transactions. Note that she made no withdrawals during the month. The following isglory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 asTransactions in a Completed Worksheeterates a repairAsuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPAequity by placing the letter I (income), E (expense), W (withdrawal), or INV (investment)at the right of each increase or decrease in owner's equity. On the lines labeled "Bal."For each transaction, identifyhe following(i.e.Balance) show the new equation resulting from the transaction.OECorpuz,CapitalProblem #9glory, established the AA Tutorial Services On May 1, 2021, she contributed P70,000 asinvestment to start the business.During the month, she entered into severalthe transaction worksheet prepared by her student-assistant:NotesAlcala,AccountsOfficeAccountsCashPayableCapitalReceivableEquipmentPayable%3D+70,000+70,000-45,0001.+45,0002.3.+10,000+20,000+30,000+18,0004. .+18,000-5,0005.-5,000+7,0006.+7,0007.-10,000-10,0008.+15,000-15,000-7,0009.-7,000Required:1.Describe each of the above transactions.2. If these transactions represent the operations of AA Tutorial Services during themonth of May, what was the amount of profit or loss before depreciation?

Name: transactions. Note that she made no withdrawals during the month. The
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: transactions. Note that she made no withdrawals during the month. The following isglory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 asTransactions in a Completed Worksheeterates a repairAsuncion Alcala, to be able

Accounting equation of the business says that total assets will be always equal to total liabilities…

Business

Accounting

Asuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPA glory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 as rksheet investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Alcala, Capital Accounts Office Accounts Notes Cash Receivable Payable Payable Equipment + %3D +70,000 +70,000 -45,000 1. +45,000 2. 3. +10,000 +20,000 +30,000 +18,000 -5,000 000 ,ר+ 4. +18,000 -5,000 +7,000 5. 6. 7. -10,000 -10,000 8. +15,000 -15,000 -7,000 9. -7,000 Required: 1. Describe each of the above transactions. 2. If these transactions represent the operations of AA Tutorial Services during t month of May, what was the amount of profit or loss before depreciation?

Asuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPA glory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 as rksheet investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Alcala, Capital Accounts Office Accounts Notes Cash Receivable Payable Payable Equipment + %3D +70,000 +70,000 -45,000 1. +45,000 2. 3. +10,000 +20,000 +30,000 +18,000 -5,000 000 ,ר+ 4. +18,000 -5,000 +7,000 5. 6. 7. -10,000 -10,000 8. +15,000 -15,000 -7,000 9. -7,000 Required: 1. Describe each of the above transactions. 2. If these transactions represent the operations of AA Tutorial Services during t month of May, what was the amount of profit or loss before depreciation?

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

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
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.
In November, Year 2, your accounting firm placed a one-time website advertisement with Today's CPA. This is your first ad with this vendor. You pay for the one-time advertising with your company's Citibank Visa credit card. Below is the transaction you completed for this purchase. If you run the report Transaction List by Vendor, for all dates, what dollar amount will appear under the vendor Today's CPA? Why? Teacher Feedback: was the expense form completed properly?
*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.
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
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…
Entries into The simplest form of an account.T Accounts and A summary listing of the titles and balances of accounts in the ledger.Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank An accounting form that is used to record the increases and decreases in each financial statement item.account to an account to be used for the business, $60,400. Paid October rent for office and workroom, $6,000. Purchased used automobile for $39,000, paying $9,100 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $12,100. Paid cash for supplies, $2,900. Paid cash for annual insurance policies, $4,000. Received cash from client for plans delivered, $15,100. Paid cash for miscellaneous expenses, $1,630. Paid cash to creditors on account, $3,500. Paid $480 on note payable. Received invoice…
Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly financial statement dated 31 January 2020. During this month period he completed the following transaction.January 1. Ms. Maryam invested cash OMR 50,000, Equipment value OMR 5,000 January 2. Ms. Maryam went to Malaysia and paid the cost from her own money.January 3. Paid for advertisement published in the newspaper OMR 300. January 4. Completed work for a client and immediately collected cash OMR 5,000. January 8. Hired an accountant and promised to give him OMR 750.January 10. Purchased Computer OMR 1000 on credit.January 12. Purchased supplies OMR 8,000 cash. January 14. Ms. Maryam withdraw OMR 2,000 from the business bank account for personal use. January 15. Performed a service for a customer who promised to pay later in this month OMR 500. January 17. Received cash OMR 6,000 from a client for the service to be provided for the month of February and March 2020. January 18. Collected OMR…
Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $25,000 from personal funds. Purchased office supplies on account, $2,540. Paid creditor on account, $1,610. Earned sales commissions, receiving cash, $25,920. Paid rent on office and equipment for the month, $5,080. Withdrew cash for personal use, $8,000. Paid automobile expenses (including rental charge) for the month, $2,440, and miscellaneous expenses, $1,170. Paid office salaries, $3,060. Determined that the cost of supplies on hand was $860; therefore, the cost of supplies used was $1,680. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…
Can you help me create a trial balance and balance sheet please for the following information