Required:• Statement of Equity• Statement of Performance • Statement of financial position Practical Exercise # 5On January 1, 2017, Cristina Palacios invested P 50,000 cash to open up a service business,CP Cleaning Agency, which completed the following transactions:-Jan 2 Purchased on account cleaning equipment for business use, P 46,800.3 Rendered services worth P 7,600 to a customer on account.5 Received P 25,000 cash loan from a local bank covered by a promissory note.8Bought office furniture worth P 32,000, giving a down payment of P9,000, and thebalance charged on account.10Received advance payment of P 9,600 from a customer for services to be provided inthe future.12 Paid in cash cleaning supplies worth P 8,400.15 Paid one-third (1/3) of the amount due to the cleaning equipment bought on Jan 2.17 Collected P 5,700 cash from a customer on account.19Rendered services worth P 10,500 to a customer who gave a partial payment of 40%the amount, and issued a promissory note for the balance.22 Paid one half of the account due to office furniture bought on Jan 8.25 C. Palacios withdrew 4,000 for personal use.27 Billed a customer P 6,830 for services rendered.28 Paid one-fourth (1/4) of the loan obtained from the local bank.29 Provided services worth P 3,200 to the customer who paid in advance on Jan 10.30 Paid the salary of cleaning staff, P 7,500, and office rent for the month, P 5,000.CHART OF ACCOUNTSAcct #101105110115120Account TitleCashAccounts ReceivableNotes ReceivableCleaning SuppliesFurnitureCleaning EquipmentAccounts PayableNotes Payable125201205210 Unearned Revenue301302401501505 Rent ExpenseC. Palacios, CapitalC. Palacios, DrawingService IncomeSalaries Expense

Statement of performance is sort of income statement which shows all incomes and all expenses and at…

Answered: Required: • Statement of Equity •…

Business

Accounting

Required: • Statement of Equity • Statement of Performance • Statement of financial position

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 1AP

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Please Prepare Journal Entries
REQUIREMENT: JOURNAL ENTRIES
Instructions.1. Prepare the general journal entriesDATE TRANSACTIONS1/2/16 Invested PHP500,000 to his business. The trade name of the business was “MR.LABANDERO”1/3/16 Hired Allan and Allie who will manage his business1/4/16 Collections from various customers for the day - PHP3,0001/5/16 Purchase store supplies from Labada Store - PHP10,0001/7/16 Collections from various customers for the day - PHP8,0001/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business willdo all the laundry of the hotel.1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment willbe made on January 20, 2016.1/10/16 Collections from various customers for the day - PHP12,0001/12/16 Purchase a washing machine amounting to PHP50,0001/15/16 Collections from various customers for the day - PHP20,0001/19/16 Paid electricity bill for the month amounting to PHP18,0001/20/16 Received payment from Sikat Hotel amounting to PHP15,0001/21/16 Paid salaries of…
Problem 1 Yuhom had the following transactions in its September 2020 operation: Parah Yuhom started a beauty saloon business by depositing Php600,000 into her business 'Yuhom Palangga'. Sept. 1 Sept. 2 Paid Php8,000 to cover her first months rent. Sept. 2 Ordered beauty saloon equipment worth Php150,000. Sept. 5 Purchased beauty supplies Php10,000 on account. Sept. 7 Saloon equipment is receive paying Php50,000 cash, and the balance in two equal monthly installment. A full time worker is hired. The employee will work 40 hours per week starting Sept. 8 at a rate of Php80 per hour. Sept. 7 Sept. 15 Paid employee Php6,400 for a week of work. Sept. 20 Finished jobs for the week earning Php30,000, receiving Php17,000 cash and the balance to be billed. Sept. 22 Received Php18,000 down payment for a wedding job in October 2020 Sept. 29 Received cash Php10,000 from customers billed on Sept. 20. Sept. 30 Makeup and hairstyling job finished receiving cash of Php40,000. Sept. 30 Received water…
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Prepare the general journal entries for the following transactions. Mr. Laban Deyro opened his laundry business in Iloilo City on January 2, 2016. The following transactions occurred during the month of January 2016: DATE TRANSACTIONS 1/2/16 Invested PHP500,000 to his business. The trade name 1/3/16 Hired Allan and Allie who will manage his business 1/4/16 Collections from various customers for the day- PHP3,000 1/5/16 of the business was "MR. LABANDERO" Purchase store supplies from Labada Store - PHP10,000 1/7/16 Collections from various customers for the day - PHP8,000 1/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business will do all the laundry of the hotel. 1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment will be made on January 20, 2016. 1/10/16 Collections from various customers for the day- PHP12,000 1/12/16 Purchase a washing machine amounting to PHP50,000 1/15/16 Collections from various customers…
Problem 1: On Febuary 14, 2018, Floating Restaurant Company established a sales agency in Loboc. Upon establishment of the sales agency, the home office sent samples costing ₱8,000 and a working fund of ₱8,000 to be maintained on the imprest baisis. During the six months period, the sales agency reported to the home office sales orders. These were billed at ₱70,000 of which of ₱40,000 was collected) the sales agency paid expenses of ₱5,800 but was reimbursed by the home office. On August 15, 2018, the sales agency samples was valued at ₱2,000. It was estimated that the gross profit on goods shipped to fill sales order averaged 40% of cost. Required: Show the solution. 1.) The cost of sales of the sales agency for the six months period is 2.) The net income of the sales agency for the six months period is Problem 2: JCO KREMES Company had an agency in SM Cebu and a working fund for ₱20,000 is established on the imprest basis. The first payment from the fund is ₱3,000 for rent. This…
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create a journal entry and t accounts using the following transaction of august. 1 Garcia invested Php48000 cash in the business1 Rented office space and paid Php800 cash for the August rent3 Purchased exploration equipment for Php22000 by paying cash and agreeing to pay the balance in 3 months5 Purchased office supplies by paying Php1500 cash6 Completed exloration work and immediately collected Php420 cash for the work8 Purchased Php1350 of office equipment on credit15 Completed exploration work on credit in the amount of Php800018 Purchased Php700 of office supplies on credit20 Paid cash for the office equipment purchased on August 824 Billed a client Php2400 for work completed; the balance is due in 30 days28 Received Php5000 cash for the work completed on August 1530 Paid the assistant's salary of Php1100 cash for this month30 Paid Php340 cash for this month's utility bill30 Garcia withdrew Php1050 cash from the business for personal use
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.TASK : FIND A MISTAKE IN THE BALANCE SHEET AND CORRECT IT