Save On Repair Shop June 2000 June 1 Mr. Reyes invested cash P235,000 in the business. 3 Bought supplies, P13,500 for cash and equipment, P15,E Performed services to a customer for cash, P12,500. Rendered services on credit, P13,520. 4 5 8 Billed customers, P5,550. 9 10 11 Paid telephone, P1,100; electricity, P2,350; salaries, P9, Received a cash payment of P3,000 from June 5 custom Purchased furniture and fixtures, P14,500 on account w Withdrew cash worth P3,500 for personal use. Mr. Reyes paid his creditors, P5,000. 12 15
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- GIVEN:REF. AMOUNT1. 90,000 STARTED BUSINESS; PERSONAL MONEY TO HIS CAR SHOP2. 12,000 PAID RENT FOR JAN 20203.40,000 SHOP EQUIPTS BOUGHT; P20K DOWN; P20K PAYABLE FEB 20204. 6,000 SUPPLIES FOR SHOP BOUGHT FOR CASH5. 70,000 CAR SERV REVENUE, P40K CASH; P30K BAL.6. 26,000 SHOP OPER EXP PAID; P20K SALARIES; P6K UTILITIES7. 4,000 COST OF SUPPLIES NOT USED. REQUIRED: A TRANSACTIONAL ANALYSIS USING ACCOUNTING EQUATION AND SPECIFIC ACCOUNT TITLESPROFORMA TEMPLATE: A S S E T SGIVEN: ref. Amount, Cash,Accounts Receivable,Supplies,Shop Equipments = Liability + CapitalAl-Hofuf 100000 carry-over balance 100000 100000 100000 Transferred balance i Example: The following balances are extracted from the records of Al-Yaqeen commercial stores and homework (on 31/12/2009: 1500000 Fund, 2000000 Bank, 1100000 Debtors, 700000 Receipt Papers, 4000000 Goods, 7500000 Purchases, 3500000 Returns of Purchases) 1,200,000 inbound transportation expenses 400,000 customs taxes, 10,000,000 sales, 420,000 sales returns, 60,000 discounts allowed, 500,000 furniture, 450,000 tax, 300,000 general expenses, 650,000 selling expenses, 8,500,000 creditors, 65,000 payment papers, 100,000 deduction earned, 50,000 profits from selling assets Fixed, 6 million buildings, 2,000,000 cars, 300,000 personal withdrawals, 3,000,000 long-term loans, 13,000,000 capital. If you know that the goods at the end of the period are estimated after the inventory at 4,500,000 dinars. Required: Prepare trial balance with balances. : .6Bailey's Department Store Journal Entries I. Dr. Cash $500 Cr. Refundable Deposit $500 II. Dr. Cash $798,000 Cr. Sales Revenue $760,000 Cr. Sales Tax Payable $38,000 III. Dr. Property Equipment $126,000 Cr. Cash $126,000 IV. Dr. Land Improvement $84,000 Cr. Improvement Obligation $84,000 V. Dr. Loss Contingency $250,000 Cr. Liability- Contingency $250,000 Required: Prepare only the liability portion of Bailey's Balance Sheet from the journal entries above.
