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- Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…thanksREQUIREMENT: JOURNAL ENTRIES
- MARCH 1 Caleb invested ₱50,000 cash and ₱20,000 equipment to his Kaizen Consultancy Services. 3 Bought ₱15,000 equipment from Triple M Co., on credit. 6 Consultancy services rendered on account, ₱12,000. 6 Paid Triple M Co., ₱5,000 as partial payment of account. 7 Consultancy services rendered for cash, ₱8,000. 8 Collected ₱3,000 from a customer. 10 Received electric bill from Meralco, ₱2,800. 12 Returned ₱1,500 defective equipment to Triple M Co. 13 Caleb withdrew ₱9,000 from the company’s bank account and deposited it to his own account. 14 Paid electric bill to Meralco. 15 Caleb withdrew ₱40,000 for his vacation. 23 Paid Triple M Co., in full. 24 Caleb deposited ₱14,000 to the company’s bank account. 28 Paid telephone bill for the month, ₱9,600. This bill includes ₱6,000 of Caleb’s personal plan.Rr.2.Make a journal entry
- create a journal entry and t accounts using the following transaction of august. 1 Garcia invested Php48000 cash in the business1 Rented office space and paid Php800 cash for the August rent3 Purchased exploration equipment for Php22000 by paying cash and agreeing to pay the balance in 3 months5 Purchased office supplies by paying Php1500 cash6 Completed exloration work and immediately collected Php420 cash for the work8 Purchased Php1350 of office equipment on credit15 Completed exploration work on credit in the amount of Php800018 Purchased Php700 of office supplies on credit20 Paid cash for the office equipment purchased on August 824 Billed a client Php2400 for work completed; the balance is due in 30 days28 Received Php5000 cash for the work completed on August 1530 Paid the assistant's salary of Php1100 cash for this month30 Paid Php340 cash for this month's utility bill30 Garcia withdrew Php1050 cash from the business for personal useMake a general journal. Jerome Garcia started a new business and completed these transactions during August: Aug. 1 Garcia invested ₱48,000 cash in the business. Aug. 1 Rented office space and paid ₱800 cash for the August rent. Aug. 3 Purchased exploration equipment for ₱22,000 by paying ₱12,000 cash and agreeing to pay the balance in 3 months. Aug. 5 Purchased office supplies by paying ₱1,500 cash. Aug. 6 Completed exploration work and immediately collected ₱420 cash for the work. Aug. 8 Purchased ₱1,350 of office equipment on credit. Aug. 15 Completed exploration work on credit in the amount of ₱8,000. Aug. 18 Purchased ₱700 of office supplies on credit. Aug. 20 Paid cash for the office equipment purchased on August 8. Aug. 24 Billed a client ₱2,400 for work completed; the balance is due in 30 days. Aug. 28 Received ₱5,000 cash for the work completed on August 15. Aug. 30 Paid the assistant's salary of ₱1,100 cash for this month. Aug. 30 Paid ₱340 cash for this…On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 9 percent interest. Required: a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? Note: For all requirements, round your answers to the nearest dollar amount. a. b. ذان C. e f. f. g. × Answer is not complete. Interest income Receivables Cash used in investing activities Interest income Cash Cash provided by operating activities Cash provided by investing activities Interest earned P ✔ >>
- how to fill in the boxesProblem 1: On Febuary 14, 2018, Floating Restaurant Company established a sales agency in Loboc. Upon establishment of the sales agency, the home office sent samples costing ₱8,000 and a working fund of ₱8,000 to be maintained on the imprest baisis. During the six months period, the sales agency reported to the home office sales orders. These were billed at ₱70,000 of which of ₱40,000 was collected) the sales agency paid expenses of ₱5,800 but was reimbursed by the home office. On August 15, 2018, the sales agency samples was valued at ₱2,000. It was estimated that the gross profit on goods shipped to fill sales order averaged 40% of cost. Required: Show the solution. 1.) The cost of sales of the sales agency for the six months period is 2.) The net income of the sales agency for the six months period is Problem 2: JCO KREMES Company had an agency in SM Cebu and a working fund for ₱20,000 is established on the imprest basis. The first payment from the fund is ₱3,000 for rent. This…Dec 1. Mr Rasool commenced business with the Capital of Rs.10,00,000 cash. Dec 1 Purchased for Rs.140,000 equipment and made Rs. 40,000 cash and issued 6 months notes payable for balance amount at 6% per annum interest. Dec 2. Purchased office furniture for Rs. 240,000 and paid Rs. 150,000 in cash and balance to be paid in 30 days with useful life of 5 years. Dec 3. Purchased office supplies on account from Flowers Inc., for Rs. 65,000. Payment is due within 30 days. Dec 5. Purchased computer systems for Rs. 100,000 from AP Computers and paid Rs. 20000 in cash. Balance amount to be paid in two equal installments on December 21, and January 10 next year. Dec 17. HB Bros., found that a computer system was not working well that was purchased from AP Computer on account. Therefore, the company returned this system that costs Rs. 12500. Dec 21. Rented a small portion of land to a firm for business activities at Rs. 2000 per day. However, full amount will be collected when business…