The following transactions relate to Mommy's Delivery Service, a business owned and operated by Margaret "Mommy" Lee: P4-9 2010 Feb Invested P1,400,000 in the business. Various furniture and fixtures costing P30,000 were purchased for cash. Purchased 4 2 units of second-hand vans from Recon Incorporated at P80,000 each. Bought office supplies for cash, P3,000. Bought computer equipment, P40,000. Paid the insurance premium on the vans, P10,000. Purchased supplies on account from GHI Company, P5,000, payable February 23. Paid P12,000 on office improvements and repairs. Received P25,000 from customers. Rendered delivery services to XYZ Corp. for P12,000, due on February 20. Paid half-month salaries of employees, P18,000. Collected in full the amount billed to XYZ Corp. last February 11. Paid GHI Company for the purchases made on February 8. Received cash for delivery services rendered to various customers, P46,000. Paid employees' salaries for the second half of the month, P15,000. Paid the monthly rent, P8,000, and utility bills, P6,000. 6. 10 11 14 20 23 24 27 28 QUIRED: a. Journalize the transactions and post to T-accounts. b. Prepare a trial balance as of month-end. 13 5678

The following transactions relate to Mommy's Delivery Service, a business owned and operated by Margaret "Mommy" Lee: P4-9 2010 Feb Invested P1,400,000 in the business. Various furniture and fixtures costing P30,000 were purchased for cash. Purchased 4 2 units of second-hand vans from Recon Incorporated at P80,000 each. Bought office supplies for cash, P3,000. Bought computer equipment, P40,000. Paid the insurance premium on the vans, P10,000. Purchased supplies on account from GHI Company, P5,000, payable February 23. Paid P12,000 on office improvements and repairs. Received P25,000 from customers. Rendered delivery services to XYZ Corp. for P12,000, due on February 20. Paid half-month salaries of employees, P18,000. Collected in full the amount billed to XYZ Corp. last February 11. Paid GHI Company for the purchases made on February 8. Received cash for delivery services rendered to various customers, P46,000. Paid employees' salaries for the second half of the month, P15,000. Paid the monthly rent, P8,000, and utility bills, P6,000. 6. 10 11 14 20 23 24 27 28 QUIRED: a. Journalize the transactions and post to T-accounts. b. Prepare a trial balance as of month-end. 13 5678

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: On 1 April, the owner decided to start a laundry business. He withdrew R200 000 from personal…

A: According to accounting equation, assets = Liabilities + owners' equity

Q: Prepare the journal entry required for each transaction: Oct. 01, 2022: Mr. Alberto invested…

A: The question is related to Journal Entries for the month October 30th, 2022.

Q: n March 1, Ms. Ann Joy established AJ Beauty Salon. She invested P750,000 in the business and a…

A: In order to calculate cash balance at the end of a period all items of Cash Receipts and Cash…

Q: Choy, after receiving her degree in Hotel and Restaurant Management began her own business called…

A: Accounting equation is written as follows: Assets = liabilities + owner's equity Every transaction…

Q: Three friends of yours have formed a partnership to sell dietary supplements made from organic…

A: Statement of cash flows indicates three activities. Operating activities Investing activities…

Q: Boris Gardner started a CD distribution business, by investing part of his Heineken…

A: Every organization conducts a large number of financial transactions in its business. Organizations…

Q: Required: Record the transactions for the month of December 2021 using a financial transaction…

A: Financial transaction worksheet It is the one that is almost similar to the accounting equation. It…

Q: On February 15, 20X1, Evelyn Ferrer opened Cookie Fantasy Bakeshop. She invested 75,000 to purchase…

A: Statement of Changes in Equity is component of financial statements that reconciles between the…

Q: El Granado established the EG Data Encoders on May 15, 2014. The following transactions occurred…

A: Journal entry is the practice of recording commercial transactions for the first time in the books…

Q: Revenues Income Statement For the Year Ended January 31, 2025 (1) Cash Basis $ (2) Accrual Basis

A: Cost of Goods sold under cash basis Vs Accrual basisWhen we buy finished goods or raw materials, we…

Q: On March 1, Ms. Ann Joy established AJ Beauty Salon. She invested P750,000 in the business and a…

A: In order to calculate cash balance at the end of a period all items of Cash Receipts and Cash…

Q: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the…

A: Journal entries recording is the initial step of accounting process. Under this atleast one account…

Q: 8/3 Ban Ki-moon contributed $25,000 and office equipment worth $10,000 to start Consulting Corp. 8/5…

A: The accounting equation states that assets equal to sum of liabilities and equity. Assets =…

Q: 5,000. Write (1) Journal Entries, (2) ledgers and (3) Trial balance for the transactions.