- * 100 ll 2 p E:YA 2_54180033916640... Sonia opens a plastic bag shop in Kangar. She rent shop lots, purchases an initial stock of plastics bag, and begins operations. Complete are the general journal entries for the first month Date Account name and explanation debit credit 01/03/2010 A/C 10,000 A/C- 10,0000 Owner contributes $10,000 in cash to start the business 05/03/2010 A/C- 4000 AC- 4000 Purchased $4000 plastic bags on account, payable in 30 days. 05/03/2010 A/C- 1000 AC 1000 Paid shop rental of $1000. 09/03/2010 A/C -? 500 AC- 500 Customer buy goods for cash.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 32500A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and the dealership finances the remaining 90% in-house. How much will the car dealership record in Accounts Receivable for this customer? A. $31,500 B. $19,250 C. $8,750 D. $7,000
- MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS: 7) Customer transferred 85 .000 TL to the Bank, to close the openaccount 8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .Customer issued 95.000 advance check for the order . 9) Land is Purchased for 2.850.000 TL + %10 VAT from X Company andBank transfer is made to X company. Real Estate Service Invoice is 80.000 + %10VAT.Half check is issued and balance is on account. Property tax is 70.000 TL ,paid cash.Prepare all the required Journal entries? 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, P5,000 29 Paid Delta a portion of the amount owed for equipment, P5,000. 30 Withdrew cash for personal use, P3,500.Cajegas Trucking ServicesTrial BalanceJune 30, 2021Debit CreditCash in Bank P 1,020,000Petty Cash Fund 1,000Accounts Receivable 120,000Est. Uncollectible Account P 1,200Unused Supplies 15,000Prepaid Insurance 8,500Prepaid Rent 30,000Delivery Truck 1,500,000Acc. Depreciation – Delivery Truck 250,000Accounts Payable 130,000P. Cagejas, Capital 1,818,500P. Cagejas, Drawings 50,000Trucking Income 935,000Taxes and Licences 10,000Repairs and Maintenance 27,000Retainer Fees 25,000Salaries and Wages 320,000Utilities Expense 8,200Total P 3,134,700 P 3,134,700Additional Information1. Provision for Uncollectible Account should be at 2% of the outstanding receivable account.2. Supplies actually on hand, P5,000.3. Of the Prepaid Insurance, P6,200 has actually expired.4. P18,000 of the Prepaid Rental has expired.5. Depreciation Expense for the period is P105,000.Required:a. An 8-column worksheetb. Balance Sheetc. Income Statementd. Statement of Changes in Owner’s Equity
- ASAP!! DECEMBER 31,2012 TITLE OF ACCOUNT DEBIT CREDIT Cash 130,350 Account receivable 54600 Note receivable 83,000 Land 100,000 Inventory-opening 40,500 Supplies 650 Prepaid insurance 1200 Furniture and Fixture 183,200 Accumulated depreciation-furniture 2400 Account payable 47,000 Note payable (long-term) 12,600 Capital-Frank 275,000 Sales revenue 364,500 Sales discount 1400 Sales return and allowance 2000 Commission income 600 Purchases 89,300 Purchases discount 3000 Purchases return and allowances 1200 Freight in 5200 Rent expense 8400 Salaries expense 5000 Insurance expense 1500 TOTAL 706,300 706,300 ADJUSTMENT DATA: Depreciation for the year Rs. 600 Inventory on hand at the end of the year Rs.…01 On 1 April, the owner decided to start a laundry business. He withdrew R200 000 from personal savings account and deposited it directly into HI-Lo traders bank account 03 HI-Lo Traders obtained a loan of R30 000 with a repayment period of 12 months from invest Bank account 05 Hi-Lo Traders bought equipment from Blue Furnishers for R16 000. Hi-Lo made a payment of 16 000 directly into Hi-Lo bank account 09 A Cash sale amounting to R45 000 was made, the good were originally purchased at a cost of 35 000 13 Hl-Lo traders bought equipment on credit from Risk Furniture for R9000 15 HI-Lo Traders made a direct payment into the bank account of Risk Furnisher to pay their amount of 9000 18 The owner withdrew 1200 from the business to buy his daughter a birthday present 19 Hl-Lo Traders offered a service worth R5000 to Mr Bogus on credit 27 Hl-Lo Traders placed an advertisement in a local newspaper for R350 Payment was only due in…On July 1, 2022, Paul Brite started a TV repair business. ACTIVITY #3 ILLUSTRATIVE PROBLEM JULY 1 He invested 50 000 in cash to start his business 3 Purchased for cash shop supplies costing 3 500. 5 Brite bought from X Co. repair equipment costing 20 000 on credit. 8 Customers paid 12 000 cash for repair services rendered. 10 Brite made a partial payment to XR. 20 000 12 Customers were billed on account 14 000 for repair services rendered. 14 Rental for the month of July was paid 6 000 17 Collected 8 000 from customers as payment of their accounts 19 Paid wages of assistant helper for the month of July, 4 000. 22 Bought additional shop supplies costing 9 500. A down payment of 3 000 was made and the balance is payable at the end of the month. 25 Repair services rendered, 9 000. Received 5 500 as partial payment. 28 Repair supplies bought for cash and used for repairs amounted to 6 500. 31 Brite withdrew 12 000 for his personal use. Requirements: JOURNALIZING- plot ALLE T-ACCOUNT TRIAL…