Directions: Analyze the transactions of Kim as the owner of Chinita Girl SpaServices. Record the transactions using a financial transactionworksheet indicated on the next page. Write your answers on aseparate sheet of paper.June 1Kim invested Php 500,000.00 cash and equipment amounting toPhp100,000.00 to open Chinita Girl Spa.She borrowed Php 50,000.00 cash from Bamba Bank to beused for her business.She bought tables and chairs from Maginhawa Furnitures andpaid Php 20,000.00 cash.Various equipment were purchased on account from BeautyShoppy for Php 50,000.00.1518She made a withdrawal of Php 10,000.00 for her personal use.20The account due to Beauty Shoppy was paid in cash.21Chinita Girl Spa Services was hired. The cash of Php 10,000.00was received from the customer.Gas and oil worth Php 1,000.00 and equipment repairs worthPhp 1,000.00 were paid in a cash transaction.22Service was hired again by a customer for Php 15,000.00 butthis time the customer was only able to pay Kim 50% on thatday and she made a promise to pay the other 50% on June 30.2425She paid Php 1,000.00 for the telephone bill.27Another customer hired the services of Chinita Girl Spa Services.A bill was issued to them for Php 30,000.00 and 50% of it wascollected.30The remaining balance on the transaction last June 24 waspaid in cash.30She paid Php 5,000.00 for the office rental space and Php4,000.00 for employees' salaries.142.

Name: Directions: Analyze the transactions of Kim as the owner of Chinita G
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Directions: Analyze the transactions of Kim as the owner of Chinita Girl SpaServices. Record the transactions using a financial transactionworksheet indicated on the next page. Write your answers on aseparate sheet of paper.June 1Kim invested Php 50

Accounting process: It is a process of recording financial information in a systematic format. This…

Business

Accounting

Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction worksheet indicated on the next page. Write your answers on a separate sheet of paper. Kim invested Php 500,000.00 cash and equipment amounting to Php100,000.00 to open Chinita Girl Spa. June 1 She borrowed Php 50,000.00 cash from Bamba Bank to be used for her business. 7 She bought tables and chairs from Maginhawa Furnitures and id Phn 20.000 00 cash

Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction worksheet indicated on the next page. Write your answers on a separate sheet of paper. Kim invested Php 500,000.00 cash and equipment amounting to Php100,000.00 to open Chinita Girl Spa. June 1 She borrowed Php 50,000.00 cash from Bamba Bank to be used for her business. 7 She bought tables and chairs from Maginhawa Furnitures and id Phn 20.000 00 cash

