on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions (PHP = Philippine Peso, currency of Philippines): July 1. Owner invested PHp 500,000 cash along with computer equipment that had a market value of php. 120,000 two years ago but was now worth Php. 100,000 only. July 2. Paid php. 15,000 cash for the rent of office space for the month. July 4. Purchased php. 12,000 of additional equipment on credit (due within 30 days). July 8. Completed awork for a client and immediately collected the php. 32,000 Gash

on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions (PHP = Philippine Peso, currency of Philippines): July 1. Owner invested PHp 500,000 cash along with computer equipment that had a market value of php. 120,000 two years ago but was now worth Php. 100,000 only. July 2. Paid php. 15,000 cash for the rent of office space for the month. July 4. Purchased php. 12,000 of additional equipment on credit (due within 30 days). July 8. Completed awork for a client and immediately collected the php. 32,000 Gash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following is the business transaction for August 2020: August 1 Invested cash of RM15000 as a capital to start the business. 1 Rented office and dark room fittings for RM800 in cash for 2 months, August and September. 2 Purchased photography supplies on credit worth RM1920 from Moonlight Enterprise with a credit term of 3/10, n/30. 5 Finished a few job for customers and collected payment of RM150. 6 Received a credit memo amounting to RM120 form Moonlight Enterprise for photography supplies returned due to damage. 8 Finished a photography assignment for Asher's wedding worth RM500 on credit with credit terms of 2/10, n/30. 11 Settled debt to Moonlight Enterprise in full. 16 Withdrew cash of RM200 for personal use. 17 Received full payment from Asher. 20 Completed a photography assignment for Haby Nursery worth RM700 with cash. 25 Received a deposit of RM500 from Women's Club for a booking of photography assignment, which will be held on 20 October 2020 30 Paid wages to the shop…
a) Prepare journal entries to record above transactions. b) Post to relevant ledger accounts.
Ms. Ang put up an accounting firm on Nov. 1, 2021. The registered name of the business is "Ang Accounting Firm." The following were the transactions during the months of November and December, 2021. 1. The owner provided ₱300,000 cash as initial investment to the business on December 1, 2021. 2. Obtained a 12%, one year, bank loan for ₱50,000 on November 1, 2021. Principal and interest are due at maturity date. 3. On December 1, 2021, She purchased office supplies worth ₱60,000 for cash during the period. (the firm uses asset method). 4. The business acquired computer equipment for ₱150,000 cash on November 1, 2021, which has a useful life of 5 years with a residual value of ₱30,000. 5. On December 1, 2021, the business took one year insurance for ₱42,000 covering the months of December, 2021 to February, 2022. The business uses expense method in recording this transaction. 6. As of December 31, 2021, rendered services billed to clients are worth ₱280,000 for cash and ₱200,000 on…
On Dec. 1, 2021, Ludivinia Victorino opened a videotape rental store, Cavite Video, by investing P250,000 cash from her personal savings account. During the month of December, the following transactions took place: Dec. 1 4 58 11 16 17 23 24 30 Acquired supplies on account, P67,000. Acquired videotapes costing P235,000, on account. Paid P85,000 to creditors.. Received P78,000 cash from ACA Video for rental fees. Billed Video City for video rentals, P105,000. Paid salaries, P65,000. Collected P77,000 from Video City. Victorino withdrew P47,000 from the business. Paid rent for the month, P41,500. Paid utilities bill for the month, P17,500. Required: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; Videotapes; Accounts Payable; and Victorino, Capital.
Below are the transaction for Sintokish Enterprise as October 2020: Oct 1 Contributed RM30,000 of cash and RM20,000 of equipment to start the business. Oct 3 Borrowed RM80,000 from the bank by signing a notes payable. Oct 15 Purchased a van by paying cash for RM75,000. Oct 17 Paid January rent of RM1,500 for the office space by credit. Oct 22 Performed services for customers and received cash immediately for RM20,000. Oct 23 Purchased RM600 in supplies on account. Oct 25 Performed services for customers and will collect next month of RM123,000 Oct 26 Withdrew of cash RM700 and equipment RM300. Oct 28 Paid RM1000 to the bank for notes payable. Oct 30 Paid half of amount for Oct 23 transaction. REQUIRED: Prepare the relevant journal entries to record the above transactions. Omit the explanations.
