9. How much is the utilities expense? * P2,400 debit P3,750 debit P3,750 credit P2,400 credit 10. How much should be the debit and credit balance of the trial balance after all balances of the accounts are taken into consideration? * P168,800 debit and credit balances P168,000 debit and credit balances O P168,800 debit balance only
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- To practice how the use of debits, credits, and double entry accounting affect individual T accounts and thus The Accounting Formula, consider the following situations. Prepare T accounts as required and write the corresponding accounting formula. Kimchi purchased a small cafe' in a town with P600,000 of her own money. Help her prepare her T accounts for her first month of operations using the following 1. information. a. Kimchi invested P600,000 cash in the cafe'. Cash Owners' Equity b. Kimchi purchased P3,500 in food, all of which is to be paid next month (accounts payable). Food Inventory Accounts Payable C. Kimchi generated P10,000 in revenue, all received in cash. Cash Revenue d. Kimchi paid her employees P3,600 this month with payroll checks (cash account). Cash Salaries and WagesDirections: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction worksheet indicated on the next page. Write your answers on a separate sheet of paper. June 1 Kim investedPhp 500,000.00 cash and equipment amounting to Php100,000.00 to open Chinita Girl Spa. 2 She borrowed Php 50,000.00 cash from Bamba Bank to be used for her business. 7 She bought tables and chairs from Maginhawa Furnitures and paid Php 20,000.00 cash. 15 Various equipment were purchased on account from Beauty Shoppy for Php 50,000.00. 18 She made a withdrawal of Php 10,000.00 for her personal use. 20 The account due to Beauty Shoppy was paid in cash. 21 Chinita Girl Spa Services was hired. The cash of Php 10,000.00 was received from the customer. 22 Gas and oil worth Php 1,000.00 and equipment repairs worth Php 1,000.00 were paid in a…Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction worksheet indicated on the next page. Write your answers on a separate sheet of paper. June 1 Kim invested Php 500,000.00 cash and equipment amounting to Php100,000.00 to open Chinita Girl Spa. She borrowed Php 50,000.00 cash from Bamba Bank to be used for her business. She bought tables and chairs from Maginhawa Furnitures and paid Php 20,000.00 cash. Various equipment were purchased on account from Beauty Shoppy for Php 50,000.00. 15 18 She made a withdrawal of Php 10,000.00 for her personal use. 20 The account due to Beauty Shoppy was paid in cash. 21 Chinita Girl Spa Services was hired. The cash of Php 10,000.00 was received from the customer. Gas and oil worth Php 1,000.00 and equipment repairs worth Php 1,000.00 were paid in a cash transaction. 22 Service was hired again by a customer for Php 15,000.00 but this time the customer was only…
- Prepare journal entries for the following transactions. Make sure to observe the proper format of journal entries. Use EXCEL in presenting your answers. Mr. Panatag opened the Panatag Security Services. The following financial transactions and other arrangements took place from July 01 to August, 2019: July 01 Mr. Panatag invested his savings in the business amounting to P895,000, and his old car with market value of P545,000. July 02 Mr. Panatag signed a lease contract to be used as the office of his business. In accordance with the lease contract, Mr. Panatag paid the advance rental for three months amounting to P60,000. July 03 The owner purchased furniture amounting to P50,00. Paid 70% cash and the balance will be paid after 30 days. July 04 Mr. Panatag conducted interviews of security guards, and hired 10 security guards with a monthly salary of P13,000 per month. July 05 The owner secured a loan from the bank amounting to P250,000 payable over the…Michael Anderson is starting his computer programming business and has deposited in initial investment of $15,000 into the business cash account. Identify how the accounting equation will be affected.i hope you will can solve it quickly Assume that you are going to start a Business after graduation. Describe 10 transactions that thebusiness might undertake by using your own idea with the following assumptions:• Started business with cash• Goods purchase for cash• Goods purchased on credit• Any asset purchased and paid cash• Any asset purchase on credit• Sold goods for cash• Sold goods on credit• Paid any bill• Paid salary to staff• Cash withdraw from business for personal useBased on your own 10 transactions, prepare:1. Accounting Equation2. Journal3. Ledger4. Trail Balance5. Financial statement
