(sole proprietor) business operation: Date Transaction Mr. X started a Carwash shop and invested P200,000 cash as initial capital. paid P6,000 for shop rent applicable for one month. Bought and consumed shop supplies for the month of January worth P12, 750. Bought 1 desktop computer for P39,000. Jan. 1 Jan. 1 Jan. 2 Jan. 7 Jan. 10 bought 1 printer on account (credit terms) from Mr. M, worth P15,000. Jan. 21 paid electric bill- P2,500 Jan. 25 Paid water bill- P2,900 Jan. 30 Received P39,700 in cash for carwash services paid employees' salary for the month, P15,000 Prepare a) an Income statement for January 2022 and b) Balance Sheet as of January 31, 2022.

(sole proprietor) business operation: Date Transaction Mr. X started a Carwash shop and invested P200,000 cash as initial capital. paid P6,000 for shop rent applicable for one month. Bought and consumed shop supplies for the month of January worth P12, 750. Bought 1 desktop computer for P39,000. Jan. 1 Jan. 1 Jan. 2 Jan. 7 Jan. 10 bought 1 printer on account (credit terms) from Mr. M, worth P15,000. Jan. 21 paid electric bill- P2,500 Jan. 25 Paid water bill- P2,900 Jan. 30 Received P39,700 in cash for carwash services paid employees' salary for the month, P15,000 Prepare a) an Income statement for January 2022 and b) Balance Sheet as of January 31, 2022.

Name: The following transactions were made during the first month (January
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: The following transactions were made during the first month (January 2022) of Mr. X Carwash 's(sole proprietor) business operation:DateTransactionMr. X started a Carwash shop and invested P200,000 cash as initial capital.paid P6,000 for shop rent ap

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: prepare a journal entry for each tranaction. The owner of J. Cruz invest 11,000 cash and $8,000 of…

A: Journal entry is made to record the transactions as the first process in the books of accounts…

Q: The company reported the following transactions during the month of June: Journal entry for all,…

A: The journal entries are prepared to record the transactions on regular basis. The debit and credit…

Q: Transaction a. Mr. Vega deposits $6,000 in a bank account in the name of MegaTech, in return for…

A: Horizontal analysis is a statement that shows the effect of each transaction under the heading of…

Q: On 3 August the company bought Land costs $ 400 000on credit. On 4 August the company bought Cars…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals also…

Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…

A: Journal Entry 1) Bank/Cash A/c ......Dr PHP 150,000 TO Lopez, Capital PHP…

Q: Financial Transactions: Journalize the following transactions that occurred during the year: January…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: The following transactions took place in the month of January 2023 in the books of Ruth Charles…

A: Journal entry is an art of recording, summarizing or classifying the business transactions into…

Q: 2. On 1st August, 1992 Mr. Furqan established a new business. The transactions for the month were as…

A: Journal entries are those which are reported by the entity in order to report the daily business…

Q: When opening a new business account on QuickBooks in July, but the business actually opened in…

A: Property purchased on mortgage means that the lender of money has provided the loan secured against…

Q: Determine the Impact to the accounting equation related to Transactions each transaction 1 Tom,…

A: The accounting equation represents the relationship between assets, liabilities, and shareholder’s…

Q: Borrowed $125,000 from a bank, signing a short-term note payable.Provided $102,600 in service to…

A: The first step is to compute the Total revenues during the year by analysing the transactions.On…

Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…

A: Book Keeping Recording of all financial transactions incurred by a business is called Book…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

The following transactions were made during the first month (January 2022) of Mr. X Carwash 's
(sole proprietor) business operation:
Date
Transaction
Mr. X started a Carwash shop and invested P200,000 cash as initial capital.
paid P6,000 for shop rent applicable for one month.
Bought and consumed shop supplies for the month of January worth P12, 750.
Bought 1 desktop computer for P39,000.
Jan. 1
Jan. 1
Jan. 2
Jan. 7
Jan. 10 bought 1 printer on account (credit terms) from Mr. M, worth P15,000.
Jan. 21 paid electric bill- P2,500
Jan. 25 Paid water bill- P2,900
Jan. 30 Received P39,700 in cash for carwash services
Jan. 31 paid employees' salary for the month, P15,000
Prepare a) an Income statement for January 2022 and b) Balance Sheet as of January 31, 2022.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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

Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…
Financial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note f remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on the account. The Cost of Goods Sold was $300,000.
Part A: Journalize the following transactions for June.Dean Winchester opened Ghost Cleaners on June 1, 2021. He is the sole owner of the corporation.During June, the following transactions were completed by Dean.1-Jun Invested $65,000 in exchange for common stock in Ghost Cleaners, Inc.1-Jun Purchased a used van for $12,000, paying $3,000 cash and the taking out a note payable for the rest.He plans to pay off the remaining balance on the van by June 1, 2022. The note has a 10% APRwith interest being payable at the end of every month. No principle payments are due until August 1, 2021.1-Jun Paid $1,800 cash on a 12-month insurance policy effective June 1, 2021.1-Jun Hired his brother, Sam, to help with the corporation. He will be paid $1,000 per month for now.5-Jun Purchased cleaning supplies for $1,500 on account.7-Jun Billed a client, F. Crowley, for services performed on June 7 in the amount of $3,000.8-Jun Paid $100 for gasoline for the van.12-Jun Paid $200 for maintenance on the…
REQUIREMENT: JOURNAL ENTRIES
wner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500