Follow the instructions and do it nicely. Pio Baconga started Baconga Industrial Spray Service on Apr. 1, 2019. During April,Baconga completed the following transactions:a. Invested cash in the business, P60,000.b. Bought a service vehicle from CDO Motors for P112,500, paying P22,500 incash, with the remainder due in thirty days.c. Bought spray equipment on account from Misamis Farm Supplies, P18,000.d. Paid rent for the month, P5,600.Paid cash for insurance on service vehicle for the year, P5,760.f. Received cash for spray services done on a building, P21,750.g. Bought supplies for cash, P5,730,h. Billed customers on account for services performed, P4,440.i. Paid cash for utilities, P960,j. Received bill for gasoline used by the service vehicle during the month, P3,270.k. Receipts from cash customers, P16,420.I. Baconga withdrew cash for personal use, P10,500.Paid salaries to employees, P20,400.e.m.Required:Record the transactions for the month of April 2019 using a financial transactionworksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; PrepaidInsurance; Spray Equipment; Service Vehiele; Accounts Payable; and Baconga, Capital. Ifthe owner's equity account is affected by à transaction, identify it as revenue, expenseinvestment or withdrawal.

As per accounting equation, assets equal to sum of liabilities and equity.

Pio Baconga started Baconga Industrial Spray Service on Apr. 1, 2019. During April, Baconga completed the following transactions: a. Invested cash in the business, P60,000. b. Bought a service vehicle from CDO Meters for P112,500, paying P22,500 in cash, with the remainder due in thirty days. c. Bought spray equipment on account from Misamis Farm Supplies, P18,000. d. Paid rent for the month, P5,600. Paid cash for insurance on service vebiele for the vear P5. 760

Pio Baconga started Baconga Industrial Spray Service on Apr. 1, 2019. During April, Baconga completed the following transactions: a. Invested cash in the business, P60,000. b. Bought a service vehicle from CDO Meters for P112,500, paying P22,500 in cash, with the remainder due in thirty days. c. Bought spray equipment on account from Misamis Farm Supplies, P18,000. d. Paid rent for the month, P5,600. Paid cash for insurance on service vebiele for the vear P5. 760

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 3PB: On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During...

