Mr. Smith opened a art gallery and as a dealer completedthese transactions:1. Started the Gallery, by investing $40,000 cash andequipment valued at $18,000.2. Purchased $70 of office supplies on credit.3. Paid $1,200 cash for receptionist salary.4. Sold a painting for an artist and collected a $4,500 cashcommission on the sale.5. Completed an art appraisal and billed the client $200.What was the balance of the cash account after thesetransactions were posted?

Determine the balance of the cash account as follows:Computation of Cash BalanceTransactions…

Answered: Mr. Smith opened a art gallery and as a…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 1AP

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General accounting
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Please provide journal entries for the following: 1. Deposited P900,000 in the bank and contributed a systems library valued at P390,000 to start a business.2. Paid office rent for the month, P36,000.3. Acquired computer equipment for cash, P700,000.4. Purchased computer supplies on credit, P60,000.5. Received payment from a client for programing done, P280,000.6. Billed a client on completion of a programming project, P71,000.7. Paid salaries, P80,000.8. Received a partial payment from the client billed, P61,000.9. Withdrew P25,000 for personal expenses.10. Made partial payment on the supplies purchased, P30,000
In order to prepare the statement of Financial position, you identified the following assets and liabilities of Ms. Santos after she made an investment of 159,000. A. Her store has cash deposited in a bank account amounting to 25,000.B. Her store has a lot of uncollected sales from customers amounting to 75,000.C. The total amount of merchandise left inside the store is 30,000.D. He already paid one year's rent in advance amounting to 12,000.E. The value of all the company's furniture amounted to 100,000F. He bought merchandise from his supplier amounting to 25,000 and the supplier agreed that payment can be made 2 months after year end.G. SSS, PHILHEALTH and PAG-IBIG payables for his one employee totaled 5,000.H. The sari-sari store had outstanding Liabilities to utility companies amounting to 3,000.I. She had a loan from the bank amounting to 50,000 to be paid in 3 years. Please make the statement of Financial position.
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The following events apply to Sally's Gift Shop for Year 1, its first year of operation: 1. Acquired $60,000 cash from the issue of common stock. 2. Issued common stock to Sally Quin, one of the owners, in exchange for merchandise inventory worth $3,200 Sally had acquired prior to opening the shop. 3. Purchased $56,200 of inventory on account. 4. Paid $4,500 for advertising expense. 5. Sold inventory for $98,300 cash. 6. Paid $12,000 in salary to a part-time salesperson. 7. Paid $47,000 on accounts payable (see Event 3). 8. Physically counted inventory, which indicated that $16,000 of inventory was on hand at the end of the accounting period. Requirements: a. Record each of the transactions in the general journal, assuming Sally's uses the periodic inventory system. b. Post the transactions to T-Accounts. c. Prepare financial statements for Sally's. d. Record the necessary closing entries for year-end. e. Post the closing entries to T-Accounts. f. Prepare a post-closing trial balance.
On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
Prepare the journal entry required for each transaction: Oct. 01, 2022: Mr. Alberto invested P500,000 cash in the computer rental shop Oct. 02, 2022: Mr Alberto bought 10 units of computer at P30,000 each for the shop. The computers were delivered the next day with Mr Alberto fully paying the supplier in cash. Oct. 05, 2022: Some tables and chairs were purchased from Deluxe Furniture Co. for P10,000 to be paid on the following terms: 50% within 10 days and the balance within 30 days. Oct. 12, 2022: Mr Alberto borrowed from P300,000 from a bank, which he promised to pay by December 2022. Oct. 15, 2022: A payment of P5,000 representing 50% of the liability to Deluxe Furniture Co. was made in accordance with the terms of credit. Oct. 20, 2022: Mr Alberto bought 2 laser printers worth P50,000 for use in his computer rental shop. He paid for these printers in cash. Oct. 23, 2022: Mr Alberto bought 10 toner cartridges worth P15,000 as supplies for his printers. Oct. 25, 2022: Mr…
Consider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CR
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