Problem 1-Below is the transaction of Kassey transactions occurred during the start of its operation in January of the current year Invested cash P 250,000 into the business to buy and sell various merchandise. Bought merchandise for cash, P40,000 FOB shipping point. Freight P 150 on the account. Bought office equipment P10,00o on the account. Term 2/10 n/30. Supplies were also purchas in the amount of P5,000, 2/1o, n/30 Sold for cash P 100,000 FOB Destination. Freight for P 250 on the account; Received refund for returned goods P500. Sold on account, P80,000 to customers with credit terms: 3/10, n/40 FOB Destination. Settled the account on Jan 3 and 5. Paid the account on Jan 4. Made additional purchases P75,00o, 3/15, n/30 FOB Shipping point Borrowed from the bank P 250,000 and issued a 5-year promissory note. Refunded P5oo to customers. Sold merchandise for P 95,000. FOB Destination. Freight charges P150 to be paid later Collected half from customers on account on Janio. Discount was allowed Purchased merchandise on account, P 42,000 terms 2/10, n/30 FOB Shipping Point Paid half of the purchases on Jan 12. The discount was allowed. Owner got P 10,500 from the business. Paid the following: Salaries -1,50o; Rent- P 1,00o; Utilities- P1,2oo, Advertising -P300 Merchandise inventory at the end amounts to P 20,000. 1 3. 4 6. 10 10 11 12 14 16 17 20 25 26 27 28 31

The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?

Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.

Sales and notes receivable transactionsThe following were selected from among the transactions completed byCaldemeyer Co. during the current year. Caldemeyer Co. sells andinstalls home and business security systems. (attached)   InstructionsJournalize the entries to record the transactions.

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Activities: Prepare an Accounts Receivable Subsidiary Ledger of the following transactions. Write your answer on a separate sheet of paper. Activity 1 Prepare the Accounts Receivable Subsidiary Ledger for XYZ Company for the year ended on December 31, 2020. IV. December 1: The opening balance for Mr. James and Mr. John is P 250,000 andP 450,000. Sold goods to Mr. James on credit for P 300,000. Received payments from Mr. James, P250,000 Received payments Mr. John, P450,000 December 4: December 12: December 16: Activity 2 Prepare the Accounts Receivable Subsidiary Ledger for ABC Company for the year ended on August 31, 2019. Aug. 1: Aug. 3: Aug. 13: Aug. 20: The opening balance for Ms. Santos and Ms. Cruz is P 200,000 and P 400,000. Sold goods to M Williams on credit for P 350,000. Received payments from M Williams, P200,000 Received payments T George, 400,000 Activity 3 Prepare the Accounts Receivable Subsidiary Ledger for XXX Company for the year ended on July 31, 2020. July. 1: July…

Grassley Company completes these transactions during November of the current year (terms for all its credit sales are 2/10, n/30). Nov. 1 Purchased $5,058 of office equipment on credit from Brun Supply, terms n/30. 2 Borrowed $88,500 cash from Wisconsin Bank by signing a long-term note payable. 4 Purchased $33,500 of merchandise from BLR Industries, terms 2/10, n/30. 5 Purchased $1,040 of store supplies on credit from Grebe Company, terms n/30. 8 Sold merchandise on credit to Cyd Rounder, Invoice No. 439, for $6,550 (cost is $3,910). 10 Sold merchandise on credit to Carlos Mantel, Invoice No. 440, for $13,500 (cost is $8,500). 11 Purchased $2,557 of merchandise from Lo Company, terms 2/10, n/30. 12 Sent BLR Industries Check No. 633 in payment of its November 4 purchase less the discount of $670. 15 Issued Check No. 634 for $6,585; payee is Payroll, in payment of sales salaries expense for the first half of the month. 15 Cash sales for the first half of the month are $18,170 (cost is…

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Green valley service had the following solve this general accounting question

Please complete the journal entries