Required: A. Analyze the transactions using the following accounts and provide a money column for each one: Cash, Supplies, Rent Deposit, Furniture and Fixtures, Equipment, Accounts Payable, Notes Payable, and De Jesus Capital. Use the format of demonstration problem 2 but do not extract the balances until after the last transaction. B. Prove the accounting equation. C. Prepare a statement of financial position.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
1:04 O
A. ull 50
Basic1C3Exe.1314 - Saved
BASIC ACCOUNTING 1
13. Angel De Jesus, a business graduate student who was working as a mere employee
in a company called Think Computer, decided to become an entrepreneur and put up
an internet shop. The following are the transactions for the start up transactions for
March;
March
1 Angel started an internet shop called "Playnet.com" by investing her savings of and
the proceeds from the sale of her car which amounted to P300,000.
5 Angel hired two workers to assist her in the shop for a monthly salary of P6,000 each
worker
10 Lessor(owner) of the shop required her to pay two months rent deposit in cash
P10,000.
15 She paid cash of P8,000 for furniture bought from Alexis Furniture Store.
18 She bought an aircon unit from Abbe Appliances for P45,000 promising to pay the
account within three months.
20 She purchased supplies and paid cash of P 1,500.
25 The shop was ready for the installation of the computer units. Angel purchased 12
units of computer hardware from Think PC She paid 50% in cash
P125,000 and a promissory note for the balance payable in 24 monthly installments
starting April 25. Use the title notes payable.
Required:
A. Analyze the transactions using the following accounts and provide a money column
for each one: Cash, Supplies, Rent Deposit, Furniture and Fixtures, Equipment,
Accounts Payable, Notes Payable, and De Jesus Capital. Use the format of
demonstration problem 2 but do not extract the balances until after the last transaction.
B. Prove the accounting equation.
C. Prepare a statement of financial position.
ANSWERSHEET
ASSETS
LIABILITIES
Owners
equity
Rent
Furniture
Accounts
Notes
De Jesus
Date
Cash
Supplies Deposit
& Fixtures Equipment Payable Payable
Capital
1
10
15
18
20
25
Total
Equa-
tion
Think Computer
Statement of Financial Position
March 25, 2020
ASSETS
LIABILITIES AND OWNERS EQUITY
Accounts Payable
Notes payable
Cash
P
Supplies
Transcribed Image Text:1:04 O A. ull 50 Basic1C3Exe.1314 - Saved BASIC ACCOUNTING 1 13. Angel De Jesus, a business graduate student who was working as a mere employee in a company called Think Computer, decided to become an entrepreneur and put up an internet shop. The following are the transactions for the start up transactions for March; March 1 Angel started an internet shop called "Playnet.com" by investing her savings of and the proceeds from the sale of her car which amounted to P300,000. 5 Angel hired two workers to assist her in the shop for a monthly salary of P6,000 each worker 10 Lessor(owner) of the shop required her to pay two months rent deposit in cash P10,000. 15 She paid cash of P8,000 for furniture bought from Alexis Furniture Store. 18 She bought an aircon unit from Abbe Appliances for P45,000 promising to pay the account within three months. 20 She purchased supplies and paid cash of P 1,500. 25 The shop was ready for the installation of the computer units. Angel purchased 12 units of computer hardware from Think PC She paid 50% in cash P125,000 and a promissory note for the balance payable in 24 monthly installments starting April 25. Use the title notes payable. Required: A. Analyze the transactions using the following accounts and provide a money column for each one: Cash, Supplies, Rent Deposit, Furniture and Fixtures, Equipment, Accounts Payable, Notes Payable, and De Jesus Capital. Use the format of demonstration problem 2 but do not extract the balances until after the last transaction. B. Prove the accounting equation. C. Prepare a statement of financial position. ANSWERSHEET ASSETS LIABILITIES Owners equity Rent Furniture Accounts Notes De Jesus Date Cash Supplies Deposit & Fixtures Equipment Payable Payable Capital 1 10 15 18 20 25 Total Equa- tion Think Computer Statement of Financial Position March 25, 2020 ASSETS LIABILITIES AND OWNERS EQUITY Accounts Payable Notes payable Cash P Supplies
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education