Prepare journal entries of NickRain Studio owned by NickReyes for the first month ofoperation on January 1, 2021.Jan. 1Invested P1,500,000 forhis modern photography andportrait studioJan. 2Purchased modern andhigh tech photographyequipment, P800,000 payingdownpayment of P500,000.Balance will be paid next monthJan. 3 Bought photographysupplies from Citimall, P100,000Jan. 4Paid tarpaulin and neonsign to Peoples Art, P10,000Jan, 5Paid rent expense of thestudio, P10,000Jan. 7Bought service vehiclefrom Toyota Motors, P300,000paying 100,000 downpayment,balance will paid thru monthlyinstallments.Jan. 8Rendered services onMayor's son wedding, andreceived P200,000Jan. 8Rendered Baptismalcoverage and received P50,000 Jan. 10 Done Pre-nup shots toJames Sy and Jean Py, contractamount including the weddingcoverage is P300,000. Paymentwill be collected after thewedding on the 25th of themonthJan. 15 Received cash for theportraits done, P100,000Jan. 16 Paid assistant's salary,P20,000Jan. 20 Paid Petron for thegasoline used, P10,000Jan. 22 Rendered services toannual celebration of MahaltaFestival, contract amount isP100,000. Not yet collected.Jan. 25 Received cash from Mr.& Mrs., James Sy for the weddingcoverage.Jan. 26 Paid utilities expense,P5,000Jan. 30 Withdrew cash from thebusiness, P50,000

Journal entries recording is the first step of accounting cycle process, in which atleast one…