A: The ledgers are the accounts of the respective party or the accounts of the revenue and expenses as…

Q: Pita purchased a small roadside inn in April with inheritance money he received from his wealthy…

A: In Accounting we follow double entry system in which each financial…

Q: You opened a novelty store called "The Awesome Shop" on January 1, 2018. The following were the…

A: The journal entries are attached below. You may kindly note that all amounts are in P.

Q: On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in…

A: Cost of Goods sold under cash basis Vs Accrual basisWhen we buy finished goods or raw materials, we…

Q: Following are the transactions of Sustain Company. June 1 T. James, owner, invested $16,000 cash in…

A: The practice of capturing commercial transactions for the first time in the account books is known…

Q: Mr. Soie opened up a merchandising business on October 1, 2019 with a cash investment of PS0,000.…

A: Since there are multi sub-parts, we will solve first three for you. To get the remaining sub-parts…

Q: On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On March 1, Ms. Ann Joy established AJ Beauty Salon. She invested P750,000 in the business and a…

A: In order to arrive at closing cash balance at the end of the month, we have to add all cash receipts…

Q: On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash…

A: Accounting cycles simply can be define as the process to perform accounting practices, it includes…

Q: p. On April 5, Timothy established an interior decorating business, Tim's Design, with a cash…

A: Journal entries recording is the very first step in accounting cycle process. Under this process,…

Q: Mr Alex opened furniture shop called Alex Furniture Shop and completed the following transactions in…

A: The journal entries represent the country entry sustain which means a transaction effected a minimum…

Q: On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in…

A: Cash basis of accounting system determines the net income by considering cash payments as expense…

Q: Presented below are the transactions of D'Leather Repair Shop owned by Mr. Jose Lao. Prepare the…

A: The T-accounts are prepared to post the transactions to the specific accounts of the business.

Q: On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The…

A: T- Account

Q: You opened a novelty store called "The Awesome Shop" January 1, 20x1. The following were the…

A: The journal entries are important to record regular transactions in four column book. The t-accounts…

Q: Of the following transactions, which should be recorded as income? Of the following transactions,…

A: Revenue recognition is the process of identifying and recording revenue earned by a company in its…

Q: Gary Amin carries on a successful collectibles business as a sole proprietor. His business income…

A: The taxable income indicates to the net income determines with respect to applicability of tax law.…

Question

The following transactions relate to Mommy's Delivery Service, a
business owned and operated by Margaret "Mommy" Lee:
P4-9
2010
Feb
Invested P1,400,000 in the business.
Various furniture and fixtures costing P30,000 were purchased
for cash.
4
Purchased
2 units
of
second-hand
vans
from
Recon
Incorporated at P80,000 each.
Bought office supplies for cash, P3,000.
Bought computer equipment, P40,000.
Paid the insurance premium on the vans, P10,000.
Purchased supplies on account from GHI Company, P5,000,
payable February 23.
Paid P12,000 on office improvements and repairs.
Received P25,000 from customers.
Rendered delivery services to XYZ Corp. for P12,000, due on
February 20.
Paid half-month salaries of employees, P18,000.
Collected in full the amount billed to XYZ Corp. last February 11.
Paid GHI Company for the purchases made on February 8.
Received cash for delivery services rendered to various
customers, P46,000.
Paid employees' salaries for the second half of the month,
P15,000.
Paid the monthly rent, P8,000, and utility bills, P6,000.
6.
10
11
14
20
23
24
27
28
REQUIRED:
a. Journalize the transactions and post to T-accounts.
b. Prepare a trial balance as of month-end.
13
5678

