Exercise 1 Direction: Record the following transactions. Use as many records or sheets as you can. Feb. 1, 2021 Borrowed 20,000 pesos cash from bank Feb. 2, 2021 Made 5,000 pesos down payment to contractor for making a small store Feb. 18, 2021 Bought 2,000 pesos worth of soft drinks to be sold Feb. 18, 2021 Bought 2,500 pesos worth of biscuits to be sold Feb. 20, 2021 1,000 pesos worth of soft drinks were sold Feb. 20, 2021 1,100 pesos worth of biscuits were sold Feb. 20, 2021 Collected 2,300 pesos cash from sales Feb. 25, 2021 Paid utilities-water amounting 230 pesos Feb. 25, 2021 Paid utilities-electricity amounting 500 pesos Feb. 26, 2021 Paid taxes amounting 100 pesos Exercise 2 Direction: Show your solution in computing the net income resulting from the transactions in Exercise 1. Write your answers below.

Exercise 1 Direction: Record the following transactions. Use as many records or sheets as you can. Feb. 1, 2021 Borrowed 20,000 pesos cash from bank Feb. 2, 2021 Made 5,000 pesos down payment to contractor for making a small store Feb. 18, 2021 Bought 2,000 pesos worth of soft drinks to be sold Feb. 18, 2021 Bought 2,500 pesos worth of biscuits to be sold Feb. 20, 2021 1,000 pesos worth of soft drinks were sold Feb. 20, 2021 1,100 pesos worth of biscuits were sold Feb. 20, 2021 Collected 2,300 pesos cash from sales Feb. 25, 2021 Paid utilities-water amounting 230 pesos Feb. 25, 2021 Paid utilities-electricity amounting 500 pesos Feb. 26, 2021 Paid taxes amounting 100 pesos Exercise 2 Direction: Show your solution in computing the net income resulting from the transactions in Exercise 1. Write your answers below.

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Description: B. ExercisesExercise 1Direction:Record the following transactions. Use as many records or sheets as you can.Feb. 1, 2021 Borrowed 20,000 pesos cash from bankFeb. 2, 2021Made 5,000 pesos down payment to contractor for making asmall storeFeb. 18, 2021

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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Question Content Area Schedule of Cash Receipts Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's is an affordable restaurant near campus and several hotels. Rosita accepts cash and checks. Checks are deposited immediately. The bank charges $0.70 per check; the amount per check averages $85. “Bad” checks that Rosita cannot collect make up 4 percent of check revenue. During a typical month, Rosita's has sales of $50,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows: April $37,000 May 50,000 June 54,000 Required: Prepare a schedule of cash receipts for May and June. Round your intermediate computations and final answers to the nearest whole dollar. Rosita's Mexican RestaurantSchedule of Cash ReceiptsFor the Months of May and June May June Cash sales: $fill in the blank 1 $fill in the blank 2 Checks fill in the blank 3 fill in the blank 4 Total $fill in the blank 5 $fill in the blank 6
CHAPTER : BANK RECONCILIATION
nta 22 Coronado has the following assets at December 31, 2019. Cash in bank-savings account 134,000 Certificates of deposit (270-day) 226,000 sponder a como Cash on hand 1,600 Postdated checks 6,000 Cash refund due from State Taxing Authority 32,100 Checking account balance 12,000 What amount should be reported as cash? arcar nta O a. 135,600 O b. 134,000 O c. 179,700 O d. 147,600 pe here to search
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