Jan 1Bought new machineries worth P80,000 in account.Jan 5Purchased P50,000 worth of computer parts inventory, paying P20,000cash the balance in account.Jan 9Paid P5,000 cash for interest from a bank loan.Jan 17Sold twd machineries for a total of P9,000 in cash.Jan 19Sold P20,000 worth of computer parts for P35,000 in cash.Jan 25Purchased new machinery for P10.000 in account.Jan 29Scid P10,000 worth of computer parts for P20.000 in account.DateDescriptionDebitCreditHow much is the balance of her accounts payable?How much is her total sales for January?iow much interest did she pay?How much is the balance of her accounts receivable?How much is the balance of her nachinerv account? After working as a bookkeeper for Mae's RTW business, she refers you to anotherclient and her good friend, Crystal. She owns a gadgets shop and needs your help tokeep her company books updated.Here are the January transactions for her business:

A journal entry is a form of accounting entry that is used to report a business transaction in a…

Jan 1 Bought new machineries worth P80.000 in account. Jan 3 Purchased P50,000 worth of computer parts inventory, paying P2 cash the balance in account. Jan 9 Paid P5,000 cash for interest from a bank loan. Jan 17 Sold two machineries for a total of P9,000 in cash. Jan 19 Sold P20,000 worth of computer parts for P35,000 in cash. Jan 25 Purchased new machinery for P10.000 in account. Jan 29 Scid P10.000 werth of computer parts for P20.000 in account. Date Description Debit Crec low much is the balance of her accounts payable? How much is her total sales for January? iow much interest did she pay? How much is the balance of her accounts receivable? Eow much is the balance of her inachinerv account?

Jan 1 Bought new machineries worth P80.000 in account. Jan 3 Purchased P50,000 worth of computer parts inventory, paying P2 cash the balance in account. Jan 9 Paid P5,000 cash for interest from a bank loan. Jan 17 Sold two machineries for a total of P9,000 in cash. Jan 19 Sold P20,000 worth of computer parts for P35,000 in cash. Jan 25 Purchased new machinery for P10.000 in account. Jan 29 Scid P10.000 werth of computer parts for P20.000 in account. Date Description Debit Crec low much is the balance of her accounts payable? How much is her total sales for January? iow much interest did she pay? How much is the balance of her accounts receivable? Eow much is the balance of her inachinerv account?

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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Adam and David are two entrepreneurs who agreed to form a corporation ("A&D") to operate a car repair shop in the Boston region. They began business on January 1, 2021 with the following transactions occurred during the month of January. Prepare journal entries, T-accounts, and a balance sheet as of January 31, 2021 for A&D. Organize your T-accounts by following the order of assets, liabilities, equity, revenues, and expenses. Each T-account should start with a beginning balance and end with an ending balance for each reporting period. (Note: for T-accounts, you may use a table like the one below. Create a table using the "Insert" or "Table" function in the ribbon. Cells can be merged from the "Table" function in the ribbon. You can access more format functions when you click the three dots on the right side above the text entry box.) Name of account 1 Name of account 2 Name of account 3 1. (a) Adam contributed $100,000 to A&D in exchange for 1,000 shares of A&D common stock. (b) David…
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Mr. Yiadom decided on 1 July, to invest his insurance compensation of GHȼ 4,000,000 in a retail business to buy and sell second hand shovels. The following transactions took place from that month to December. Date Purchases Quantity Cost Date Sales Quantity ValueJuly5 200 720,000 Aug 2 500 2,500,000Aug 1 400 1,520,000 Sept 3 600 2,400,000Oct 4 400 1,400,000 Oct 12 600 2,700,000Dec 7 500 1,400,000 Dec 12 400 1,500,000RequiredCalculate the cost of shovels issued during the period and the cost of shovels on hand on 31/12 using the following methods of pricingi) FIFO ii) LIFO iii) Weighted average (calculation to nearest whole number)
Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $42,900 in tailoring fees, and paid $12,100 in expenses. Depreciation expense totaled $1,500. Accounts receivable increased $1,050, supplies increased $3,700, and accrued liabilities increased $1,800. Pat's accrual-basis net income was: Multiple Choice $32,250. $26,350. $35,850. $22,750.
July 1 Sold $21,600 of computers to Robertson Company with terms 3/15, n/60. Windsor uses the gross method to record cash discounts. Windsor estimates allowances of $1,404 will be honored on these sales. 10 Windsor received payment from Robertson for the full amount owed from the July transactions. 17 Sold $216,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Windsor for its purchase of July 17. Prepare the necessary journal entries for Windsor Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation (To record sales revenue.) (To record allowance for sales returns.) Debit Credit
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Please see below. I need to make sure that what I have included details 2 accrual and 2 deferral transactions correctly. Please let me know if I need to correct something.
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Mr Johannes started business with Cash N$200000; purchased goods for cash N$60 000 and on credit N$150 000; sold goods for cash costing N$40 000 at a profit of 20% and on credit costing N$72 000 at a profit of 25%. He paid for rent N$5 000. Determine the selling price for goods sold for cash Answer:
Dec. 2 Paid $1,060 cash to Northview Mall for Security First’ share of mall advertising costs. Dec. 3 Paid $520 cash for minor repairs to the company’s computer. Dec. 4 Received $6,900 cash from Brady Engineering Co. for the receivable from November. Dec. 10 Paid cash to Zahara Hughes for six days of work at the rate of $160 per day. Dec. 14 Notified by Brady Engineering Co. that Security First’ bid of $7,100 on a proposed project has been accepted. Brady paid a $1,550 cash advance to Security First. Dec. 15 Purchased $2,250 of computer supplies on credit from Arnold Office Products. Dec. 16 Sent a reminder to Jackson Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Masters Corporation and received $7,900 cash. Dec. 22-26 Took the week off for the holidays. Dec. 28 Received $4,400 cash from Jackson Co. on its receivable. Dec. 29 Reimbursed K. Hughes for business automobile mileage…
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