Argem loved everything that involves computers so she decided to open a small Internet cafe upon the encouragement of her family and friends. After a year's operations she wanted to know how much she earned and what is the financial status of the business. The ff. Are the summarized data based on the various receipts and records she meticulously kept: Account Titles Amount Accounts Payable P 12,250 Accounts Receivable 8,000 5,000 33,000 5,000 90,000 2,000 Accumulated Depreciation - Equipment Cash Depreciation Expense Equipment (includes all computers in the Internet cafe) Interest Income (interest earned from cash deposited in the bank) Miscellaneous Expense (disbursements too small to be classified as independent 5,000 expense account) Notes Payable 12,000 10,000 4,300 5,000 Notes Receivable Office Supplies Prepaid Rent Argem, Capital (initial investment) Argem, Personal withdrawals Rent Expense Repairs and Maintenance Expense Salaries Expense Service Income (total revenues earned by the Internet cafe) Supplies Expense 92,050 10,000 10,000 4,000 20,000 88,000 7,000
Argem loved everything that involves computers so she decided to open a small Internet cafe upon the encouragement of her family and friends. After a year's operations she wanted to know how much she earned and what is the financial status of the business. The ff. Are the summarized data based on the various receipts and records she meticulously kept: Account Titles Amount Accounts Payable P 12,250 Accounts Receivable 8,000 5,000 33,000 5,000 90,000 2,000 Accumulated Depreciation - Equipment Cash Depreciation Expense Equipment (includes all computers in the Internet cafe) Interest Income (interest earned from cash deposited in the bank) Miscellaneous Expense (disbursements too small to be classified as independent 5,000 expense account) Notes Payable 12,000 10,000 4,300 5,000 Notes Receivable Office Supplies Prepaid Rent Argem, Capital (initial investment) Argem, Personal withdrawals Rent Expense Repairs and Maintenance Expense Salaries Expense Service Income (total revenues earned by the Internet cafe) Supplies Expense 92,050 10,000 10,000 4,000 20,000 88,000 7,000
Chapter5: Managing Checking And Savings Accounts
Section: Chapter Questions
Problem 3FPC
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