See similar textbooks

Similar questions

On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?
On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the following transactions related to the business: July 1: Arabi transferred cash from his personal account and invested it for business use, $23000. July 10: Purchased a truck for $14400, paying $7400 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2570. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4510. July 20: Completed services on account and billed the customer, $7780 July 25: Received cash from customers on account, $2640. July 31: Paid salaries expense of $400 and utilities expense of $320. (a) Journalize the above transactions for the month of July (b) Prepare ledger accounts in running balance format (c) Prepare trial balance at 31 July 2020
On 1 March 2021, Tom set up J Hair Salon by investing $50,000 cash and $30,000 of equipment in J Hair Salon. On that day, he paid rent of $15,000 for three months. During March 2021, he completed the following additional transactions: Purchased $3,000 of supplies on account. Provided haircuts and treatments and received $20,000 cash. Determined that the cost of supplies on hand in end-March was $500.Analyse the above and record the necessary entries for March 2021. For this question, dates and narrations are not required
john began an Upholstery cleaning business on October 1,2020 and engaged in the following transactions during the month: Began business by depositing 12,000 in a Clean & Premium ltd bank oct 1 : account oct 2 :Ordered Cleaning supplies 3,000 oct 3: Purchased cleaning equipment for 2,800. oct 4 : Made two months' van lease payment in advance, 1,200 Received the cleaning supplies ordered on (Oct 2) oct 7: and agreed to pay half the amount in 10 days, and the rest in 30 days oct 9: Paid for repairs on the van with cash, 1,080 oct 12 : Received cash for cleaning upholstery, 960. oct 17: Paid half the amount owed on supplies purchased on Oct 7, 1,500. oct 21 : Billed customers for cleaning upholstery, 1,340 oct 24 :Paid cash for additional repairs on the van, RM80 oct 27 : Received 600 from the customers billed on October 21. oct 31 Made a cash withdrawal of 700. you are Required to A : Prepare the general journal based on the above transactions. B:…
Mr. Sojo opened up a merchandising business on October 1, 2019 with a cash investment of P50,000. The following activities were given: Cash received from customers 205,000.00 Cash borrowed from the bank 150,000.00 Utilities, salaries, supplies and rent paid 115,000.00 Cash paid to the bank 50,000.00 Cash purchase for equipment 100,000.00 Cash purchase for furniture 25,000.00 Equipment bought on credit 150,000.00 Additional investment 200,000.00 Withdrawal 40,000.00 Additional information;1. Supplies amounted to 20% of the…
Hye Jin started his accounting consultancy business on January 1, 2021. During the first month of the business, the following transactions occurred: Hye Jin purchased a laptop on January 1, 2021 for P50,000. 30% of the purchase price was paid in cash, the balance was subject to a 2-year note at 3% interest. Vera expects that the laptop will be used in the business for 3 years. On January 5, Vera received P12,000 for services to be rendered on the succeeding 4 months. On January 3, Vera purchased a 1-year insurance policy for P24,000. Office supplies purchased cost P15,000. A count of supplies at month-end indicates P12,000 supplies are on hand. On January 31, Hye Jin received a bill from the lessor for January rent amounting to P16,000, and utilities amounting to P4,000. Services performed to clients but were not yet billed amounted to P7,850. REQUIRED (show supporting calculations):1. Prepare the adjusting entries on January 31 if the company makes use of the…
The following are the business transactions of Reyes Broiler farm for the month of March 2019. March 2 The owner borrowed P150,000 from Landbank to be used in the business. 4 Bought farm equipment P30,000. Terms: 50% down payment, balance on account. 5 Cash sales of broilers P15,000. 7 Purchased farm supplies P7,000 on credit. 10 Sales of broilers on account P10,000. 15 Paid the salaries of the farm workers P12,000. 18 Sales of broilers P12,000. 50% collected in cash , balance on account. 22 Bought additional farm supplies P5,000 and paid cash. 24 Paid the rent for the land P15,000. 25 Cash sales of broilers P30,000. 26 Paid Landbank P50,000. 27 Sales of broilers on account P14,000. 28…
On April 1, 2021, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: April 1 - Nels Ferrer deposited additional P500,000 cash in a bank account in the name of the business 1 - Purchased for P250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2020 1 - Paid rental for the month of April, P5,000 4 - Collected accounts from previous month, P13,200 5 - Earned and collected trucking income from Ryan, P8,000 8 - Earned trucking income from Jesper, P30,000 on account. Jesper will pay on May 8, 2020 10 - Paid salaries of drivers, P10,000 15 - Rented the vehicle to Joshua for P35,000, Joshua paid P20,000 on that date and the balance on April 20 18 - Paid electric bills for the month, P2,000 20 - Collected from Joshua the balance of his April 15 account 25 - Purchased office supplies, P2,300 29 - Earned and…
Cepe A. Ko entered into the following transactions during December 2019: 1. Cepe A. Ko invested the following assets: Cash, P100,000 Office supplies, P1,500; Store equipment, P10,800. Store Furniture, P22,200 2. Paid business permits P3,800 2. Paid three months' rent on a lease rental contract, P27,000. One third of the space is use for the office and the rest is for the store. 3. Paid the premiums on property and casualty insurance policies, P2,700. 5. Purchased additional office equipment on account from Office Station Co., P31,200. Freight of P1,800 was paid by Cepe A. Ko. 6. Purchased P100,000 merchandise on account from BSA Co. Terms 2/10 n/30 FOB Shipping point. Freight of P2,000 was paid by BSA Co. 7. Sold P20,000 merchandise for cash. FOB Destination. Freight of P1,000 was paid by Cepe A. Ko. 8. P6,000 of the merchandise bought from BSA Co. were defective. Debit memo was given to BSA Co. and Credit memo was received in response. 10. Paid cash for a newspaper advertisement,…
In June 2021, A.B. Malinaw established a photography business. Transactions that transpired during the month follow: AB Malinaw invested P250,000 cash in his business named Malinaw Photography. Paid P5,000 for the municipal permit/license. Received proceeds of loan from UniBank and executed a promissory note amounting P150,000. Paid in advance the shop's six month rental to commence the following month, P60,000. Bought P80,000 worth of furniture for cash. Purchased equipments (cameras, tripods, lightings, laptop & printer) with total cost of P350,000, paid P150,000 cash and 3 4 the balance on account. Bought for cash photo supplies costing P25,000. Received advance payment of P50,000 from a couple who will get marry on July, 2021. Received P75,000 cash for photo services rendered to various customers. Billed a customer for the balance of unpaid photo service rendered, P40,000. Paid utility bills totalling P15,000. 12 Paid the month's salaries of employees, P55,000. 13 Made partial…
Omer provides the following data of his company Cargowings Pvt. ltd. for the month of December 2020. Following transaction took place during the month: ` Omer further invested in business with cash $5,000, bank $10,000, and Motor Vehicle $8,000 Received a cheque from Mathew in respect of goods sold at invoice price $500 deducting discount of 5%. Omer brought his house furniture into the business which he purchased for $3,000 Commission received as referral fee $1,300 Sold goods to Danial worth $500 and the balance was written in his account.
Mr. Sojo opened up a merchandising business on October 1 2019 with a cash investment of 50,000. The following activities were given: