Feb 2 1. Sue Feria opened a travel agency business on April 5, 2019. A month after she was able to comply with the legal requirements and documents, the business started operation. The following balances were taken on April 30. 2019: Inve Date Cash 61,000 Due from Supplies Furniture Equipment Customers 14,500 50,500 25,000 Account due to Ros 15,000 24-month Feria, Capital Note Due to BDO 50,000 30 31 Supplies used up, P3,500. Explanation for chang Taxes and +100,000 Investme 8,000 Licen 6.000 The following transactions took place during the month of May: 2 Received P45,000 from the office of Pagcor for the processing of their documen with the Department of Foreign Affairs. Use the revenue title - Processing Fees 2 Received from various airline companies commission for ticket purchased for client P28,000. Use the revenue title - Commission Income. Registrati n Expe 5 Paid P10,000 to BDO. 8 Paid for supplies bought, P7,250. 10 Received P8,000 commission from airline companies for tickets purchased for clients. 11 Bought a photocopying machine for P15,000 by paying 50% in cash, the balance on account. 14 Collected service fees of P5,000 from clients for processing of visa and passport. 15 Paid cash for salaries, P15,000. 18 Billed Moyses Company P12,000 for processing of visa and passport of their officers. 20 Mr. and Mrs. Smith paid P1,000 for the processing of their papers. 24 Paid P5,000 of the account due to Ros. classified report form of statement of financial position. b) Using the cash column, prepare a working paper of cash flows, Fay Fed 25 Moyses Company paid 50% of their account. 27 Billed PAL P3,500 for commissions accruing on tickets purchased. 28 Bills were received from the following: PLDT, P3,500 and Meralco, P5,500. 29 Receipts from various clients for services rendered: from tourist and immigrants P4,500 and airline companies, P7,500. Paid cash P7,500 for rent and P15,000 for salaries. Analyze the above transactions, start with the balances given on April 30. a) Present an income statement, statement of changes in owner's equity, a proper

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Sue Feria opened a travel agency business on April 5, 2019. A month after she was able to comply with the legal requirements and documents, the business started operation. The following balances were taken on April 30, 2019:

Analyze the above transactions, start with the balances given on April 30.

a) Present an income statement, statement of changes in owner's equity, a properly classified report form of statement of financial position.

1. Sue Feria opened a travel agency business on April 5, 2019. A month after she was able to
comply with the legal requirements and documents, the business started operation. The
following balances were taken on April 30, 2019:
Supplies Furniture Equipment
Feb 2
Investment of
Date
Cash
61,000
Due from
Customers
14,500 50,500
25,000
Account
due to Ros
15,000
24-month
Note Due
to BDO
50,000
Feria,
Capital
+100,000
Investmen
Taxes and
8,000 Licens
Explanation
for chang
6.000
classified report form of statement of financial position.
b) Using the cash column, prepare a working paper of cash flows.
Fay Fedor started a doliur
Registrata
nExpe
The following transactions took place during the month of May:
2 Received P45,000 from the office of Pagcor for the processing of their document
with the Department of Foreign Affairs. Use the revenue title - Processing Fees
2 Received from various airline companies commission for ticket purchased for clients
P28,000. Use the revenue title - Commission Income.
5
Paid P10,000 to BDO.
8 Paid for supplies bought, P7,250.
10 Received P8,000 commission from airline companies for tickets purchased for clients.
11 Bought a photocopying machine for P15,000 by paying 50% in cash, the balance on account.
14 Collected service fees of P5,000 from clients for processing of visa and passport.
15 Paid cash for salaries, P15,000.
18 Billed Moyses Company P12,000 for processing of visa and passport of their officers.
20 Mr. and Mrs. Smith paid P1,000 for the processing of their papers.
24 Paid P5,000 of the account due to Ros.
25 Moyses Company paid 50% of their account.
27 Billed PAL P3,500 for commissions accruing on tickets purchased.
28
Bills were received from the following: PLDT, P3,500 and Meralco, P5,500.
29 Receipts from various clients for services rendered: from tourist and immigrants,
P4,500 and airline companies, P7,500.
Paid cash P7,500 for rent and P15,000 for salaries.
30
31 Supplies used up, P3,500.
Analyze the above transactions, start with the balances given on April 30.
a) Present an income statement, statement of changes in owner's equity, a properly
Transcribed Image Text:1. Sue Feria opened a travel agency business on April 5, 2019. A month after she was able to comply with the legal requirements and documents, the business started operation. The following balances were taken on April 30, 2019: Supplies Furniture Equipment Feb 2 Investment of Date Cash 61,000 Due from Customers 14,500 50,500 25,000 Account due to Ros 15,000 24-month Note Due to BDO 50,000 Feria, Capital +100,000 Investmen Taxes and 8,000 Licens Explanation for chang 6.000 classified report form of statement of financial position. b) Using the cash column, prepare a working paper of cash flows. Fay Fedor started a doliur Registrata nExpe The following transactions took place during the month of May: 2 Received P45,000 from the office of Pagcor for the processing of their document with the Department of Foreign Affairs. Use the revenue title - Processing Fees 2 Received from various airline companies commission for ticket purchased for clients P28,000. Use the revenue title - Commission Income. 5 Paid P10,000 to BDO. 8 Paid for supplies bought, P7,250. 10 Received P8,000 commission from airline companies for tickets purchased for clients. 11 Bought a photocopying machine for P15,000 by paying 50% in cash, the balance on account. 14 Collected service fees of P5,000 from clients for processing of visa and passport. 15 Paid cash for salaries, P15,000. 18 Billed Moyses Company P12,000 for processing of visa and passport of their officers. 20 Mr. and Mrs. Smith paid P1,000 for the processing of their papers. 24 Paid P5,000 of the account due to Ros. 25 Moyses Company paid 50% of their account. 27 Billed PAL P3,500 for commissions accruing on tickets purchased. 28 Bills were received from the following: PLDT, P3,500 and Meralco, P5,500. 29 Receipts from various clients for services rendered: from tourist and immigrants, P4,500 and airline companies, P7,500. Paid cash P7,500 for rent and P15,000 for salaries. 30 31 Supplies used up, P3,500. Analyze the above transactions, start with the balances given on April 30. a) Present an income statement, statement of changes in owner's equity, a properly
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