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

can you show me the correct journal entries for these please, want to compare to double check my work.
Use the example attached to help fill out Zoe's checking account register. Use the information below to log Zoe’s payments and deposits in her checking account register. Saturday, 9/29 Zoe and her friends go to the movies on Saturday night. The price of admission is $12, and she also buys popcorn and a soda for $6.50. She uses her debit card twice at the theatre to pay for her entertainment purchases. Date Check no. Provide Description of transaction Payment/debit (-) Credit (+) Balance
Record the entries for each of the following showing accounts to be Debited or Credited 1 You have decided to open your own business 5-Jul You start by opening a bank account at Heritage Bank with $ 20,000 of your own money - Your Capital 2 You take your business plan to DFC and get a loan of $ 25,000 which you deposit in heritage bank 6-Jul 3 You find a suitable location and pay with Heritage check for 2 months rent $ 1800. You debit rent expense 10-Jul 4 You buy the following for your business paying by Heritage Bank check inventory of goods $ 15,000.00 $ 8,000.00 12-Jul motor vehicle 600.00 cash register ceiling fans 4 Refridgerator 900.00 $ 1,800.00 $ 26,300.00 5 You take out ads on the radio and TV to advertise your new business paying cash $ 400 on advertising expense 14-Jul 6 Sales for the fiist month - Cash sales $ $ 11,200 and cost of goods sold from inventory is $ 8,000 31-lul
Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 01 Mr. Lopez withdrew PHP 150,000.00 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 02 Bought grocery supplies on account PHP 10,700.00. 04 Acquired a service vehicle costing PHP 76,000.00. A payment of PHP 25,000.00 Cash was made and a note payable was given for the PHP 51,000.00 remainder payable for 6 equal monthly installments. 06 Purchased merchandise from Puregold PHP 49,500.00, terms 5/10, 3/20. 07 Paid PHP 1,600.00 delivery charge for January 04 transactions. 08 Paid for three months of advertising and recorded Prepaid Advertising in the amount of PHP 6,000.00 11 Sold merchandise on account PHP 42,000.00 with 40% mark-up from the inventory cost of PHP 30,000.00, term 2/10, n/30. 12 Paid PHP 1,200.00…
9. Leon Jackson is an entrepreneur who plans to start a Web site design and maintenance business called Webworks. The First National Bank just approved a loan so he is now ready to purchase needed equipment, hire administrative help, and begin designing sites. During June, his first month of business, the following events occur. a) Webworks signs a note at the bank and is given $10,000 cash. b) Jackson deposits $2,000 of his own money into the company checking account as his capital contribution. c) Webworks purchases a new computer and other additional equipment for $3,000 in cash. d) Webworks purchases supplies worth $200 on account that should last Webworks two months. e) Webworks hires Nancy Po to assist with administrative tasks. She will charge $100 per Web site for her assistance. f) Webworks begins working on its first two Web sites, one for Juan Sanchez (a friend of Jackson's dad) and the other for Pauline Smith, a local businessperson. g) Webworks completes the site for Mr.…
Here are selected transactions of Mason Consulting Service. Post the transactions into the appropriate Ledger accounts DATE TRANSACTIONS 20X1 Sept. 1 Zack Mason invested $41,000 in cash to start the firm. 4 Purchased office equipment for $4,600 on credit from Den, Inc.; received Invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $12,600 in full payment. 20 Purchased supplies for $330; paid immediately with Check 1002. 23 Returned damaged supplies for a cash refund of $75. 30 Issued Check 1003 for $2,750 to Den, Inc., as payment on account for Invoice 9823. 30 Withdrew $1,100 in cash for personal expenses. 30 Issued Check 100ø4 for $750 to pay the rent for October. 30 Performed services for $3,200 in cash. 30 Paid $340 for monthly telephone bill, Check 1005.
Solve for its Cash Flows Statement
After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…
The following is the business transaction for August 2020: August 1 Invested cash of RM15000 as a capital to start the business. 1 Rented office and dark room fittings for RM800 in cash for 2 months, August and September. 2 Purchased photography supplies on credit worth RM1920 from Moonlight Enterprise with a credit term of 3/10, n/30. 5 Finished a few job for customers and collected payment of RM150. 6 Received a credit memo amounting to RM120 form Moonlight Enterprise for photography supplies returned due to damage. 8 Finished a photography assignment for Asher's wedding worth RM500 on credit with credit terms of 2/10, n/30. 11 Settled debt to Moonlight Enterprise in full. 16 Withdrew cash of RM200 for personal use. 17 Received full payment from Asher. 20 Completed a photography assignment for Haby Nursery worth RM700 with cash. 25 Received a deposit of RM500 from Women's Club for a booking of photography assignment, which will be held on 20 October 2020 30 Paid wages to the shop…
Please help me
Analyze and answer the following given problems. HAPPY FAMILY Convenience Store is managed by Juan Carlo Manalastas. Juan ask you to determine the balance of his cash account as of december 31, 20X1 . You determined the following 1. He kept some cash of the store as change funds. The cash account revealed 3 pieces of 100 peso bills, 5 pieces of 50 peso bills, 5 pieces of 20 peso bills, 5 pieces of 10 peso coins, 10 pieces of 5 peso coins, 10 pieces of 1 peso coin, and 25 pieces of 25 centavo coins. 2. Two of his regular customers gave juan the following checks in payments of debts: a. Php 1,540 check dated december 31, 20X1. b. Php 2,432 check dated january 3, 20X2. 3. There are two bank accounts in the name of the with the following balances: a. Balance for the savings account on december 31, 20X1 according to the passbook Php 26,780 b. A time deposit certificate for Php 100,000 for 90 days. Report to Juan Carlo Manalastas the balance of the cash and cash equivalent account of…
please answer and explain all transactions in detail with effects