10:084 64%+ FAR PROBLEM 2..FAR PROBLEM 2Jared Hawk established an insurance agency on July 1 of the current year and completed the followingtransactions during July:a. Opened a business bank account with a deposit of P50.000 from personal funds.b. Purchased supplies on account, P1.600.c. Paid creditors on account, P500d. Received cash from fees earned on insurance commissions, P9,250.e. Paid rent on office and equipment for the month, P2,50.f. Paid automobile expenses for the month, P900, and miscellaneous expenses, P300.8. Paid office salaries, P1,900.h. Determined that the cost of supplies on hand was P550, therefore, the cost of supplies used wasP1,050.I. Billed insurance companies for sales commission earned P11,150.J. Withdrew cash for personal use, P2,700.Seatwork:1. Prepare the followinga. Journal Entryb. T-accountC. Unadjusted Trial Balanced. Balance sheete.Income Statement

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Answered: Jared Hawk established an insurance…

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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Prepare a statement of financial position.
Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $48,000 in exchange for common stock. Borrowed $25,000 by issuing a note payable. Received cash from fees earned, $28,500. Paid rent on office and equipment for the month, $2,600. Paid automobile expense for the month, $1,800, and miscellaneous expense, $1,000. Paid office salaries, $4,200. Paid interest on the note payable, $90. Purchased land as a future building site, $60,000. Paid dividends, $4,300. Instructions: 1. Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts. 2. Which of the following shows the correct effect on the accounting equation for a utility expense…

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