Rent for the monthMonthly take-home salaryCash in chequing accountSavings account balanceSpending for foodBalance of educational loanCurrent value of automobileTelephone bill paid for monthCredit card balanceLoan payment$ 1,410 Auto insurance3,740 Household possessions650 Stereo equipment2,860 Payment for electricity1040 Lunches/parking at work2,320 Donations7,960 Home computer70 Value of stock investment265 Clothing purchase98 Restaurant spending$3223,9403,110972381132,3301170141211 Use the following items to prepare a balance sheet and a cash flow statement.Determine the total assets, total liabilities, net worth, total cash inflows, and total cashoutflows. (Omit the "$" sign in your response.)Rent for the monthMonthly take-home salaryCash in chequing accountSavings account balanceSpending for foodBalance of educational loanCurrent value of automobileTelephone bill paid for monthCredit card balanceLoan paymentpicture Click here for the Excel Data FileTotal assetsTotal liabilitiesNet worthTotal cash inflowsTotal cash outflows$$$$ 1,4103,7406502,8601,0402,3207,9607026598Auto insuranceHousehold possessionsStereo equipmentPayment for electricityLunches/parking at workDonationsHome computerValue of stock investmentClothing purchaseRestaurant spending

Balance sheet means:- Balance sheet is one of the most important financial statements, that lists…

Monthly take-home salary Cash in chequing account Savings account balance Spending for food Balance of educational loan 3,740 Household possessions 650 Stereo equipment 2,860 Payment for electricity 1040 Lunches/parking at work 2,320 Donations ✓

Monthly take-home salary Cash in chequing account Savings account balance Spending for food Balance of educational loan 3,740 Household possessions 650 Stereo equipment 2,860 Payment for electricity 1040 Lunches/parking at work 2,320 Donations ✓

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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Using the following information, prepare the journal entries to: a. Establish a $200 petty cash fund on January 2. b. Reimburse the petty cash fund at the end of the month. Date Voucher No. Purpose Amount Jan. 2 1 Office supplies $15 6 2 Withdrawal by owner 20 7 3 Lunch with client 35 7 4 Postage 12 8 5 Donation to United Way 25 12 6 Telephone repair 32 23 7 Office supplies 15 28 8 Lunch with client 40 If an amount box does not require an entry, leave it blank.
Plz explain how the things come from.
C Record the following transactions. Mar 5 Established a Petty Cash Fund amounting to P4,000 Mar 6-25 Paid for the following Mar Food for the visitors Flowers for Gen Manager Parking Fees and Toll gate fees IOU of employee Office supplies 26 Replenished Petty Cash P Cash on hand totalled P150.00 27 Increased PCF by P2,250 Mar Mar 28-31 Paid for the following Maynilad Office supplies 1,199.00 750.00 201.50 1,000.00 723.00 850.00 425.00 April 1-22 Paid for the following Office supplies Repair of equipment IOU of employee April 2,122.00 1,250.00 1,500.00 23 Replenished petty cash fund Cash on hand totalled P100.00
Petty Cash Record and Journal Entries On May 1, a petty cash fund was established for $200.00. The following vouchers were issued during May: Date Voucher No. Purpose Amount May 1 Postage due 2$ 2.90 Office supplies 11.00 5 Auto repair (miscellaneous) 43.00 4. Drawing (Joy Adams) 22.00 11 Donation (Red Cross) 11.00 15 6. Travel expenses 26.00 22 Postage stamps 3.40 26 8. Phone call 3.00 30 9. Donation (Boy Scouts) 21.00 Required: 1. Prepare the journal entry to establish the petty cash fund. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 38 1 20-- May 1 21 Establish petty cash fund 4.
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Ind
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