Homework Help is Here – Start Your Trial Now!
Business
Accounting
Cash data of problem 7. The following are the transactions of PTL on its second month of operation. Copy the balances from the July statement of financial position, analyze and record the following transactions and prepare the financial statements: 1 Paid for the rent bill. 2 The owner sold his farm for P1,200,000 and reported a gain of P300,000. 3 The owner bought a second hand bus from Nissan Motors out of the proceeds from the sale of his personal properties. 4 Paid for taxes and licenses, P12,500. 8 Hired a driver and a conductor for the new hus unit

Cash data of problem 7. The following are the transactions of PTL on its second month of operation. Copy the balances from the July statement of financial position, analyze and record the following transactions and prepare the financial statements: 1 Paid for the rent bill. 2 The owner sold his farm for P1,200,000 and reported a gain of P300,000. 3 The owner bought a second hand bus from Nissan Motors out of the proceeds from the sale of his personal properties. 4 Paid for taxes and licenses, P12,500. 8 Hired a driver and a conductor for the new hus unit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Follow up Question: Chapter 4: Question 7 Page 89 The following are the transaction of Pampanga Transport Line (PTL) on its second month of operation. Required: a.) Copy the balances from the July statement of financial position, analyze and record the following transactions and prepare the financial statements. b.) Prepare a statement of cash flows using the cash data.
Date Events Jul-01 Brown Capital Cash your computer, P 10,00,000 Jul-02 Purchase of furniture -P 1,50,000 Purchase of Jul-08 Transport Buses Advertisement Jul-29 Transportation fare Jul-29 Cargo Fare Jul-28 Salaries expense Jul-11 expenses -P 1,00,000 Jul-12 Transportation fare P 2,40,000 Jul-15 Salaries expense -P 1,25,000 Save P 3,60,000 P 1.20,000 -P 1,25,000 - 90,000 Assets Accounting Equation Accounts Furnitures Transport Receivables and Fixtures Buses P3,00.000 7 8 9 10 Jul-20 Transportation fare P 40,000 P 40,000 11 Jul-21 Cargo Fare Ten P 70,000 12 Jul-25 Brown Drawings -P 50.000 40,000 13 P Jul-27 Utilities expense 14 Jul-28 Rent expense 15 16 17 18 Jul-31 Gas and oil expense 19 Jul-31 Closing Balance P 11,50,000 P 40.000 P 3,00,000 P 37.99.800 P 37,99,800 Liabilities Accounts Notes Payable Payable P1.50,000 P 37,99,800 P 1,50.000 P 37,99,800 B5.289 800.00 = F5,289,800.00 Rent payable BETRI P 75.000 P 75.000 Stockholders' Equity Retained +Earnings Common Stock P10,00,000 -P 50,000 P 9,50.000 +-P 1,00,000 P 2,40,000 -P 1,25,000 P 80,000 P 70,000 -P 40,000 -P 75.000 P3,60,000 P 1,20,000 -P 1,25,000 -P 90,000 P 3,15,000
Transcribed Image Text:Date Events Jul-01 Brown Capital Cash your computer, P 10,00,000 Jul-02 Purchase of furniture -P 1,50,000 Purchase of Jul-08 Transport Buses Advertisement Jul-29 Transportation fare Jul-29 Cargo Fare Jul-28 Salaries expense Jul-11 expenses -P 1,00,000 Jul-12 Transportation fare P 2,40,000 Jul-15 Salaries expense -P 1,25,000 Save P 3,60,000 P 1.20,000 -P 1,25,000 - 90,000 Assets Accounting Equation Accounts Furnitures Transport Receivables and Fixtures Buses P3,00.000 7 8 9 10 Jul-20 Transportation fare P 40,000 P 40,000 11 Jul-21 Cargo Fare Ten P 70,000 12 Jul-25 Brown Drawings -P 50.000 40,000 13 P Jul-27 Utilities expense 14 Jul-28 Rent expense 15 16 17 18 Jul-31 Gas and oil expense 19 Jul-31 Closing Balance P 11,50,000 P 40.000 P 3,00,000 P 37.99.800 P 37,99,800 Liabilities Accounts Notes Payable Payable P1.50,000 P 37,99,800 P 1,50.000 P 37,99,800 B5.289 800.00 = F5,289,800.00 Rent payable BETRI P 75.000 P 75.000 Stockholders' Equity Retained +Earnings Common Stock P10,00,000 -P 50,000 P 9,50.000 +-P 1,00,000 P 2,40,000 -P 1,25,000 P 80,000 P 70,000 -P 40,000 -P 75.000 P3,60,000 P 1,20,000 -P 1,25,000 -P 90,000 P 3,15,000
1 6 Prepare a statement of cash flows using the cash data of problem 7. The following are the transactions of PTL on its second month of operation. Copy the balances from the July statement of financial position, analyze and record the following transactions and prepare the financial statements. 1 Paid for the rent bill. 2 The owner sold his farm for P1,200,000 and reported a gain of P300,000. 3 The owner bought a second hand bus from Nissan Motors out of the proceeds from the sale of his personal properties. report form 4 8 Paid for taxes and licenses, P12,500. Hired a driver and a conductor for the new bus unit. 10 Total revenues collected from: passengers P450,000 and cargoes P75,000. 12 Paid for repair and maintenance P85,000. 14 Installed air-condition units in the office and buses, P150,000. Brown was attracted by Sanden's term of credit which is payable within a grace period of three months with no extra charge. 15 Paid for the half-month salaries of the employees. P175,000. 18 Holy Angel University paid its account in full. 22 Total revenues collected: passenger fares P175,000 and cargo fares P72,000 25 Two buses were hired by Assumption University for their field trip. The firm billed the school P90,000 of which 50% was collected, the balance after 15 days. 29 Paid for repairs and maintenance P72,500. Paid for rental and salaries. Paid Petron, P134,525. 30 Summary of collections: passenger fares P165,000 and cargo fares P56,550, 8. A contractor agrees to install 1,000 tiles for a fee of P400 per tile for the house just to be it of a tile is P250, Contract calls for payment upon complete alled before the
Transcribed Image Text:1 6 Prepare a statement of cash flows using the cash data of problem 7. The following are the transactions of PTL on its second month of operation. Copy the balances from the July statement of financial position, analyze and record the following transactions and prepare the financial statements. 1 Paid for the rent bill. 2 The owner sold his farm for P1,200,000 and reported a gain of P300,000. 3 The owner bought a second hand bus from Nissan Motors out of the proceeds from the sale of his personal properties. report form 4 8 Paid for taxes and licenses, P12,500. Hired a driver and a conductor for the new bus unit. 10 Total revenues collected from: passengers P450,000 and cargoes P75,000. 12 Paid for repair and maintenance P85,000. 14 Installed air-condition units in the office and buses, P150,000. Brown was attracted by Sanden's term of credit which is payable within a grace period of three months with no extra charge. 15 Paid for the half-month salaries of the employees. P175,000. 18 Holy Angel University paid its account in full. 22 Total revenues collected: passenger fares P175,000 and cargo fares P72,000 25 Two buses were hired by Assumption University for their field trip. The firm billed the school P90,000 of which 50% was collected, the balance after 15 days. 29 Paid for repairs and maintenance P72,500. Paid for rental and salaries. Paid Petron, P134,525. 30 Summary of collections: passenger fares P165,000 and cargo fares P56,550, 8. A contractor agrees to install 1,000 tiles for a fee of P400 per tile for the house just to be it of a tile is P250, Contract calls for payment upon complete alled before the
Expert Solution
steps

Step by step

Solved in 4 steps with 8 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS