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FINANCIAL ACCOUNTING
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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Mah Ganda (Kape Tayo) Worksheet For the month ended January 31, 2023 Acccount Title Cash Accounts Receivable Prepaid Rent Inventory Machine And Equipment Accumulated Depreciation Accounts Payable Mah Ganda, Capital Mah Ganda, Drawing Sales Cost of sales Salaries Rent Light and water Office Supplies Transportation Professional Fees Repairs and maintenance axes and licenses Training and seminars Employee benefits Depreciation TOTAL NET INCOME BALANCE Unadjusted Trial Balance Credit Debit Adjustments Debit Credit Adjusted Trial Balance Debit Credit Income Statement Credit Debit Balance Sheet Debit Credit
Transcribed Image Text:Mah Ganda (Kape Tayo) Worksheet For the month ended January 31, 2023 Acccount Title Cash Accounts Receivable Prepaid Rent Inventory Machine And Equipment Accumulated Depreciation Accounts Payable Mah Ganda, Capital Mah Ganda, Drawing Sales Cost of sales Salaries Rent Light and water Office Supplies Transportation Professional Fees Repairs and maintenance axes and licenses Training and seminars Employee benefits Depreciation TOTAL NET INCOME BALANCE Unadjusted Trial Balance Credit Debit Adjustments Debit Credit Adjusted Trial Balance Debit Credit Income Statement Credit Debit Balance Sheet Debit Credit
Mah Ganda who graduated from TRESTON INTERNATIONAL COLLEGE decided to put-up her own Café named Kape Ka in BGC on January 2022. Her business transactions in January are as follows: 1 January 2, Mah Ganda starts a coffee shop business and make an initial investment of P 300,000.00 2 January 2, Mah Ganda registered her business in DTI and BIR paying P 550.00 and P 500.00 respectively. She also incurred expenses for printing of receipts and purchase po books of account amounting to 2,000.00 3 4 January 3, Mah Ganda purchases a coffee machine from Maki Yato Company for P 30,000.00 paying 50% down and promised to pay the balance on January 31. 5 January 2, Mah Ganda rent a space for her shop from Gua Pooh paying 6 months rent in advance amounting to P 60,000.00 6 January 4, Mah Ganda purchases the other equipment needed for the shop from Gua Pito Enterprises for a total amount of P 15,000.00 January 5, Mah Ganda bought P 30,000.00 worth of coffee beans and other ingredients she will use to make coffee products. 7 January 5, Mah Ganda bought P 20,000.00 worth of flour and other ingredients to make bread and cookies 8 January 6, bought supplies to be used in the office for P 1,000.00. 9 January 7, Paid Mang Kanor for some shop repairs amounting to P 2,500.00. 10 January 8, Hired Ms. Mari Kit as staff of the Kape Ka with daily salary of P 500.00. 11 January 8,Conduct a one-day training of staff. Paid a professional barista for P 5,000.00 and spending 3,000.00 for the cost of training materials 12 January 9, Sold 200 cups of coffee with bread for P150.00 each cup costing P 80.00 each food set. 13 January 10, Sold 300 cups of coffee with bread for P150.00 each cup to Maba Ngo Resort on account costing P 80.00 each food set. 14 January 11, bought coffee beans and other product ingredients costing 50,000.00 15 January 15, paid salary of the staff from January 8 to 15 (8 days) and gave the staff food allowance of P50.00 per day. 16 January 18, Mah Ganda spend P 800.00 for gasoline during her trip to a coffee fair in Pasay City 17 January 21, Sold 400 cups of coffee with bread for P150.00 each cup costing P 80.00 each food set. 18 January 25, Mah Ganda withdrew P 5,000.00 for personal use. 19 January 31, Electricity consumption and paid for the month was P 5,000.00 while water was P1,500.00. January 31, paid salary of the staff from January 16 to 31 (14 days) with 2 days off and gave the staff food allowance of P50.00 per day. 20
Transcribed Image Text:Mah Ganda who graduated from TRESTON INTERNATIONAL COLLEGE decided to put-up her own Café named Kape Ka in BGC on January 2022. Her business transactions in January are as follows: 1 January 2, Mah Ganda starts a coffee shop business and make an initial investment of P 300,000.00 2 January 2, Mah Ganda registered her business in DTI and BIR paying P 550.00 and P 500.00 respectively. She also incurred expenses for printing of receipts and purchase po books of account amounting to 2,000.00 3 4 January 3, Mah Ganda purchases a coffee machine from Maki Yato Company for P 30,000.00 paying 50% down and promised to pay the balance on January 31. 5 January 2, Mah Ganda rent a space for her shop from Gua Pooh paying 6 months rent in advance amounting to P 60,000.00 6 January 4, Mah Ganda purchases the other equipment needed for the shop from Gua Pito Enterprises for a total amount of P 15,000.00 January 5, Mah Ganda bought P 30,000.00 worth of coffee beans and other ingredients she will use to make coffee products. 7 January 5, Mah Ganda bought P 20,000.00 worth of flour and other ingredients to make bread and cookies 8 January 6, bought supplies to be used in the office for P 1,000.00. 9 January 7, Paid Mang Kanor for some shop repairs amounting to P 2,500.00. 10 January 8, Hired Ms. Mari Kit as staff of the Kape Ka with daily salary of P 500.00. 11 January 8,Conduct a one-day training of staff. Paid a professional barista for P 5,000.00 and spending 3,000.00 for the cost of training materials 12 January 9, Sold 200 cups of coffee with bread for P150.00 each cup costing P 80.00 each food set. 13 January 10, Sold 300 cups of coffee with bread for P150.00 each cup to Maba Ngo Resort on account costing P 80.00 each food set. 14 January 11, bought coffee beans and other product ingredients costing 50,000.00 15 January 15, paid salary of the staff from January 8 to 15 (8 days) and gave the staff food allowance of P50.00 per day. 16 January 18, Mah Ganda spend P 800.00 for gasoline during her trip to a coffee fair in Pasay City 17 January 21, Sold 400 cups of coffee with bread for P150.00 each cup costing P 80.00 each food set. 18 January 25, Mah Ganda withdrew P 5,000.00 for personal use. 19 January 31, Electricity consumption and paid for the month was P 5,000.00 while water was P1,500.00. January 31, paid salary of the staff from January 16 to 31 (14 days) with 2 days off and gave the staff food allowance of P50.00 per day. 20
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