d. Get the totálš arpre. How much is the cash?Problem 2. Fay Fedor started a delivery service, Fed Deliveries, on July 1,2018The following transactions occurred during the month of July:July 1 She contributed P 100,000 cashPurchased a used van for deliveries for P 120,000 by paying P20,000 cash and signed a two-year notes payable for theremaining balance3Paid P 15,000 for office rent for the monthDelivery services amounted to P 44,000. Half on accountCash of P 2,000 withdrawn by Fay12 Purchased supplies for P 1,500 on account15 Received cash of P 12,500 for services provided on July 517 Purchased gasoline for P 7,500 on accountA globally competitive university for science, technology, and environmental conser2020.11.19 21:26Development of a highly comnetitive human2.5.91 poses only 1t Semester SY 2020-20214920 Received P 15,000 from customers of which P 5,000 was forpast accounts23 Made cash payment of P 25,000 on the note payable26 Received bills for utilities P 5,000 but paid only P 2,50029 Paid for the gasoline purchased on account on July 1730 Paid P 30,000 for employees' salaries. A third of suppliesremained on handInstructions:a. Show the effect of the above transactions on the accounting equationusing the following format:RevenuesAccountSupplies Delivery NotesVanAccounts Fedor,Fedor,Date Cash AccountsReceivableCapital Drawings (Expenses) TitlePayable Payableb. Prepare an income statement for the month of Julyc. Prepare a classified statement of Financial Position as of July 31, 20182020.11.19 21:27

The accounting equation represents the effect of transactions in the different aspects of the…

Problem 2. Fay Fedor started a delivery service, Fed Deliveries, on July 1, 2018. The following transactions occurred during the month of July: July 1 She contributed P 100,000 cash Purchased a used van for deliveries for P 120,000 by paying P 20,000 cash and signed a two-year notes payable for the remaining balance

Problem 2. Fay Fedor started a delivery service, Fed Deliveries, on July 1, 2018. The following transactions occurred during the month of July: July 1 She contributed P 100,000 cash Purchased a used van for deliveries for P 120,000 by paying P 20,000 cash and signed a two-year notes payable for the remaining balance

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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Please read the questions carefully the First question is asking for journal entry.
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May you explain how to complete journal entries? How to properly do this one?