Journalize the transactions for July 2020 in a two-column journal (general journal) page1. Just omit the explanations in making your journal entries. Juan de la Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions. July 1. Owner invested Php 500,000 cash along with computer equipment that had a market value of Php 120,000 two years ago but was now worth Php 100,000 only.July 2. Paid Php 15,000 cash for the rent of office space for the month.July 4. Purchased Php 12,000 of office furniture on credit (due within 30 days).July 8. Completed a work for a client and immediately collected the Php 32,000 cash.July 10. Completed work for a client and sent a bill for Php 27,000 to be paid within 30 days.July 12. Purchased supplies for Php 4,000 in cash.July 15. Paid an assistant Php 6,200 cash as salaries for 15 days.July 18. Collected Php 15,000 on the amount owed by the…
Mr Alex opened furniture shop called Alex Furniture Shop and completed the following transactions in the month of January: Jan Borrowed RM100,000 cash and signed a 12-month, RM100,000 note. Interest is in addition to the face value, at the rate of 15%. 1 2 Bought a factory for RM200,000, paying RM80,000 in cash and the balance is on account. 3 Sold RM104,000 of furniture and billed customers. 5 Bought goods from Bob Shop with purchase invoice amounted to RM10,500. Terms of purchase is 5/10, n30. 14 Make payment to Bob Shop for the balance due by cash. 20 Received a 50% deposit in cash from a customer on a RM20,000 order to be filled next month. 25 Mr. Alex took RM2,000 cash to buy washing machine for his wife. 28 Paid utility bill for the current period in the amount of RM1,200 using cash. 31 Made the end-of-year adjusting entry to accrue interest expense on a 12-month, RM100,000 note. Required: a) Journalise the above transactions b) Prepare cash account and show the cash balance as…
Sunshine Enterprise owns a small furniture shop in SS15, Subang. The following transactions were extracted from the book on 30 September 2021: 2021 Sept 2 Invested RM245,000 in the bank and RM3,000 cash to start the business. 3 Paid rent RM12,000 by cheque. 6 Bought goods RM50,152 on credit from Parker Store. 9 Bought office equipment RM31,980 on credit from STC Shop. 10 Cash sales for RM1,126. 13 Returned goods RM1,810 to Parker Store. 15 Sold goods RM17,120 on Credit to PPT Book. 18 Returned some extra parts of office equipment RM890 to STC Shop 23 Received goods RM598 returned by PPT Book. 28 Bought trolley RM2,875 by cheque. 29 Paid electricity bill RM1,554 through bank transfer. 30 Received full payment from PPT Book through a bank-transfer. 30 Paid RM5,000 to owner’s family by cheque for a family…
*Required: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.
19 Dec. Borrowed $28,000 from the bank for personal use. The loan carried an interest rate of 6% a year and the first payment was due on 19 January. Williamson signed a note payable to the bank in the name of the business. How would this be journaled, put on an income statment, balance sheet, and cash flow statment for december 31st?
Mr. Mike Benter opened the Benter Servicing on June 1, 2019 with the following investments: Cash 300, 000 Php 200, 000 Php Machinery On the same day Mr. Benter paid the following pre-operating expenses: Business permits and other taxes Rental for the next 3 months P 10, 000 15, 000 The following transactions occurred during June, 2019: Deposited P 250, 000 at Metro Bank. Rendered repair service to a customer and was paid by a note, P 3, 000. Bought shop supplies, P 2, 000, and office supplies, P 3, 000 on account. Received advances from customer, P 1, 000 for repair of equipment. Purchase office equipment costing P 15, 000 on account. 10 Received notes from customer for services rendered, P 15, 000 with 10% interest payable 30 days after date of note. 12 Collected the account on June 3 transaction. Paid Bombo Radio Philippines for the cost of advertising, P10, 000 thru the issuance of check. June 2 3 7 8 Deposited the amount collected on June 7 and June 12 trasactions. 15 Paid the…
the Iight, water arid connection. 8. She has trade receivables amounting to Php25,000.00 for services rendered 9. She had a loan from the bank amounting to Php100,000.00 to be paid in 5 years 10. Paid transportation expenses amounting to Php2,500.00.00 POSTTEST Directions: Prepare a Statement of Comprehensive Income for the following independent transactions. Use your surname as your company name. 1. Service Revenue Php95,000.00; Salaries Expense Php5,000.00; Transportation Expense Php15,000.00; Rent Expense Php20,000.00; Utilities Expense Pph3,000.00; Other Comprehensive Income is Php8,000.00 2. Salaries Expense Php25,000.00; Transportation Expense Php1,000.00%3; Rent Expense Php10,000.00; Utilities Expense Php5,000.00; and Service Revenue is Php40,000.00.