Answered: Prepare journal entries of Nick Rain…

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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Recreational Active Club was established in 2021 to handle recreational activities for Taiping residents. The following information is related to the club: 1 Jan 2022 31 December 2022 1 Jan 31 Dec hbo Additional information: Chapter 1 Balance b/d Entrance fees Members fees: 2021 2022 2023 Contest fees Required: Prepare, Stationeries Accrual (RM) O 3,696 3,780 O Recreational Active Club Receipts and Payments Account for the year ended 31 December 2022 7,595 Stationeries 3,894 Salaries 462 Sport equipment Utilities Accrued Member Fees (RM) 16,860 663 4,686 34,160 462 546 On 1 January 2022, the club owned the following assets: Sports equipment RM9,000 Furniture RM2,970 O Office Equipment RM6,148 . Sports equipment in 1 January 2022 will be depreciated 10% per year. Utilities Payable (RM) 561 528 Rent Balance c/d 4,719 6,072 3,800 4,587 6,930 8,052 34,160 a. Income and expenditure account for the year ended 31 December 2022. b. Statement of financial position as at 31 December 2022. 17…
Looking for subsections 7 and 8 please!
Journalize the following transactions from the books of Arts and Styles. The owner wants to see the result of its operation after a month of existence December, 2020. December 1 Chon Loo invested 1,500,000 and equipment worth 500,000. 3 Paid Permits and licenses to operate 12,000. 5 Bought tables, chairs, on account from SM Malls, 250,000. 8 Rendered services for cash worth 50,000. 9 Rendered services on account with a promissory note from Aces worth 30,000. 10 Bought canvas and paints worth 20,000. 15 Paid salaries of artist for 6 months, worth 300,000. 20 The owner withdraw 10,000 for personal use. 25 Borrowed money from Metro Bank 1,000,000 giving a promissory payable in a year with Interest of 8% per annum. 27 Collected from Aces ½ of the account.…
Saturday, August 15, 2026 Received a bill from Atlas Planning, 2026-1, for some layout designs for remodeling the back room and adding a bigger event space; for $150; due in 15 days ( account/category: Legal and professional fees). Daily sales today were 3 Fresh Flower Bouquets and 3 Birthday Vases paid by debit card and 3 more Fresh Flower Bouquets paid by cash. Mail off cheque 10027 to pay the Chamber of Commerce dues. Placed promotions (account hint) online with Easy Media Design for upcoming Wreath Workshop; 1-week coverage for $295, paid by Visa. A fresh flower bouquet delivery was late; Lynda Higgs is given a refund back to her credit card from the Undeposited Funds account. Make the bank deposit into the TD Operating account for the week's sales in cash and cheques; the deposit should be for $1,440.75. Transfer $633.14 from the Operating account to TD VISA to pay off the balance owing for July 2026. Post the monthly recurring loan payment transfer for August. Create a Report…
A Pre-Closing Trial Balance for Shady Lane Senior Living Center is listed below. From the list of accounts provided, prepare an activity statement. In this instance, there are no assets released from restrictions. Download the excel file provided. Prepare the activity statement, save it on your computer, and upload your response in the drop box below. Cash $121,000 Pledges Receivable 50,240 Interest Income Receivable 500 Inventory 1,000 Investments – long term 492,600 Land 42,000 Building 162,800 Vintage Car Collection 60,000 Allowance for Uncollectible Pledges 1,000 Accumulated Depreciation 22,600 Accounts Payable 600 Notes Payable 1,000 Deferred Revenue 400 Long Term Loans Payable 100,000 Mortgage Payable 14,000 Net Assets: UR Undesignated 100,000 Net Assets: UR Designated 60,000 Net Assets: TR 100,000 Net Assets: PR 200,000 Program Expenses 42,300 SS: Mgt & Genl Exp 9,600 SS: Fundraising Exp 3,600 Reclassifications OUT-TR 44,200 Loss on Disposal of equipment 600 Revenue:…
Prepare the journal entry required for each transaction.
Journalize the following transactions from the books of Arts and Styles. The owner wants to see the result of its operation after a month of existence December, 2020. December 1 Chon Loo invested 1,500,000 and equipment worth 500,000. 3 Paid Permits and licenses to operate 12,000. 5 Bought tables, chairs, on account from SM Malls, 250,000. 8 Rendered services for cash worth 50,000. 9 Rendered services on account with a promissory note from Aces worth 30,000. 10 Bought canvas and paints worth 20,000. 15 Paid salaries of artist for 6 months, worth 300,000. 20 The owner withdraw 10,000 for personal use. 25 Borrowed money from Metro Bank 1,000,000 giving a promissory payable in a year with Interest of 8% per annum. 27 Collected from Aces ½ of the account.…
hi how do we record this in MYOB. Please help me Transactions from early January 2021 2 Obtained a loan of $14,000 from Uncle Oliver (a family relative of Beatrice Reed) at a simple interest rate of 10% per year, Cheque No. 145, ID #CR000001. The principal and interest on the loan are payable in six months time. 3 Received Cheque No. 227 from Pikea for the full amount outstanding on their account, ID #CR000002. 4 Issued Cheque No. 4098 for $10,065 to Mega Tech in payment of Purchase #303 (Supplier Inv#230). 4 Purchased 9 units MePod multimedia players from Pony at $979 each (includes 10% GST), Purchase #306, Supplier Inv#328. Issued Cheque No. 4099 for $3,900 to this supplier for this particular invoice at the time of the purchase. 4 Issued Cheque No. 4100 for $1,320 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 6 Sold the following items on credit to Jerry Technology, Invoice #3284: 3 units BG90 plasma televisions for…
Identify the 3 issues with this General Journal
Journalize the following transactions from the books of Arts and Styles. The owner wants to see the result of its operation after a month of existence December, 2020. December 1 Chon Loo invested 1,500,000 and equipment worth 500,000. 3 Paid Permits and licenses to operate 12,000. 5 Bought tables, chairs, on account from SM Malls, 250,000. 8 Rendered services for cash worth 50,000. 9 Rendered services on account with a promissory note from Aces worth 30,000. 10 Bought canvas and paints worth 20,000. 15 Paid salaries of artist for 6 months, worth 300,000. 20 The owner withdraw 10,000 for personal use. 25 Borrowed money from Metro Bank 1,000,000 giving a promissory payable in a year with Interest of 8% per annum. 27 Collected from Aces ½ of the account.…
MENT OF EDU ASSIGNMENTOFFICL OF CAM 26 The folowing are the transactons of Clam Rado dectranics repair shop for the month af December 2019. Clara Rado nvested the tollowing in hernewly opened electronic repiair shop Cash Equipment P 50,000 30,000 b. Purchased oftice supplies worth P 4.000 in cash. C. Pad rent for the shop space, P 4.000. d. Purchased equipment, P 20,000 with 50% down payment and the balance on account. e. Rendered service to cient, cash P 70,000. t Paid the salary of shop assistant, P 7,000. 9 Rendered nervices to dinnta worth P 30,000 canh andP S5,000 promissory notes, h Collected P30.000 of the account receivables. i Suted the acounts payable CATTON hase d equpment on transaction letter D. + Paid electric bil f P 2.000: water bill P 500, and kelephone billP 500. Required: 1. Using the yelow pad paper, record the appropriate joumal entries. 2 Post the transactions to general ledger using the T-account 27 3. Prepare the Trial Balance, tor the month of September.…
Looking for answers to subsections 4, 5 and 6 please!

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