1.Balance and solve the problem.ACCOUNTSFURNITURESACCOUNTSUTILIITESOWNER'STRANSACTIONCASHRECEIVABLES & FIXTURESPAYABLEPAYABLEEQUITY1. Mr. Chu invested P65,0002. Mr. Chu bought furnitures for his business worthP9,6753. Mr. Chu borrowed P47,000 from Ms. Chi to add tohis business4. Mr. Chu sold P31,850 worth of products on account5. Mr. Chu paid the water, electricity and internetbill worth, P900, P3200 and P1999, respectively6. Mr.Chu delivered orders and received payment ofP18,950 for the products7. Mr. Chu paid Ms. Chi P32,0008. Mr. Chu invested another P16,2009. Mr. Chu Paid Ms. Chi P 3,000Total Assets:Total Liabilities:Total Owner's Equity:

The accounting equation states that assets equal to sum of liabilities and equity.

Answered: Balance and solve the problem. ACCOUNTS…

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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neck my wor Income: Assets: Checking account Savings account $ 1,940 9,150 Gross income $69,000 Interest income 450 Total $69,450 Automobile 1,800 Personal property 14,900 Total $27,790 Expenses: Living Insurance premium $24,200 Liabilities: 400 Note to bank 5,200 Таxes 15,200 Net worth $22,590 ($27,790 - $5,200) Medical 630 Investment 3,500 Total $43,930 Net worth = Assets - Liabilities (own) (owe) Paula believes her gross income will double in 2019 but her interest income will decrease $150. She plans to reduce her 2019 living expenses by one-fifth. Paula's insurance company wrote a letter announcing that her insurance premiums would triple in 2019. Her accountant estimates her taxes will decrease $250 and her medical costs will increase $41O. Paula also hopes to cut her investments expenses by one-fourth. Paula's accountant projects that her savings and checking accounts will each triple in value. On January 2, 2019, Paula sold her automobile and began to use public transportation.…
Solve the Problem below. * Oypsy Co. had the following cash related transaction for the fist month of operation, March 2018. the owner invested P 100, 000 to start her business Bought P 50, 200 worth of merchandize inventory Sold goods for P 80, 500 on account Collected P 50, 800 from accounts receivable March 6. 15 17 Sold goods for cash P 75, 300 Paid employees salaries amounting to P 36, 900 paid electricity and water bills amounting to P 23, 600 the owner withdraw P 15, 500 for personal expenses 19 25 29 30 Required: Determine the T-account. Gaining Mastery: Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below. Normal Debit Credit Balance Date Assets Liability capital Date cash Account Inventory Account Gypsy Receivable payable Capital March I 尹b) 000 e I00,000) 9 P 50 200 250,200 is 17 19 25 29 30
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Enter the following transactions in the records of TRUST GOD Enterprise, balance the various accounts and extract a trial balance for the month of June 2018. June 1 stated business with GH¢55,000 of the bank June 2 Bought goods on credit from Blessing GH¢1,200 June 3 Bought goods GH¢ 700 from John paying by cheque June 4 Return goods to Blessing GH¢500 June 7 Sold good for cash GH¢3,000 June 8 Bought furniture by cheque GH¢1,750 June 9 Banked cash GH¢1,500 June 12 Sold goods on credit to Deede GH¢480 June 14 Received loan GH¢2,300 from Andra June 15 Deede returned goods GH¢210 June 18 Paid rent GH¢750 by cash June 20 Received discount of GH¢60 by cash June 24 Withdrew GH¢ 800 from the bank for personal use June 30 Received electricity bill GH¢230 from E. C. G but not settle
Required Question A business purchases $600 worth of furniture. They debit their Furniture Account $600 correctly, but they also debit their Bank account $60O. They don't credit any accounts. If the Bank account had $2,000 in the account before the error, what can was say about the account balance after the error? HINT: Draw some T- accounts to help you. * O The Bank Account balance is correct. O The Bank Account balance is overstated by $600 from what it should be. The Bank Account balance is overstated by $1,200 from what it should be. Back Next Page 20 of 25 Clear form
PaAICulurs April I ZUCK Started busi ness WHh and a cush Rm 20000 KM 40,000 in bank. 4 He bought secunahand renicle for RM 25,060 on (redit 12 He puid rent km 3000 in Cheque 15 Purchase goods Credif RM 700 from sam on 18 Sold gord cedit to Alya (Rm500) in fuy Paid utilHty bil Bought 20 RM 250 In Cash 22 cumputer (RM 4000) I puy km 2o00 in Cush und Rm d000 on credit 25 Setfle Sum money km 2500 29 Pay ralary Cheque in Requirement ) Journal am an d Khas Ledijer 1) Inai balanie
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2. Information: Prepaid insurance Accrued salaries Petty cash Investment in trading securities Total current assets Cash 200 150 1,200 4,560 600 Inventory, at sales value (cost = S1,500) 2,100 Unearned rent 40 Allowance for bad debts 150 Office supplies Accounts receivable 110 800 Required: Prepare the current asset section of the balance sheet. to
1. Balance and solve the problem. ACCOUNTS FURNITURES ACCOUNTS RECEIVABLES & FIXTURES UTILIITES OWNER'S TRANSACTION CASH PAYABLE PAYABLE EQUITY 1. Mr. Chu invested P65,000 2. Mr. Chu bought furnitures for his business worth P9,675 3. Mr. Chu borrowed P47,000 from Ms. Chi to add to his business 4. Mr. Chu sold P31,850 worth of products on account 5. Mr. Chu paid the water, electricity and internet bill worth, 9900, P3200 and P1999, respectively 6. Mr.Chu delivered orders and received payment of P18,950 for the products 7. Mr. Chu paid Ms. Chỉ P32,000 8. Mr. Chu invested another P16,200 9. Mr. Chu Paid Ms. Chi ! 3,000 Total Assets: Total Liabilities: Total Owner's Equity:
Subject: Fundamentals of Accounting 2 Topic: Statement of Financial Position(SFP) Lakwandasan General Merchandising Store Lakwandasan General Merchandising Store is managed by Mr. Lakwandasan asked you to determined the balance of his cash account as of December 31, 2018. You determined the following: He kept some cash in the store a change fund. The cash count revealed 8 pcs of 100 peso bill, 20 pieces of 50 bills, 10 pieces of 20 peso bills 40 pieces of 10 peso coins,, 20 pieces of 5 peso coins, 132 pieces of 1 peso coins and 100 pieces of 25 centavo coins. Three of his regular customer gave Mr. Lakwandasan the following check in payments of debt. Php 9,800 dated November 15,2018. Php 12,500 check dated December 23 2018. Php 7,500- Checked dated Febuary 2019 There are two bank account in the name of the store with the following balances. Balance of the saving account on Dec. 31, 2019 according to the passbook is Php 50,150,. A time deposit certificate for Php 200,000 for 90…

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