Create a table shown below. From the Performance task activity(Activity 4), use the 10 business transactions that you have madeand show the rules of debit and credit. Compute for the total ofeach column to check the equality of the equation.TransactionASSETLIABILITYEQUITY%3Ddate March 1 - received P1600 cash from BeautySupply CorpMarch 3 - Sold merchandise on account toJoshua Lin P5000 invoice No. 110March 4 - Received P3500 from MicahHernadez in full settlement of her account.March 7 - Purchased merchandise for cashP2890March 10 - Sold merchandise on account toMV&Co. P21,120, INVOICE nO. 210March 13 - Purchased merchandise onaccount from SS & Co, invoice no. 310March 16 - Cash sales for the first half of themonth P10,750March 23 - Purchased merchandise onaccount from Jack Trading for P3460, invoiceno. 410March 25 - Paid employees' salaries P11,550March 27 - Paid rent for the month P10, 000

The accounting equation states that the total of assets is equal to the sum total of liabilities and…

Create a table shown below. From the Performance task activity Activity 4), use the 10 business transactions that you have made and show the rules of debit and credit. Compute for the total of each column to check the equality of the equation. Transaction ASSET LIABILITY EQUITY %3D date

Create a table shown below. From the Performance task activity Activity 4), use the 10 business transactions that you have made and show the rules of debit and credit. Compute for the total of each column to check the equality of the equation. Transaction ASSET LIABILITY EQUITY %3D date

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

The following transactions occurred for Luminary Engineering: View the transactions. Journalize the transactions of Luminary Engineering. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Notes Payable; Luminary, Capital; Luminary, Withdrawals; Service Revenue; and Utilities Expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 2: Received $15,000 contribution from Bobby Luminary, owner, in exchange for capital. Date Jul. 2 Transactions Jul. 2 Accounts and Explanation Jul. 4 Jul. 5 Jul. 10 Jul. 12 Jul. 19 Jul. 21 Jul. 27 Debit Received $15,000 contribution from Bobby Luminary, owner, in exchange for capital. Paid utilities expense of $440. Purchased equipment on account, $2,600. Performed services for a client on account, $3,500. Borrowed $7,200 cash, signing a notes payable. Luminary withdrew $650 cash from the business. Purchased…
What is the purpose of a double-line rule in a balance sheet? O to show a balance sheet was checked by a manager O to show that the columns need to be totaled O to verify that all transactions have been listed O to show that totals have been verified
In the columns Below insert the entry that would be made for each transaction under each accounting basis use an appropriate debit and credit account titles
Please provide the following formulas: 1. The Fundamental Accounting Equation 2. The Formula for Computing Net Income 3. The Formula for the Balance Sheet Part 3 Please give one or two examples of accounts in the following categories: Assets Liabilities Owner's Equity (provide only one example for this account) Revenue Expenses Please make sure that your initial post contains a properly cited reference. Please use APA style. You should cite your text as a minimum.
Please categorize all
I don’t know how to show all these transactions
Please calculate 1. Accounts receivable collection period 2. Return on equity