February 1Nicole transferred cash of P300,000 from her personal bank account to an account to beused for her business. She also invested the following: digital camera: P45,000; manualcamera: P25,000; desktop computer: P28,000; photo papers and ink: P14,000; and herpersonal debts evidenced by a note which would be assumed by the business, P12,000.February 4Paid six-month advance rent to Sevs Commercial Complex, P30,000.February 6Received a statement of account from Brian News for advertising this month, P5,500.February 8Bought photo enhancing and editing equipment for Mitz Outlet for P40,000. Shekinahpaid 30% down payment and the balance on account.February 12Hired office assistant with a monthiy salary of P6,000. The office assistant officialiy startedon February 16, 2019.February 13Photography services rendered totaled P18,000. Terms: 25% cash and the balance settledon account.February 14 Purchased office sofa set from Renz Designs for P30,000 on account. - Paid various operating expenses during the month: Meeting potential clients: P4,000;Electricity: P23,000; Telephone expense: P6,000 and Repairs expense:February 15P2,500.Februdi y 18 i Photogiapiny services rendered ioidieu P180,000, oí wiich 25% was seitied withh aninterest-bearing note and the balance on account.february 20 Received photography advanccs from a couple for a prenuptiäl coverage to be renderednext month, P60,000.February 22 Collected 90% of the outstanding receivable from Februery 13February 24Paid in full the statement of account received last February 6February 26Paid 80% of the outstanding obligation to Mitz Outlet and for the remaining balance, sheissued an interest-bearing note.February 27Paid half of the outstanding obligation to Renz Designs.February 28Paid salary of the office assistant, P3,097.Shekinah Photography uses the foliowing account titles:Furniture andCachPhotography EquipmentSalaries PayablcFixturesAccounts PayablePhotography Supplies Office EquipmentDelivery VehicieAdvertising ExpenseLoan PayableSalaries ExperseAccounts ReceivablePhotography ServicesAdvances fromNotes PayableUtilities FxpenseRevenueClientsRepairs ExpenseRepresentation expenseNotes ReceivableInterest ReceivableShekinah, DrawingShekinah, Capital| Prepaid RentInsuranceExpenseRequired:1. Journalize the given transactions.2.Post the transactions.3. Prepare TRIAL BALANCE.

"Since you have asked multiple questions, we will solve the first question for you. If you want any…

February 1 Nicole transferred cash of P300,000 from her personal bank account to an account to be used for her business. She also invested the foliowing: digital camera: P45,000; manual camera: P25,000; desktop computer: P28,000; photo papers and ink: P14,000; and her persona! debts evidenced by a note which would be assumed by the business, P12,000. February 4 Paid six-month advance rent to Sevs Commercial Complex, P30,000. February 6 Received a statement of account from Brian News for advertísing this month, P5,500. February 8 Bought photo enhancing and editing equipment for Mitz Outlet for P40,000. Shekinah paid 30% down payment and the balance on account. February 12 Hired office assistant with a monthiy salary of P6,000. The office assistant officiaily started on February 16, 2019. February 13 Photography services rendered totaled P18,000. Terms: 25% cash and the balance settled on account. February 14 Purchased office sofa set from Reiz Designs for P30,000 on account.

February 1 Nicole transferred cash of P300,000 from her personal bank account to an account to be used for her business. She also invested the foliowing: digital camera: P45,000; manual camera: P25,000; desktop computer: P28,000; photo papers and ink: P14,000; and her persona! debts evidenced by a note which would be assumed by the business, P12,000. February 4 Paid six-month advance rent to Sevs Commercial Complex, P30,000. February 6 Received a statement of account from Brian News for advertísing this month, P5,500. February 8 Bought photo enhancing and editing equipment for Mitz Outlet for P40,000. Shekinah paid 30% down payment and the balance on account. February 12 Hired office assistant with a monthiy salary of P6,000. The office assistant officiaily started on February 16, 2019. February 13 Photography services rendered totaled P18,000. Terms: 25% cash and the balance settled on account. February 14 Purchased office sofa set from Reiz Designs for P30,000 on account.

