Problem 5. Mr. Coach started a T-shirts business to be known as "Coach T-shirts". He performed following transactions during the first month of operations: a. b. Mr. John invested a capital of P15,000 into his business. Acquired a building for 5,000 cash for business use. Bought furniture for 1,500 cash for business use. c. Purchased T-shirts from a manufacturer for P3,000 cash. Sold T- shirts for P1,000 cash, the cost of those T-shirts were P700. Purchased T-shirts for P2,000 on credit. Sold T-shirts for P800 on credit, the cost of those shirts were P550. d. e. f. g. h. Paid P1,000 cash to his payables. į. j. k. I. Collected P800 cash from his receivables. The shirts costing P100 were stolen by someone. Mr. John paid P150 cash for telephone bill. Borrowed money amounting to P5,000 from City Bank for business purpose.

Problem 5. Mr. Coach started a T-shirts business to be known as "Coach T-shirts". He performed following transactions during the first month of operations: a. b. Mr. John invested a capital of P15,000 into his business. Acquired a building for 5,000 cash for business use. Bought furniture for 1,500 cash for business use. c. Purchased T-shirts from a manufacturer for P3,000 cash. Sold T- shirts for P1,000 cash, the cost of those T-shirts were P700. Purchased T-shirts for P2,000 on credit. Sold T-shirts for P800 on credit, the cost of those shirts were P550. d. e. f. g. h. Paid P1,000 cash to his payables. į. j. k. I. Collected P800 cash from his receivables. The shirts costing P100 were stolen by someone. Mr. John paid P150 cash for telephone bill. Borrowed money amounting to P5,000 from City Bank for business purpose.

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 April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
a. Received $60,000 cash from the investors who organized Down, Incorporated b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (c), paid for half of it, and put the rest on account. 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. Current Assets Cash Total Current Assets Equipment Total Assets Assets DOWN.INCORPORATED Balance Sheet At May 31 $ 70,000 70,000 25,000 Liabilities Current Liabilities Common Stock Notes Payable (long-term) $ 95,000 $ $ 60,000 20,000 80,000 80,000 0 80,000
Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells de- motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. a. Received $34,000 cash from the investors who organized Down, Incorporated b. Borrowed $19,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $10,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (c), paid for half of it, and put the rest on account. 2. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet 1 2 3 Transaction Note: Enter debts before credits 4 Received $34,000 cash from the investors who organized Down, Incorporated Record the transaction. 5 General Journal
PROBLEMOn January 1, 20X1, Ms. Yama Ha opened a guitar repair shop called “Guitar Doc”. Thefollowing were the transactions during the year:1. Ms. Yama invested Php 100,000 cash to the business.2. The business purchased supplies worth Php 60,000. Guitar Doc uses the expensemethod.3. Total service fees billed to clients, on account, amounted to Php 400,000.4. Total collections on accounts receivable amounted to Php 270,000.5. Ms. Yama took Php 60,000 cash from the business.6. Total salaries paid amounted to Php 180,000.Additional information:a. Billy Sheehan, one of the debtors, is undergoing financial difficulties. Of the total Php50,000 accounts receivable from Billy Sheehan, only Php 40,000 is sure of collection;Php 10,000 is doubtful.b. Unused supplies at the end of the period amounted to Php 20,000.c. Unpaid employee salaries amounted to Php 30,000.
