplies on account ₱10,700. 4.Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment. 6.Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20. 7.Paid ₱1,600 delivery charge for January 6 transactions. 8.Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000. 11.Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30. 12.Paid ₱1,200 freight for January 11 transactions. 14.Returned defective merchandise to Puregold amounting to ₱4,500.…
please do this typewritten and with calculation. kindly skip if you have already done this. thank you
In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…
Can you make sure everything lines up with the t chart please
Prepare a journal entry on August 13 for cash received for services rendered, $10,150. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Britta's Sandwiches operates as a sandwich and wrap shop. Its customers can pay by cash, debit or credit card. For each debit transaction, Britta pays $0.20. For credit cards, Britta pays 3% of the total credit card transactions. On September 10, 2022, Britta compiled the following summary for the work day. Transaction Type Total Number of Transactions Cash $413 50 Debit Card $318 43 Credit Card $0 0 Required Do not enter dollar signs or commas in the input boxes. a) Calculate the total debit/credit card expense for September 10. Total Debit/Credit Card Expense = $8.60 b) Record the journal entry for the day's sales ignoring Cost of Goods Sold.
Modupe owns a retail shop. The following are the list of balances extracted from his books of accounts on 31 December 2019. Description Amount Pula Drawings 5,500.00Net Profit 21,100.00Capital 72,000.00Long term loan 10,000.00Creditors 2,500.00Cash in hand 500.00Cash in Bank 8,000.00Debtors 3,000.00Inventory 12,000.00Land Buildings 40,200.00Vehicles 28,400.00Equipment 8,000.00Required: Prepare a Balance Sheet / Statement of Financial Position for Modupe as at 31 December 2019.
On 1st April 2021, Jazni established an interior decorating business, JazniDeco. During the month, the following transactions have occurred: 2021 5 Purchases equipment on account for RM3,500 June 7 Receives RM2,800 cash from a customer for services rendered Paid in full, with cash, for the equipment purchase on June 5 11 Cash sales worth RM1,000 10 14 Owner took RM150 cash from the business for his daughter's school fees 17 Receives RM4,000 cash in advance from a customer for services not yet rendered 18 Received cheque for sales worth RM7,600 22 Received a cheque of RM5,000 from Arrogant Furniture Enterprise. 25 Owner withdrew goods amounted RM150 for personal use 30 Paid salaries of employees for June, RM5,000. Required: Determine the effect of each transaction on accounting equation.
*Required: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.
Directions: .Journalize the following transactions of Jenbert’s Hair Salon for the month of October 2020, then post the transaction in T- Account. Prepare T-Posting. October 2 Jenbert withdrew Php 500,000 from her personal account in Union Bank and deposited the account to BPI under the account of Jenbert’s Hair Salon. 5 PurchasedSalon Equipment amounting Php 400,000 from Ceneta’s Electronics, Based on agreed transaction Php 100,000 will be paid on credit account. 7 Bought Salon Supplies from Landmark Php 10,000 on account. 8 Purchased Office Supplies Php 2,500. 9 Purchased Furniture from Wilcon Depot Php 15,000. 10 Initial Payment to Ceneta’s Electronics Php 20,000. 12 Rendered salon services to Beauty Essentials on account Php 70,000. 14 Received cash from customer Php 2,000. 17 Salon service rendered for cash to client Adeline Php 3,000 20 Collection of account from Beauty Essentials. 25 Paid worker’s salaries Php 15,000. 26 Jenbert withdraw Php 2,000 for personal use. 28 Paid…
Travel Planners, Incorporated borrowed $5,000 from First State Bank and signed a promissory note. What entry should Travel Planners record when the note is repaid?
Prepare a journal entry for the purchase of office equipment on February 19 for $31,400, paying $6,000 cash and the remainder on account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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