- Nicole’s Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents informaccounting processes. She also needs some help reconciling NGS’s bank account.Required:1. For each source document shown below, prepare the appropriate journal entry or indicate thatno journal entry is required.a. Purchase order dated October 13 for massage chairs costing $765 and oil suppliescosting $240.As an accountant, your new client Michael Sue's he's assistance in setting up his books for his business. To do this successfully, you start by showing him how you perform a transaction analysis based on the accounting equation assets equals liabilities plus owners equity. You explain to Michael how to show increases and decreases in assets liabilities and owners equity accounts using that analysis template. To help Michael understand the transaction analysis you reconcile each side of the equation by balancing out each column at the end of the transaction. complete by using the accounts cash, accounts receivable, supplies, equipment, accounts payable, notes payable, Suze capital, Suze drawing, service revenue, rent expense, salary expense, utilities expense, and advertising expense. Please record the transactions listed in the image.Fill up the table below with your bookkeeping skills. The first one is already done for you. Copy the table 2: Mae's Bookkeeper and answer on a separate sheet of paper. income than before! She needs your help to monitor the day-to-day transactions and record them to her books. Help Mae monitor and record the transactions for the week. Monday: Bought 20 dresses at P500.00 each in account. voday: Borrowed cash loan from the bank for P9.000.00, Paid half of the dresses bought in account yesterday, Monday. Wednesday: Sold 15 dresses for P750.00 each in cash. Thursday: Bought store supplies for P5,000.00 in account. Friday: Sold five dresses for P800.00 each in account. Paid the remaining balance of the dresses bought in account last Monday. Saturday: Paid in full the store supplies bought in account. Sunday: Collected cash for the five dresses sold in account. Debit Credit Description Inventory Account payable Date P10,000.00 P10,000.00 Monday
- Prepare the Balance Sheet and Income Statement on the following hypothetical business Note: Read the notes below before proceeding August 1 - Kevin opened a laundry shop and made the following investments: cash P150,000; laundry shop equipment P250,000; office chairs and tables P30,000 and laundry supplies P20,000 August 8 - Accepted laundry services for cash P4,500; used P500 for laundry supplies August 10 - Accepted laundry services on account P7,500; 50% down and the balance at the end of the month; used P750 laundry supplies August 15 - Paid the rental for the month P2,500 August 15 - Paid salary of staff P5,000 August 20 - Received proceeds of bank loan P300,000 August 30 - Partial collection from Aug 10 services P3,000 August 31 - Paid the salary of staff P5,000 August 31 - Kevin withdrew P500 for personal use September 1 - Paid rental for the month September 2 - Made an additional capital investment of P50,000 September 2 - Rendered services on account P65,000 10% down and the…After taking into account the transactions of Choy, please answer Questions 1 -10. Choy, after recelving her degree in Hotel and Restaurant Management began her own business called Choy Cakes and Patries. She completed the following transactions soon after the start of the business. Choy began her business with a P150,000 cash investment, which she deposited in the bank and a laptop and printer worth P35,000. Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month. Choy does her baking at their home and she only needed a display and sales outlet for her products. Purchased an oven worth P70,000 in cash. Purchased baking supplies on account worth P50,000. Purchased baking paraphernalia like pans, etc.worth P20,000, in cash. Received cash for cakes and pastries sold, P40,000 for the month. Billed a customer for the cakes and pastries ordered for a birthday party, P15,000. Paid utilities for the month worth P5000. a. b. C. d. e. f. B- h. Paid her parents…Question 1. From the following transactions, classify Debit and Credit and record Journal Entries. prepare the given ledger accounting in T format. The transactions for the month of March 2020 are given hereunder. Mar 1. Meeza started a business investing RO 12,500. Out of which she deposited RO 5,000 in the bank account the same day. Mar 2. She purchased tools and equipment for RO 4,750. She paid 60% of the amount by cheque. Remaining amount (RO 1900) recorded in ‘Other liabilities account’ to be paid next 30 days. Mar 6. She produced 600 units of product for RO 20,000 on credit and sold all of them on credit to Mr. John for RO 24,000. Mar 9. Purchased Raw-Material for RO 6,200 on 15 days credit for Aesha. Mar 11 She paid off the outstanding amount on tools and equipment account purchased on 2nd March through Bank account. Mar 13. Mr. John paid RO 15,000 by Cheque. Mar 16. Paid the supplier of Raw material (March 9) by cheque no 132613, RO 5,325. Reminder as a cash discount and…