Mr. Sojo opened up a merchandising business on October 1 2019 with a cash investment of 50,000. The following activities were given: Mr. Sojo op e nedup a merchand ising businesson Oc to ber 1, 2019 withа cas hin vestment of P50 ,000.The follo w ing activities wer e given:Cash received fro m205,000.0 ocusto m ersCash borrow ed fro mthe ban k150,000.00Utilitie s, sala rie s, sup plies and ren tpaid115,000.0oCash paid to theban k50,000.00Cash purchase for equ ip ment100,000.00Cash purchase for furn itu re25,000.00Eq u ip m ent bou ght on credit150,000.0 0Ad d itio n al inv estm ent200,000.00withd raw al40,000.00Ad d itio n al info rm a tio n;1. Sup plies am ounted to 20% of the utilitie s, salaries, supp lie s and rent paid in tot al2. At the en d of the month, it was fou nd that of the sup p lies pa id, on ly 30% were used.RE QUIREMENT:1.Journal En tries2.Ledger3.Un a d ju ste d Tri al Bal anceAd ju sting En tries4.5.Ad ju sted Trial Bala nce6.State ment of Com prehensive IncomeState ment of Changes in Equit y7.8.State ment of Cash Flow s9.State m ent of Fin anciaI Positio n

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Description: Mr. Sojo opened up a merchandising business on October 1 2019 with a cash investment of 50,000. The following activities were given: Mr. Sojo op e nedup a merchand ising businesson Oc to ber 1, 2019 withа cas hin vestment of P50 ,000.The follo w ing

Answered: Journal En tries 1. 2. Ledger 3. Un ad…

Business

Accounting

Journal En tries 1. 2. Ledger 3. Un ad ju ste d Tri al Bal a nce

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

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Mr. Sojo opened up a merchandising business on October 1 2019 with a cash investment of 50,000. The following activities were given:

Mr. Sojo op e ned
up a merchand ising business
on Oc to ber 1, 2019 with
а cas h
in vestment of P50 ,000.
The follo w ing activities wer e given:
Cash received fro m
205,000.0 o
custo m ers
Cash borrow ed fro m
the ban k
150,000.00
Utilitie s, sala rie s, sup plies and ren t
paid
115,000.0o
Cash paid to the
ban k
50,000.00
Cash purchase for equ ip ment
100,000.00
Cash purchase for furn itu re
25,000.00
Eq u ip m ent bou ght on credit
150,000.0 0
Ad d itio n al inv estm ent
200,000.00
withd raw al
40,000.00
Ad d itio n al info rm a tio n;
1. Sup plies am ounted to 20% of the utilitie s, salaries, supp lie s and rent paid in tot al
2. At the en d of the month, it was fou nd that of the sup p lies pa id, on ly 30% were used.
RE QUIREMENT:
1.
Journal En tries
2.
Ledger
3.
Un a d ju ste d Tri al Bal ance
Ad ju sting En tries
4.
5.
Ad ju sted Trial Bala nce
6.
State ment of Com prehensive Income
State ment of Changes in Equit y
7.
8.
State ment of Cash Flow s
9.
State m ent of Fin anciaI Positio n

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