You opened a novelty store called "The Awesome Shop" on January 2,2018. The following were the transactions during the year:1. Provided P100,000 cash as initial investment.2. Obtained a P50,000 loan.3. Acquired furniture and fixtures for P80,000 cash.4. Acquired inventory on account for P60,000.5. Sold goods on cash basis for P200,000. The cost of sales is P20,000.6. Sold goods on account for P300,000. The cost of sales is P30,000.7. Paid supplies expense for P20,00o cash.8. Paid rent expense of P180,00o.9. Paid utilities expense of P40,000.10. Collected P240,000 accounts receivable.11. Paid P30,000 accounts payable.12. Made total drawings of P25,000.REQUIREMENTS:a. Record the transactions in thejournal.b. Post the transactions in theledger.c. Prepare the unadjusted trialbalance on December 31, 2018.

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

Answered: You opened a novelty store called "The…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jan 1 - Mr. Suelan invested the following: Bank Deposit with BDO - 850,000.00 Merchandise with net realizable value - 250,000.00 Transportation Equipment with a fair market value of 1,800, 000.00 Jan 2 - Purchased merchandise in cash from Tuyor trading costing 150, 000.00 and paid freight and handling, 2,500.00 Jan 3 - Returned 3,000.00 cost of merchandise of Rowena Tuyor Trading due to some defects and no replacements have been made. Jan 5 - Sold merchandise for cash 120, 000.00 to Mr. G and gave 3% trade discount and paid freight on shipment, 3,500.00 Jan 7 - Purchase merchandise on account from Mr. S amounting to 50,000.00 Term 3/10, n/30. Jan 8 - Sold merchandise on account to Mr. F 185, 000.00Term 2/10, n/30. Paid freight on shipment 1,200.00 Jan 9 - Purchased merchandise on account from Mr. E costing 230,000.00 term 2/10 com Jan 10 - Received 4,000.00 worth of merchandise from Mr. F for not conforming with the order and was not replaced. Jan 12 - Paid the…
Ankaran Enterprises currently has $800 in cash, and total assets of $20,400. The company owes $1,400 to suppliers for merchandise and $5, 100 to the bank for a long-term loan. Customers owe Ankaran's $1,100. The inventory has a book value of $4, 400 and an estimated market value of $5,500. If Ankaran's compiled a financial statement today, how much would it show as the value of the current assets?
Please answer the question correctly. Thank you.
You purchased $8,000 of inventory on terms 2/10, n/30. If you pay the bill on day five, which of the following are true statements relating to just the day five transaction? A. You will credit cash for $8000 B. You will debit inventory for $160 C. You will credit inventory for $160 D. You will credit cash for $7,840 E. You will label this transaction as a cash entry F. You will label this transaction as paid bill. Select all that apply.
Derry Co. is a company in the industry of selling and installing laundry systems, Derry choose financial period ending by December 31. The following were selected from among the transactions completed during 2020. 2019 Oct 10 Sold merchandise to Edin, and received $6,000 cash. The cost of the merchandise sold was $3,800. Nov 13 Sold $25,000 merchandise to Flora, receive $12,000 in cash this day and the rest would follow Derry’s credit policy of 1/15, n/30. The cost of merchandise sold was $15,300. Dec 31 During 2019, Derry Co. offered sales of 30,000 laundry devices with one-year warranty-on-part policy. A provision was made by Derry Co., based on the management’s experience, 900 units (3%) will be defective and that warranty repair costs will average $4 per unit. Journalize this provision. Dec 31 Based on an analysis of the $92,000 of accounts receivable, it was estimated that $9,848 will be uncollectible, given the balance of the account Allowance for doubtful accounts…
The accounts payable balance at the beginning of the year was $98,000. The company purchased $445,000 worth of goods on account, and the ending balance of the payables account was $135,000. What were the total payments on account? Multiple Choice $548,000 $463,000 $408.000 $478.000
The following items were among those that appeared on Rubi Co.’s books at the end of year 1: Merchandise inventory P600,000; Loans to employees 20,000. What amount should Rubi classify as monetary assets in preparing constant peso financial statements? P0 P 20,000 P600,000 P620,000
Your company completed the following merchandise transactions during year 6: 1. On January 1, Year 6, your company had merchandise which cost $18,000 and had a net realizable value of $17,900. 2. Purchased $23,000 of merchandise for cash 3. Sold $19,000 of the merchandise for $36,400 on account. 4. Purchased $10,000 of merchandise on account, terms 2/10, n/30. 5. Paid for the merchandise in #3 on the eighth day after the purchase. 6. There were other purchases and sales throughout the year, but you do not need to record them, so no entry here. 7. Ended the year with merchandise which cost $26,000 (according to your calculations) and had a net realizable value of $25,400. INSTRUCTIONS: a. Prepare the entries for the transactions above assuming a Periodic inventory system, the allowance method for LCNRV, and the net method for purchase discounts. b. Prepare the entries for the transactions above assuming a Perpetual inventory system, the direct inventory reduction method for LCNRV, and…
I purchased goods on account for 8,200, terms 1/10, n/30. I returned $1,700 of the goods and received full credit. If I pay the invoice within the discount period, what is the amount of cash required for the payment? Round the answer to the nearest dollar.

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