1. How much is the cash balance after all transactions were taken into account?2. How much is the accounts receivable balance after analyzing all transactions.3. How much is baking supplies left after taking into account all transactions. Choy, after receiving her degree in Hotel and Restaurant Management began her own businesscalled Choy Cakes and Patries. She completed the following transactions soon after the start of the business.Choy began her business with a P150,000 cash investment, which she deposited in the bank anda laptop and printer worth P35,000.Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month.Choy does her baking at their home and she only needed a display and sales outlet for her products.Purchased an oven worth P70,000 in cash.Purchased baking supplies on account worth P50,000.Purchased baking paraphernalia like pans, etc.worth P20,000, in cash.Received cash for cakes and pastries sold, P40,000 for the month.Billed a customer for the cakes and pastries ordered for a birthday party, P15,000.a.b.C.d.е.f.g.h.Paid utilities for the month worth P5000.Paid her parents for the space being used as baking area at their home, P5000.Determined that baking supplies is now worth P30,000 for the month.From letter D transaction, Choy paid P20,000.Customer from letter G paid his order in full.Choy withdrew P10,000 cash from the business for personal use.i.j.k.1.m.Required: Analyze the transactions as to their effect on the accounting equation. Show new balances aftereach transaction. Identify each owner's equity account type.Please use the following account names / account titles for uniformity:Assets:CashAccounts receivableBaking suppliesBaking toolsOvenOffice equipmentLaibility: Accounts payableCapital: Choy, capitalChoy, WithdrawalsSales revenueRent expenseUtilities expenseBaking supplies expense

Accounting equation is the equation which says that total assets must be equal to total liabilities…

How much is the cash balance after all transactions were taken into account? 2. How much is the accounts receivable balance after analyzing all transactions. 3. How much is baking supplies left after taking into account all transactions.

How much is the cash balance after all transactions were taken into account? 2. How much is the accounts receivable balance after analyzing all transactions. 3. How much is baking supplies left after taking into account all transactions.

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

1. How much is the cash balance after all transactions were taken into account?

2. How much is the accounts receivable balance after analyzing all transactions.

3. How much is baking supplies left after taking into account all transactions.

Choy, after receiving her degree in Hotel and Restaurant Management began her own business
called Choy Cakes and Patries. She completed the following transactions soon after the start of the business.
Choy began her business with a P150,000 cash investment, which she deposited in the bank and
a laptop and printer worth P35,000.
Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month.
Choy does her baking at their home and she only needed a display and sales outlet for her products.
Purchased an oven worth P70,000 in cash.
Purchased baking supplies on account worth P50,000.
Purchased baking paraphernalia like pans, etc.worth P20,000, in cash.
Received cash for cakes and pastries sold, P40,000 for the month.
Billed a customer for the cakes and pastries ordered for a birthday party, P15,000.
a.
b.
C.
d.
е.
f.
g.
h.
Paid utilities for the month worth P5000.
Paid her parents for the space being used as baking area at their home, P5000.
Determined that baking supplies is now worth P30,000 for the month.
From letter D transaction, Choy paid P20,000.
Customer from letter G paid his order in full.
Choy withdrew P10,000 cash from the business for personal use.
i.
j.
k.
1.
m.
Required: Analyze the transactions as to their effect on the accounting equation. Show new balances after
each transaction. Identify each owner's equity account type.
Please use the following account names / account titles for uniformity:
Assets:
Cash
Accounts receivable
Baking supplies
Baking tools
Oven
Office equipment
Laibility: Accounts payable
Capital: Choy, capital
Choy, Withdrawals
Sales revenue
Rent expense
Utilities expense
Baking supplies expense

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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