C. Basic Accounting Equation Indicate in the appropriate columns the value of the increase or decrease for each accounting element resulting from the given transactions. Business Transactions 1. The owner invested Php 50,000 cash to start the business 2. Purchase office supplies on account payable the following week, Php 2,000 3. Collected Php 10,000 cash for services rendered to customer 4. Purchase office equipment worth Php 75,000 5. Rendered services totaling Php 20,000, collectible the following week. Debit ASSET Credit LIABILITY Debit Credit CAPITAL Debit Credit

C. Basic Accounting Equation Indicate in the appropriate columns the value of the increase or decrease for each accounting element resulting from the given transactions. Business Transactions 1. The owner invested Php 50,000 cash to start the business 2. Purchase office supplies on account payable the following week, Php 2,000 3. Collected Php 10,000 cash for services rendered to customer 4. Purchase office equipment worth Php 75,000 5. Rendered services totaling Php 20,000, collectible the following week. Debit ASSET Credit LIABILITY Debit Credit CAPITAL Debit Credit

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Description: C. Basic Accounting EquationIndicate in the appropriate columns the value of the increase or decrease for each accounting elementresulting from the given transactions.Business Transactions1. The owner investedPhp 50,000 cash tostart the business2. P

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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Consider the following account balances of Evan McGruder, Incorporated, as of December 31, Year 3: Accounts Payable $ 113,420 Retained Earnings $ 56,000 Equipment 422,900 Notes Payable, due Year 5 344,500 Common Stock 206,500 Accounts Receivable 203,800 Income Tax Payable 4,030 Cash 97,750 Required:Prepare a classified balance sheet at December 31, Year 3.
Journalize Transactions Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $201,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. c. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $4,200. e. January 25: Collected $3,000 from customers for services performed in Transaction d. f. January 28: Purchased land for $260,000 by paying $21,000 cash and obtaining a loan for the balance. g. January 30: Paid salaries of $3,000 for the current month. Required: Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank. Jan. 1 4 6 15 25 28
Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show following assets and liabilities as of December 31 fo and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Equity, December 31, Year 1 Add: Owner's investment Add: Net income Year 1 $ 47,584 25,829 4,074 125,071 48,942 Less: Dividends 0 0 67,905 0 Year 2 $ 8,053 20, 250 2,984 133, 224 2. Compute net income for Year 2 by comparing total equ these two years and using the following information: Durir owner invested $32,000 additional cash in the business in common stock, and the company paid a $24,000 cash div 57,942 163,152 40,713 33,679 103,865 0
Analyzing Transactions Using the Financial Statement Effects Template Following are selected transactions of Mogg Company. Record the effects of each using the financial statement effects template. 1. Shareholders contribute $15,000 cash to the business in exchange for common stock. 2. Employees earn $750 in wages that have not been paid at period-end. 3. Inventory of $4,500 is purchased on credit. 4. The inventory purchased in transaction 3 is sold for $6,750 on credit. 5. The company collected the $6,750 owed to it per transaction 4. 6. Equipment is purchased for $7,500 cash. 7. Depreciation of $1,500 is recorded on the equipment from transaction 6. 8. The Supplies account had a $3,800 balance at the beginning of this period; a physical count at period-end shows that $1,200 of supplies are still available. No supplies were purchased during this period. 9. The company paid $15,000 cash toward the principal on a note payable; also, $750 cash is paid to cover this note's interest…
Read through the transactions impacting JumpStart Co. and answer the question below: On November 10, JumpStart Co. provides $2,900 in services to clients. At the time of service, the clients paid $600 in cash and put the balance on account. On November 20, JumpStart Co. clients paid an additional $900 on their accounts due. Document the journal entries that reflect the November 10 and 20th transactions. Edit View Insert Format Tools Table 12pt v Paragraph v BIUAY O words
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Directions: Given the account balances below, calculate the indicated amounts for the current year's financial statements. Hint: Build a balance sheet and income statement in columns to the right of the given numbers and copy each provided item into the appropriate section for the balance sheet or income statement. Retained Earnings prior year 7,050 PP&E, net 4,440 Wages Expense 190 Administration Expense 150 Cash 1,550 Tax Expense 205 Common Stock 300 Inventory 3,700 Accounts Payable 1,800 Accounts Receivable 2,700 Notes Payable 2,200 Depreciation Expense 220 Cost of Goods Sold 6,700 Dividends 200 Interest Expense 85 Revenue 8,400 Tax Liability…
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takeAssign a. b. C. signmer Show the effects of each transaction on the accounting equation by indicating under the proper heading the dollar amount of Increase or decrease for each transaction listed below. Compute the resulting accounting equation. ♡ d. e. f. 9. E D Owner deposited $20,000 in his new business checking account. Supplies were purchased for $300 on account. a. Paid a $1,200 premium for six months of liability insurance. Purchased supplies for $200 cash. Purchased equipment for $4,000 by paying $1,000; the rest to be paid in six months. Paid the $300 bill outstanding (from transaction b). Owner withdrew $700 from the business for personal use. b. C. d. e. S signment al R F Cash OL V C 12 89 10 % 5 T hvoker=&takeAssignmentSessionLocator=&inprogress=false G B + Y * H F7 7 N Supp. OL * CO 8 D M ASSETS + ((( 0 K 0 F10 W Alt Prep. Insur. F11 F12 JE P < Previous + PrtSc [ Next Insert 1 W Equip 2:01 PM 10/1/2022 Delete 3 Backspace En PgUp
Activities: Prepare accounts a payable ledger of the following transactions. Write your answer on a separate sheet of paper. IV. Activity 1 XYZ Company has opening accounts payable balance of 95,000 which comprises P 25,000, Re. NIL and P 70,000 are payable to vendors ABC, KLM, and RST respectively. During the period following transactions were undertaken: Feb. 1 Purchase of goods from vendor ABC worth P 200,000 Goods returned to vendor ABC worth P 20,000 Purchase of goods from vendor KLM worth P 50,000 Payment to vendor KLM worth P 45,000 Payment to vendor ABC worth P 150,000 Payment to vendor RST worth P 65,000 Feb. 3 Feb. 5 Feb. 8 Feb. 11 Feb. 15 Activity 2 J. Lo Company has opening accounts payable balance of P 100,000 which comprises P 30,000, Re. NIL and P 80,000 payable to vendors Vince, Kath, and James respectively. During the period following transactions were undertaken: Purchase of goods from vendor Vince worth P 150,000 Goods returned to vendor Vince worth P 30,000 Purchase…
"Choose from the following list of terms and phrases to best complete the statements below. Fiscal year Timeliness Accrual basis accounting Annual financial statements Cash basis accounting Time period assumption 1. presumes that an organization's activities can be divided into specific time periods. 2.Financial reports covering a one-year period are known as 3.A(n) consists of any 12 consecutive months. 4. records revenues when services are provided and records expenses when incurred. 5. The value of information is often linked to its