PROBLEMOn January 1, 20X1, Ms. Yama Ha opened a guitar repair shop called “Guitar Doc”. Thefollowing were the transactions during the year:1. Ms. Yama invested Php 100,000 cash to the business.2. The business purchased supplies worth Php 60,000. Guitar Doc uses the expensemethod.3. Total service fees billed to clients, on account, amounted to Php 400,000.4. Total collections on accounts receivable amounted to Php 270,000.5. Ms. Yama took Php 60,000 cash from the business.6. Total salaries paid amounted to Php 180,000.Additional information:a. Billy Sheehan, one of the debtors, is undergoing financial difficulties. Of the total Php50,000 accounts receivable from Billy Sheehan, only Php 40,000 is sure of collection;Php 10,000 is doubtful.b. Unused supplies at the end of the period amounted to Php 20,000.c. Unpaid employee salaries amounted to Php 30,000.Requirements:a. Provide the journal entries.b. Post the entries to the ledger.c. Prepare the unadjusted trial balance.d. Provide the…
Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporateda company that sells de - motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations.a. Received $40,000 cash from the investors who organized Down, Incorporatedb. Borrowed $19,000 cash and signed a note due in two years.c. Ordered equipment costing $22,000.d. Purchased $10,000 in equipment, paying $3,000 in cash and signing a six-month note for the balance.e. Received the equipment ordered in (c), pald for half of it, and put the rest on account. Pleaae tell me the cash and equipment
PROBLEM: Mr. Min Jimin established the MinJi Car Rental Services in August 1, 2021. During the first month of the business, the following transactions occurred: August 1 August 2 |August 3 August 7 August 8 August 15 August 17 Mr. Min Jimin invested P50,000 to establish the business. Bought office desks and chairs for cash, P8,000. Mr. Min paid 10,000 in advance payment for rent of the office. Office supplies amounting to P5,000 was purchased on account. He bought 3 vans amounting to 700,000 each and invested these to the business. A customer rented one of his van and paid P20,000 for the services. One of the van was rented, after the rentals, the customer promised to pay the amount of P10,000 after a week. Another customer rented the van for 2 days, from August 19-20 for P50,000. At the end of the day, the customer paid Mr. Min P30,000 and promised to pay the balance at the end of the month. August 20 Mr. Min paid the office supplies bought on account. Mr. Min collected the amount of…
Transaction a. Mr. Vega deposits $6,000 in a bank account in the name of MegaTech, in return for shares of common stock in the corporation. b. MegaTech borrows $10,000 from First National Bank to finances its operations. c. MegaTech buys land for $12,000 cash. d. During the first month of operations, MegaTech earned revenue fees of $5,500, receiving the fees in cash. e. MegaTech paid expenses during September as follows: Wages, $1, 125;, Rent, $950; Utilities, $450; Interest, $100; and, Miscellaneous, $275. f. MegaTech paid $1,500 to stockholders (Dr. Lee Landry) as dividends.
Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated—a company that sells de-motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. Received $34,000 cash from the investors who organized Down, Incorporated Borrowed $19,000 cash and signed a note due in two years. Ordered equipment costing $16,000. Purchased $10,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. Received the equipment ordered in (c), paid for half of it, and put the rest on account. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero.
Mr Alex opened furniture shop called Alex Furniture Shop and completed the following transactions in the month of January: Jan Borrowed RM100,000 cash and signed a 12-month, RM100,000 note. Interest is in addition to the face value, at the rate of 15%. 1 2 Bought a factory for RM200,000, paying RM80,000 in cash and the balance is on account. 3 Sold RM104,000 of furniture and billed customers. 5 Bought goods from Bob Shop with purchase invoice amounted to RM10,500. Terms of purchase is 5/10, n30. 14 Make payment to Bob Shop for the balance due by cash. 20 Received a 50% deposit in cash from a customer on a RM20,000 order to be filled next month. 25 Mr. Alex took RM2,000 cash to buy washing machine for his wife. 28 Paid utility bill for the current period in the amount of RM1,200 using cash. 31 Made the end-of-year adjusting entry to accrue interest expense on a 12-month, RM100,000 note. Required: a) Journalise the above transactions b) Prepare cash account and show the cash balance as…
Doug Allen has decided to go into the insect extermination business and to operate as Doug's Extermination Service. The following transactions were completed during the first month of operations, May, 20--. 1. Doug invested $35,000 cash in the business. 2. Purchased extermination equipment for $17,000 in cash. 3. Paid $700 rent for garage and office quarters. 4. Purchased chemicals (expense) for $1,100 from Low Glow Chem Co. on account. 5. Received $1,600 revenue for extermination service. 6. Paid telephone bill, $120 7. Paid assistant's salary, $700. 8. Earned $980 revenue for extermination service, on account. 9. Paid electric bill, $230. 10. Paid for truck repairs (expense), $145. 11. Paid $600 to Low Glow Chem Co., on account. 12. Paid $131 for gas and oil for truck (expense). 13. Received $1,400 revenue for extermination service. 14. Received $500 for services previously earned on account in transaction (8). 15. Paid assistant's salary, $900.…