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step 5

Step 6

Step 7

Step 8

Step by step

Solved in 8 steps

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

Illustration: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the transactions during the year: Provided P100,000 cash as initial investment. Obtained a P50,000 loan .. Acquired furniture and fixtures for P80,000 cash. Acquired inventory on account for P60,000. (Use perpetual inventory system) Sold goods on cash basis for P200,000. The cost of sales is ?20,000. Sold goods on account for P300,000. The cost of sales is ?30,000. Paid supplies expense for P20,000 cash. Paid rent expense of P180,000. Paid utilities expense of P40,000. Collected P240,000 accounts receivable. Paid P30,000 accounts payable. Made total drawings of P25,000.
Please help
B. Directions: Record the following transactions of Sandalan Furnitures in the cash receipts journal and cash disbursement journal. Write the answer on a journal and columnar sheet.
Required: Record the Transactions in the Journal.
A. Cruz, owner of Bingget Trading, invested P2,000 cash, merchandise P4,500, and store equipment with a fair market value of P8,600. Sold P1,200 goods to Bonete Store. Terms: 2/10; n/20. 3 Sold P3,000 worth of merchandise to Rufie Trading. Terms: 2/10, 1/20: n/30. Sold for cash P500 goods. Purchased P1,800 goods and paid freight for the merchandise P50. Bonete store paid its account in full. Rufie Store paid P1,000 in partial settlement of its account. Sold merchandise for P2,500 to Rading Mini Grocery. Terms: 7500 down, P1,000 60-day 6% note, and the balance on account. Rufie paid another 1,000 in partial settlement of its account. Received P250 commission from ABC Store for selling its items. 6 7 . 9 0 2 Rufie Store paid the balance of its account. 3 Received P500 from the tenant of the store. Paid the half month's salary of the helper, P1,000. Create a General Journal
Mr Johannes started business with Cash N$200000; purchased goods for cash N$60 000 and on credit N$150 000; sold goods for cash costing N$40 000 at a profit of 20% and on credit costing N$72 000 at a profit of 25%. He paid for rent N$5 000. Determine the selling price for goods sold for cash Answer:
Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,470,000. Assets were as follows: $ 133,000 850,000 426,000 536,000 $ 1,945,000 Cash Accounts receivable Inventory Net plant and equipment Total assets a. Compute the following: Note: Round your answers to 2 decimal places. 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover b. In 20X2, sales increased to $5,870,000 and the assets for that year were as follows: $ 133,000 978,000 1,038,000 536,000 $ 2,685,000 Cash Accounts receivable Inventory Net plant and equipment Total assets Turnover Ratios times times times times Compute the following: Note: Round your answers to 2 decimal places. 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover Decline O Improvement Turnover Ratios times times times times c. Is there an improvement or a decline in the total asset turnover?
These questions are part A and B so please answer both parts
Complete a please and thank you
INFINIX Al CAMERA February Bought electricai wires worth the sum ofN500.000.00 from Edison Manufectrrers with cheque February Bought some electrical materials in cash at N300,000:00 February Sold electrical wires to Tunde Retailers in cash at N120,000:00 5 February Sold electrical wires on credit to Tunde Retailers Itd for N234,000:00. February Bought bevereges on credit from Cadbury Nig. Pic at the sum of N120,000:00 and reccive 20% discount. trade 17 February Cash sales paid directlý into the bank is N220,000:00 February Sold electrical bulbs on credit to Mr. Biges for N50.000:00 and allowed 10% trade discount on this amount. February Bought electrical wires on credit from Light Switch Ltd at the sum of N23,000:00. February Sent Tunde Retailers Ltd a credit note for goods returned that had a retail price of N25,000:00. 9 February Cadbury Nig. Plc'sent a credit note of N15,000:00 in respect of goods returned. 10 February Bought goods by cheque N300,000:00 February Sold electrical…
1 Mr. Polo invested P 800,000 cash and Office Equipment - P250,000 into the business to buy and sell various merchandise. 3 Purchased on account merchandise, P250,000 terms 2/10, n/30 FOB Shipping point. 4 Purchased Office supplies on account P2,500, 2/10, n/30 5 Sold for cash P 600,000 6 Returned P5,000 worth of defective merchandise purchased on Jan 3 10 Sold on account, P320,000 to customers with credit terms: 2/10, n/30 FOB Destination. 10 Paid the freight charges on transaction made on Jan. 3, P1, 500 11 Paid in 50% the purchases made on Jan. 3. No discount was allowed. 12 Made additional purchases for cash, P 150,000. 14 Borrowed from the bank P 550,000 and issued a promissory note 15 Purchased computer equipment P 65,000 on account terms 2/10, n/30 15 Paid salaries to employees - P 3,500 16 Refunded P 5,000 to customers 17 Sold merchandise for P 650,000 FOB Destination. 20 Paid the freight charges on Jan 10- P1, 000 and 12 - P1, 500 20 Collected from customers on account on Jan…
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