Teddy Fedor a Gold and DriIving Range business on July 1, 2014. The following transactions occurred during the month of July. 1-He contributed P250,000 cash and borrowed P200,000 more from the bank by issuing a one year promissory note in the name of the golf range. 2-Bought the land P100,000, building P200,000 and golf equipment P100,000 of Lyn Golf Course whose business was closed down 3- Hired a manager whose monthly salary will be P25,000 and two ground personnel who will be paid a monthly salary of P15,000. 5- Promo materials to advertise the golf range were paid in cash, P10,000 9- Cash of P25,000 was received for tickets sold to use the golf range. Use the title Ticket Sales Revenue 12- Purchased supplies for P1,500 on account 15- Paid the half month salary of the manager and ground personnel 17- Withdrew cash P5,000 for personal use 20 - Received P35,000 membership fees entitling holders to use the golf range. Use the title Membership Fees Revenue 23 - Cash of P20,500 was received for tickets sold 26- Paid P2,500 for the bank loan 29- Paid P25,000 for the bank loan 30- Paid for the second half monthly salaries

Teddy Fedor a Gold and DriIving Range business on July 1, 2014. The following transactions occurred during the month of July. 1-He contributed P250,000 cash and borrowed P200,000 more from the bank by issuing a one year promissory note in the name of the golf range. 2-Bought the land P100,000, building P200,000 and golf equipment P100,000 of Lyn Golf Course whose business was closed down 3- Hired a manager whose monthly salary will be P25,000 and two ground personnel who will be paid a monthly salary of P15,000. 5- Promo materials to advertise the golf range were paid in cash, P10,000 9- Cash of P25,000 was received for tickets sold to use the golf range. Use the title Ticket Sales Revenue 12- Purchased supplies for P1,500 on account 15- Paid the half month salary of the manager and ground personnel 17- Withdrew cash P5,000 for personal use 20 - Received P35,000 membership fees entitling holders to use the golf range. Use the title Membership Fees Revenue 23 - Cash of P20,500 was received for tickets sold 26- Paid P2,500 for the bank loan 29- Paid P25,000 for the bank loan 30- Paid for the second half monthly salaries

Name: Teddy Fedor a Gold and Driving Range business on July 1, 2014. The fo
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Teddy Fedor a Gold and Driving Range business on July 1, 2014. The following transactios occurredduring the month of July.1- He contributed P250,000 cash and borrowed P200,000 more from the bank by issuing a one yearpromissory note in the name of th

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On January 1, 1980, Jack deposited 1,000 in Bank X to earn interest at the rate of j per annum compounded semiannually. On January 1, 1985, he transferred his account to Bank Y to earn interest at the rate of k per annum compounded quarterly. On January 1, 1988, the balance at Bank Y is 1,990.76. If Jack could have earned interest at the rate of k per annum compounded quarterly from January 1, 1980 through January 1, 1988, his balance would have been 2,203.76. Calculate the ratio k/j.
10
Diana Rene’s deposited an inheritance of 13,050 in a bank account and earned 435 in Simple bankers interest at a rate of 10.5% find the length of time the money was on deposit
On June 30, Year 3, Franklin Company's total current assets were $500,500 and its total current liabilities were $275,500. On July 1, Year 3, Franklin issued a short-term note to a bank for $39,400 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) a. Working capital b. Current ratio Before the transaction After the transaction
2. On April 1 Kendrick opened a savings account at a bank that paid 3.55 $1,000. On April 20 he withdrew $500. On April 30 the bank calculated the daily percent interest. His initial deposit was $3,200. On April 9 he deposited another interest. a) How much simple interest did his money earn? b) How much was in the account after the bank calculated the daily interest on April 30?
"Marquis Smith started IT Consulting Services Incorporated on January 1, Year 1. The company experienced the following events during its first year of operation 1 On June 1 Year 1, the company borrowed $21.600 cash from the bank. The note had a one-year term and 6% annual interest rate 2. On December 31. Year 1, the company adjusted the accounting records to recognize accrued interest expense on the bank note Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA) Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Event Number Assets Cash 21 600 2 Total CNet change in cash 01 21.600 Notes Payable 21,600…