Mr. Sojo opened up a merchandising business on October 1, 2019 with a cash investment of P50,000. The following activities were given:Cash received from customers 205,000.00 Cash borrowed from the bank 150,000.00Utilities, salaries, supplies and rent paid 115,000.00Cash paid to the bank 50,000.00Cash purchase for equipment 100,000.00Cash purchase for furniture 25,000.00Equipment bought on credit 150,000.00Additional investment 200,000.00Withdrawal 40,000.00Additional information;1. Supplies amounted to 20% of the utilities, salaries, supplies and rent paid in total2. At the end of the month, it was found that of the supplies paid, only 30% were used.Requirements:1. Journal Entries 2. Ledger 3. Unadjusted Trial Balance 4. Adjusting Entries 5. Adjusted Trial Balance 6. Statement of Comprehensive Income 7. Statement of Changes in Equity 8. Statement of Cash Flows9. Statement of Financial Position Mr. SŞoig opened up a merchandising business on October 1, 2019 with a cash investment of P50,000.The following activities were given:Cash received from customers205,000.00Cash borrowed from the bank150,000.00Utilities, salaries, supplies and rent paid115,000.00Cash paid to the bank50,000.00Cash purchase for equipment100,000.00Cash purchase for furniture25,000.00Equipment bought on credit150,000.00Additional investment200,000.00Withdrawal40,000.00Additional information;1. Supplies amounted to 20% of the utilities, salaries, supplies and rent paid intotal2. At the end of the month, it was found that of the supplies paid, only 30% were used.Requirements:1. Journal Entries2. Ledger3. Unadjusted Trial Balance4. Adjusting Entries5. Adjusted Trial Balance6. Statement of Comprehensive Income7. Statement of Changes in Equity8. Statement of Cash Flows9. Statement of Financial Position

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Answered: Mr. Soie opened up a merchandising…

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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Mr. Sojo opened up a merchandising business on October 1, 2019 with a cash investment of P50,000. The following activities were given: Cash received from customers 205,000.00 Cash borrowed from the bank 150,000.00 Utilities, salaries, supplies and rent paid 115,000.00 Cash paid to the bank 50,000.00 Cash purchase for equipment 100,000.00 Cash purchase for furniture 25,000.00 Equipment bought on credit 150,000.00 Additional investment 200,000.00 Withdrawal 40,000.00 Additional information;1. Supplies amounted to 20% of the utilities, salaries, supplies and rent paid in total2. At the end of the month, it was found that of the supplies paid, only 30% were used. Requirements: 1. Journal Entries 2. Ledger 3. Unadjusted Trial Balance 4. Adjusting Entries 5. Adjusted Trial Balance 6. Statement of Comprehensive Income 7. Statement of Changes in Equity 8. Statement of Cash Flows 9. Statement of Financial Position

Mr. SŞoig opened up a merchandising business on October 1, 2019 with a cash investment of P50,000.
The following activities were given:
Cash received from customers
205,000.00
Cash borrowed from the bank
150,000.00
Utilities, salaries, supplies and rent paid
115,000.00
Cash paid to the bank
50,000.00
Cash purchase for equipment
100,000.00
Cash purchase for furniture
25,000.00
Equipment bought on credit
150,000.00
Additional investment
200,000.00
Withdrawal
40,000.00
Additional information;1. Supplies amounted to 20% of the utilities, salaries, supplies and rent paid in
total2. At the end of the month, it was found that of the supplies paid, only 30% were used.
Requirements:
1. Journal Entries
2. Ledger
3. Unadjusted Trial Balance
4. Adjusting Entries
5. Adjusted Trial Balance
6. Statement of Comprehensive Income
7. Statement of Changes in Equity
8. Statement of Cash Flows
9. Statement of Financial Position

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