Defermine the value received and value parted with for the following transactions: Value Received Value Parted With a) Paid rent. b) Rendered professional services for cash. c) Withdrew P100 for personal service. d) Paid the balance of P350 on a typewriter previously purchased on account. e) Purchased office supplies.

Defermine the value received and value parted with for the following transactions: Value Received Value Parted With a) Paid rent. b) Rendered professional services for cash. c) Withdrew P100 for personal service. d) Paid the balance of P350 on a typewriter previously purchased on account. e) Purchased office supplies.

Name: Problem 2.Determine the value received and value parted with for the
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Problem 2.Determine the value received and value parted with for the following transactions:Value ReceivedValue Parted Witha) Paid rent.b) Rendered professional services for cash.c) Withdrew P100 for personal service.d) Paid the balance of P350 on a

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

Which of the following items are expenses? I. Paying for next accounting period’s rent II. Buying inventory in cash III. Paying unpaid wages, which relate to work completed in the previous accounting period IV. Purchasing a building in cash V. Paying off a bank loan Select one: a. None of I - V are expenses. b. All of I - V are expenses. c. I, II, III d. II and IV e. I, II, III, IV f. I and III
A business renders services to a customer for OR16,000 on account. Which account is credited? Select one a. Accounts payable b. Cash c Accounts receivable d. service revenue CEA MYCe o o o o
Which of the following transactions is recorded in the revenue journal? a. sale of excess office equipment for cash b. rendering services for cash c. rendering services on account d. sale of excess office equipment on account
Match each transaction with the most likely effect it has on Retained Earnings. Received interest on a savings account - not previously accrued. А. Increase Paid postage to ship a package. В. No effect V Received payment from a customer on account. C. Decrease Recorded a loss on sale of plant assets. Recorded an internally-developed patent. v Sold merchandise on account. Paid cash dividends.
Record the following transactions in their corresponding T- Account using the correct account title: 1. Paid the salaries af employees P10,000.00 2. The owners withdraw P5,000.00 for personal expense 3. Sold tables on account P8,000.00 4. Purchase equipment P10,000.00 cash 5. Received cash as sales of goods P5,000.00
Sydney Ltd repaired a customers' washing machine and charged the customer $500 which the customer paid immediately. The general journal entry to record the transaction is: a.Debit Cash at bank $500; Credit Income from repairs $500 b.Debit Accounts receivables $500; Credit Income from repairs $500 c.Debit Income from repairs $500; Credit Accounts receivables $500 d.None of the above
Warm-up: Elements of Statement of Comprehensive Income Identify the correct classification of each of the accounts listed. Put a check mark (v) in the appropriate column. Owner's Account Asset Liability Revenue Expense Equity Accounts Payable Accrued Interest Income Accumulated Depreciation Allowance for Bad Debts Cash in Bank Depreciation Expense Bad Debts Expense Interest Receivable K. De Pedro, Drawing Mortgage Payable Petty Cash Fund Prepaid Insurance Prepaid Interest Professional Fees Repairs and Maintenance Expense Salaries Payable Service Income SSS Premium Expense Supplied on Hand Supplies Inventory Unearned Interest Income Unexpired Insurance Unused Supplies Utilities Expense Withholding Taxes Payable
Which of the following best describes an application of historical cost? A.Property is exchanged with another business for services received. B.Transactions are valued in terms of the currency of the business’ country. C.An owner uses their personal cheque account to buy milk at the grocery store. D.A transaction is recorded based on the dollars exchanged at the time of the transaction. E.A sales transaction is recorded from the customer sales order.
Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets (A), liabilities (L), and owner's equity (OE) by inserting "+" for increase, "-" for decrease, and "NE" for no effect in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column. OE Received cash from owner as an (a) additional investment (b) Purchased supplies on account (c) Paid rent for the current month (d) Received cash for services sold to customers Returned some defective supplies (e) purchased in (b) (f) Paid insurance premiums in advance (g) Paid cash to creditor for purchases in (b) (h) Charged customers for services sold on account Paid cash to a customer as a refund for (i) an overcharge Received cash on account from customers (j) (k) Owner withdrew cash for personal use Recorded the cost of supplies used during (1) the year
4. Completed cleaning services on account for Mike Smith and billed him $200. Which accounts are affected? Is it an increase or decrease to the account? Where will the debit and credit be reported? Okay You
Is "purchased an old motor car for office and paid by cheque" a contra entry ?
When a business performs services for a customer who will pay later, which of the following of the business' accounts are increased? Select one: O a. Accounts Receivable b. None of the choices O 0 c. Unearned Revenue d. Accounts Payable