Activity 1. Listed below are seven business transactions of EMF Company during its firstmonth of operations.What elements of the accounting equation islare affected by the followingtransactions? Fill in the amount in the proper elements column. Keep in mind theaccounting equation. Number 1 was already done for you.1. XYZ Company purchased inventory on credit P 20,0002. Deposited cash worth P 5000 which it has kept in its locker to local bank.3. Received interest from its deposit in the bank. The interest amounts to P2004. A fire broke in the warehouse of XYz Company. Only P2,000 worth of inventory wasaffected5. XYZ Company sold merchandise worth P 4.00.6. Paid income taxes worth P 5,0007. Paid P40.000 to advertise its product to the public.AssetsLiabistiesEquity20,00020,0002.3.4.5.7.

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Answered: What elements of the accounting…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter3: The Double-entry Framework

Section: Chapter Questions

Problem 5SEB: TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following...

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Activity 1. Listed below are seven business transactions of EMF Company during its first month of operations. What elements of the accounting equation is/are affected by the following transactions? Fill in the amount in the proper elements column. Keep in mind the accounting equation. Number 1 was already done for you. 1. XYZ Company purchased inventory on credit P 20,000 2. Deposited cash worth P 5000 which it has kept in its locker to local bank. 3. Received interest from its deposit in the bank. The interest amounts to P 200 4. A fire broke in the warehouse of XYZ Company. Only P2.000 worth of inventory was affected 5. XYZ Company sold merchandise worth P 4.000. 6. Paid income taxes worth P 5,000 7. Paid P40,000 to advertise its product to the public. Assets 20,000 Liabiities Equity 20,000 2. 3. 4. 5. 7.
PROBLEM 1: You obtained the following information on the current account of BUGOY CORP. During your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P918,000. Among the bank credits in November was customer's note for P300,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to P3,600 and a P120,000 check which was charged by the bank in error against Bugoy's account. Also in November you ascertained that there were deposits in transit amounting to P240,000 and outstanding checks totaling P510,000. The bank statement for the month of December showed total credits of P1,248,000 and total charges of P612,000. The Company's books for December showed total debits of P2,206,800, total credits of P1,221,600 and a balance of P1,456,800. Bank debit memos for December were: No. 121 for service…
Post each of the above transactions in the Ledger of attached picture
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Assume that a relatively new company you and you group members are involved wilth has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and bocks as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 96 Bottles fuel injector cleaner 48 Boxes Spark Plug 36 Boxes Brake Shoe $720.00 per box $200.00 per bottle $300.00 per box $580.00 per box $400.00 per box e 24 Boxes Disc Pads x 5 Aug Provided services for cash less 10% discount 12 small motorbike engines 6 large motorbike engines (ful service) 8 medium size motorbike engines (full service) $350.00 per engine $950.00 per engine $a00.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque…
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box…
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug             Started business with $150, 000 in the bank 3 Aug             Bought supplies on credit from Right Way Manufacturers                         24 Boxes Air Filter                                                               $720.00 per box                         96 Bottles fuel injector cleaner                                          $200.00 per bottle                         48 Boxes Spark Plug                                                          $300.00 per box                         36 Boxes Brake Shoe…
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug                    Started business with $150, 000 in the bank 3 Aug                    Bought supplies on credit from Right Way Manufacturers                                 24 Boxes Air Filter                                                                                            $720.00 per box                                 96 Bottles fuel injector cleaner                                                   $200.00 per bottle                                 48 Boxes Spark Plug                                                                        $300.00 per box…
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug             Started business with $150, 000 in the bank 3 Aug             Bought supplies on credit from Right Way Manufacturers                         24 Boxes Air Filter                                                               $720.00 per box                         96 Bottles fuel injector cleaner                                          $200.00 per bottle                         48 Boxes Spark Plug                                                          $300.00 per box                         36 Boxes Brake Shoe…
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.oo per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines $350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service) $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by…
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below: 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00…
1. OBJECTIVES: 1. prepare journal entries to record basic business transaction (ABM FABM12-Illa-b3) II. TOPIC: ACCOUNTING BOOKS-Journal and Ledgers III. Direction:a. Journalize the transactionsbelow. b. Post to ledger using the T-account format On April 1, 2019, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: Nels Ferrer deposited Php500,000 cash in a bank account in the name of the business. Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2019 Paid rental for the month of April, Php 5,000 Earned and collected trucking income from Ryan, Php8,000 Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2019 Apr 1 Apr 1 Apr 1 Apr 5 Apr 8 Apr 10 Paid salaries of drivers, Php10,000 Apr 15 Rented the vehicle to Joshua for Php35,000, Joshua paid Php20,000 on that date and the balance on…

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