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

James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. 11 A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent. 22 Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent. 25 Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…
Carol Stokke receives her April 6 bank statement showing a balance of $859.75; her checkbook balance is $954.25. The bank statement shows an ATM charge of $25.00, NSF fee of $27.00, earned interest of $2.75, and Carol's $630.15 refund check, which was processed by the IRS and deposited to her account. Carol has two checks that have not cleared-No. 115 for $521.15 and No. 116 for $205.50. There is also a deposit in transit for $1,402.05. Prepare Carol's bank reconciliation. (Input all amounts as positive values. Round your answers to 2 decimal places.) BANK RECONCILIATION Carol's checkbook balance Bank balance Add: Add: Subtotal Subtotal Deduct: Dedut: Subtotal Reconciled balance Reconciled balance
Journal entry for: Feb1: paid rent for February amounting to $660, cheque#3354. Feb1: Tee R Us decided to establish a petty cash fund for the office. A cheque #3355 of $500 was issued and cashed
2. Ranfurly has been operating a checking account for the past month. After his last transaction log reconciliation he calculated that his beginning balance was $3,465.22. He collected and deposited cash monies twice during the month in the amount of $354.44 and $900.00. He wrote check no 34 on august 3d in the amount of $56.78 to WSC, check no 35 pm august 18h in the amount of $667.00 to BPL, check no 36 on august 20h in the amount of $500.00 to Precious Tots preschool for his son, check no 37 on august 20h in the amount of $200.00 to Ycares fashion center, check no 38 on august 26th to Cable Bahamas in the amount of $90.00. His bank automatically withdraws $1500.00 for his monthly mortgage payment, and $500 for his monthly credit card payment. He also deposited his monthly paycheck on August 28 in the amount of $2900.00. Make all entries in the transaction log below: Transaction Date Description Debit Credit Balance Number
B. Problem (please refer to the picture.)
The following transactions occurred during the month of October 2021. Date 1 2 3 4 5 6 7 9 11 12 13 14 16 20 28 30 Transactions Balance brought forward from last month: Cash RM 295; Bank RM 4,240. Cash sales RM310. Took RM 200 out of the cash register and paid it into the bank Farid paid us by cheque RM194. We paid for postage stamps in cash RM80. Bought office equipment by cheque RM310. We paid Roslan by cheque RM94. Received business refund by cheque RM115. Withdrew RM 150 from the bank for business use. Paid wages in cash RM400. Cash sales RM430. Paid motor expenses by cheque RM81. Jamal lent us RM1,500 in cash. Kamarul paid us by cheque RM174. We paid general expenses in cash RM35. Paid insurance by cheque RM320. Required: Prepare a two-columns cash book for the month of October 2021.
Mr. P's bank statement dated 31.12.2021 showed a balance with his Bank of $924, when checked with his Cash Book the following were noted :(a) During December, the Bank had paid $200 for a yearly contribution of Mr. P made to a local charity, as per his standing order. This amount appeared in the Bank statement but not in the Cash Book.(b) The Bank had credited his account with $28 interest and had collected on his behalf `$230 as dividends. No corresponding entries were made in the Cash Book.(c) A cheque of $65 deposited into the Bank on 28.12.2021 was not cleared by the Bank till after 31.12.2021(d) A cheque of $150 deposited into and cleared by the Bank before 31.12.2021 was not entered in the Cash Book, through an oversight.(e) Cheques drawn by and posted to parties by Mr. White on 31.12.2021 for $73, $119 and $46 were presented for payment to the Bank only on 3.1.2021.
On 30 June 2023, Maximo’s cash book showed that he had an overdraft of K300 on his current account at the bank. A bank statement as at the end of June 2023 showed that Maximo was in credit with the bank by K65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to K500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to K400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Maximo the bank had transferred interest received on his deposit account amounting to K60 to his current account, recording the transfer on 5 July 2023. This amount had, however, been credited in the cash book as on 30 June 2023. (d) Bank charges of K35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by K10. (f) Dividends received amounting to K200 had been paid direct to the bank and not…
Lowell Bank reported the following checking account fees: $2 to see a real-live teller, $20 to process a bounced check, and $1 to $3 if you need an original check to prove you paid a bill or made a charitable contribution. This past month you had to transact business through a tellet six times-a total $12 cost to you. Your bank statement shows a $305,33 balance your checkbook shows a $1,009.76 balance. You received $1.10 in interest. An $80115 deposit was not recorded on your statement. The following checks were outstanding: No. 413. $28.30, No. 414, $18.60, and No. 418, $60.72. Prepare your bank reconciliation (Input all amounts as positive values. Round your answers to 2 decimal places) Checkbook balance Add: Interest Subtotal Deduct Teller fee Reconciled balance Y BANK RECONCILIATION $ 1,009 76 Bank balance Add: 1.10 $1,010.86 12.00 $ 998 58 Deposit in transit Subtotal Deduct Outstanding checks (total) Reconciled balance - ** $ 74 $ 305.33 801.15 1,106.48 107,62 998.86
K Adjusted Bank Balance. Mary's last bank statement showed an ending balance of $156.45. This month, she deposited $548.61 in her account and withdrew a total of $230.67. Furthermore, Mary wrote a total of five checks, two of which have cleared. The two checks that have cleared total $133 55 The three remaining checks total $100.44. Mary pays no fees at her bank. What is the balance shown this month on Mary's bank statement? What is the adjusted bank balance? CETTS The balance show this month on Mary's bank statement is 5 (Round to the nearest cent)
4
Record each transaction in a journal entry. Explanations are not required.