Learning Task 2: Mr. Santos opened a barber shop called "Gupitan Shop" on February 1, 20X3. The following were the transactions during the first week of operations: February Transactions 1 Provided P300,000 cash as initial investment to the business. 2 Acquired furniture and fixture for P200,00 cash. 4 Purchased supplies for P30,000 cash. Rendered services worth P20,000 on cash basis 7 Paid P10,000 salaries of employees Requirement: A. Provide the journal entries B. Post the entries to the ledger (use T-accounts) C. Prepare the unadjusted trial balance

Learning Task 2: Mr. Santos opened a barber shop called "Gupitan Shop" on February 1, 20X3. The following were the transactions during the first week of operations: February Transactions 1 Provided P300,000 cash as initial investment to the business. 2 Acquired furniture and fixture for P200,00 cash. 4 Purchased supplies for P30,000 cash. Rendered services worth P20,000 on cash basis 7 Paid P10,000 salaries of employees Requirement: A. Provide the journal entries B. Post the entries to the ledger (use T-accounts) C. Prepare the unadjusted trial balance

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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Allocating Transaction Price to Performance Obligations and Recording Sales Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $196) for cash at the usual selling price of $280 and earns 280 points redeemable for $56 off future purchases of goods or services. The retailer expects redemption of 252 points or 90% of points earned. Required a. How should the transaction price be allocated among the performance obligation(s)? *Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Performance Obligations Product purchase s Loyalty rewards Total Transaction Price as stated Account Name To record sale of product. 280 ✔ S To record cost of sale of product. 280 S b. Prepare Maximum's journal entry to record the $280 sale to the customer and the cost of that sale where the customer earned 280 loyalty points. *Note: If a…
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Mbalamwezi Merchandising Enterprise conducted the following transactions during its first month of operations 1st Jan Issued sh500,000 of capital stock to owners 2nd Jan Obtained a loan for sh200,000 from XY Bank 3rd Jan Equipment was purchased for sh400,000 paying by cheque 4th Jan Merchandise inventory was purchased for sh250,000 on account 15th Jan Employees who earned sh5,000 this period were paid 16th Jan A utility bill for sh1,500 was received but not paid 17th Jan Merchandise inventory costing sh100,000 was sold to customers for sh175,000 on account 26th Jan Customers paid sh80,000 on their accounts 29th Jan Dividends of sh5,000 were paid REQUIRED: i) Conduct the debit credit analysis for the above transactions for the month of January 2022. ii) Journalize the events for the month
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Schedule of Cash Payments Tadpole Learning Systems Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $100,600 April 92,600 May 84,300 Depreciation, insurance, and property taxes represent $21,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in November. 60% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers. TADPOLE LEARNING SYSTEMS INC. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid in March 100,600 X Paid in April April expenses: Paid in April Sign out V O 11:07
Problem 1. The following pertains to the financial records of SinoTrump Company: Sales Month January February March P30.000 P40,000 P50,000 Purchases P16.000 P20.000 P28.000 Additional information: a. Cash is collected from customers in the following manner: Month of sale 30% 70% Month following the sale b. 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. c. Labor costs are 20% of sales. Other operating cost are P15,000 per month (including P4.000 depreciation expense). Both of these are paid in the month incurred. d. The cash balance on March 1 is P4,000. A minimum cash balance of P3,000 is required at the end of the month. e. A standby credit is available and money can be borrowed in multiples of P1.000. Requirements: 1. Cash collections from customers in March. 2. Cash paid to suppliers in March. 3. Total cash disbursement in March. 4. Ending cash balance for March.
Getting Better: Solve the Problem below. 1. Gypsy Co. had the following cash related transaction for the fist month of operation, March 2018. the owner invested P 100, 00 0 to start her business Bought P 50, 200 worth of merchandize inventory Sold goods for P 80, 500 on account Collected P 50, 800 from accounts receivable March 6. 15 17 Sold goods for cash P 75, 300 Paid employees salaries amounting to P 36, 900 paid electricity and water bills amounting to P 23, 600 the owner withdraw P 15, 500 for personal expenses 19 25 29 30 Required: Determine the T-account. Gaining Mastery: Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below. Normal Debit Credit Balance Date Assets Liability capital Gypsy Capital 100,000) Date cash Account Inventory Account Receivable payable March I 106, 000 P 501 200 PS0,200 is 17 19 25 29 30
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gandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Retu rn to Blackboard Help | System Announcements Exercise 5A-9 a-b Presented below is information for Ayayai Company for the month of March 2017. Purchases $212,426 Rent expense $ 30,000 Freight-in 8,000 Sales discounts 9,000 Purchase returns and allowances 7,000 Sales returns and allowances 12,000 Salaries and wages expense 58,000 Sales revenue 375,000 Beginning inventory was $47,000, and ending inventory was $59,000. Prepare a multiple-step income statement. AYAYAI COMPANY Income Statement For the Month Ended March 31, 2017 Cost of Goods Available for Sale 375000 Sales Revenue Less . : 12000 Sales Returns and Allowances 9000 %24 %24
As an assistant financial manager for Taring Jitu Sdn Bhd, you are required to measure the firm's cash conversion cycle, operating cycle, production cycle, collection cycle, and payment cycle on one of your manufacturing products. The Board of Director will rely on your result to help them to make a decision. Below is the necessary information for the most recent fiscal year prepared by your accountant and puts together into table: Cash sales RM 650,000 Credit sales RM 970,000 Total sales RM 1, 620,000 Cost of goods soldRM 1,010,000 Ending Balance Beginning Balance Accounts receivable RM 52,000 RM 48,000 Inventory RM22, 500 RM 18, 800 Accounts payable RM21,000 RM 17,100 By using above data, measure the cash conversion cycle.
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