ACTIVITY I. Below are transactions of Lea Beauty Salon for the month of July 2020. 2020 July 5 Lea invested Php 120,000 cash and an equipment in the amount of Php 80,000. 7 Purchased salon equipment on account, Php 7,500. 8 Received Php 25,500 from various customers as salon income. 12 Purchased salon supplies paying Php 3,000 on cash. 25 Received Php 500 bill from Maynilad 30 Paid painter's salary for the month Php 4,500.
Q: Yoon Hye-jin opened a dental service business opened on October 1, 2021. Initial investment recorded…
A: Assets are the resources or rights of the business that it can use and sell according to the need.…
Q: Journalize the following transactions in the books of AHMED for the month of March. 2020…
A: The transactions and events of the company will be recorded in the journal book. The transactions…
Q: Wendy opened a hair care products shop in Georgetown in September 2020. During the first month of…
A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…
Q: s were completed during
A: The cash flow statement as,
Q: On August 1, 2020, Mark Diamond began a tour company in the Northwest Territories called Millennium…
A:
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: Journalize the given transaction: Date Accounts title and explanation Debit (OMR) Credit (OMR)…
Q: ACTIVITY I. Below are transactions of Lea Beauty Salon for the month of July 2020. 2020 July 5 Lea…
A: A ledger is a log or list of accounts that keep track of account transfers.
Q: Prepare the journal entry required for each transaction: Oct. 01, 2022: Mr. Alberto invested…
A: The question is related to Journal Entries for the month October 30th, 2022.
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: The accounting equation is as follow:
Q: Use the Following information for the Question Numbers 5 to 10. Ms. Maryam opened training services…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: Prepare the entries to record the following independent transactions with explanations. 1. On Jan 4,…
A: The journal entries are prepared to keep the record of daily transactions of the business.
Q: On August 1, 2020, Mark Diamond began a tour company in the Northwest Territories called Millennium…
A: Since you have posted a question with multiple sub-parts, we will solve the first four sub-parts for…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Journal Entry 1) Bank/Cash A/c ......Dr PHP 150,000 TO Lopez, Capital PHP…
Q: On nov 1 Noman started his Repair service. Listed below are the transactions for the month of nov…
A: These are parts of accounting.
Q: Mr. Simon Valve, a dentist, started Valve Dental Company on January 1, 2021. The following…
A: Unadjusted trial balance is prepared before the adjusting entries are recorded in the books. It can…
Q: Required: 1.Prepare Statement of Financial Performance
A: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: The income statement is prepared by the business organizations so as to determine how much amount of…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Merchandise inventory refers to the value of goods in stock, whether it's finished goods or raw…
Q: The following entries are in the books of Ali Co. for the month of May,2021: 10th May Establish the…
A: Journal is a financial book in which all the business transactions are recorded first, therefore…
Q: Wunderkind Photography entered into the following transactions during February 2020. Stockholders…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: August 1, 2020 - Opened an account with PNB amounting to P400,000. August 2, 2020 – Bought Laundry…
A: Journal entries are the first record of the financial transactions.
Q: ACTIVITY I. Below are transactions of Lea Beauty Salon for the month of July 2020. 2020 5 Lea…
A:
Q: A business was started on March 1, 2020 with the investment of cash Rs. 50,000 and office equipment…
A: Business is started with the amount of which is invested by the owner in the business, that amount…
Q: Your activity: Posting to the ledger The following journal entries were found in the books of…
A: The T-accounts are prepared as posting the journal entries to their specific accounts and further…
Q: From the following transactions for BlackJade Company, find the required balances for the month…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: The following business transactions relate to John Clark (financial planner) for his first month of…
A: 1. Accounting equation = Assets = Liabilities + Equity The affect of revenue and loss affect the…
Q: The following Journal entries occurred in 2019 SAS invested 100,000 in cash in the…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: Corona Virus began professional practice as a system analyst on March 1. He plans to prepare a…
A: Journal entry is refer as the recording of business related transaction on the bases of double entry…
Q: The following journal entries were found in the books of Lagumang Pagsusulit Photocopying Services…
A: Journal entry is the process of recording business transactions in the books of accounts for the…
Q: On 1 March 2021, Tom set up J Hair Salon by investing $50,000 cash and $30,000 of equipment in J…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Directions: .Journalize the following transactions of Jenbert’s Hair Salon for the month of October…
A: Income Statement - This statement shows the income earned and loss incurred by the organization in…
Q: Billy Bob's Barber Shop Project Transactions for January 2020 Use the following transactions to…
A: This is a comprehensive question in which journal entries have been asked for the transactions…
Q: Mr. Soie opened up a merchandising business on October 1, 2019 with a cash investment of PS0,000.…
A: Since there are multi sub-parts, we will solve first three for you. To get the remaining sub-parts…
Q: 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting…
A: Journal Entry means recording of transactions of an entity in chronological manner. Ledger…
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: Journal entry refers to the recording made by the business in the books of accounts, of all the…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Cost of goods sold is usually the largest expense on the income statement of a company selling…
Q: Prepare journal entries to the following transactions for the year 2020. Sept. 1 Paul Barney…
A: It is the first book where transactions are recorded.
Q: Prepare journal entries to the following transactions for the year 2020. Sept. I Vickey Barney…
A: Journal entries: It is the duty of the accountant to record business economic and non-economic…
Q: On April 01, 2020 Aneesh started a business with Rs. 10,00,000; other transactions for the month…
A: Final Accounts Preparation cycle : (1st 3 steps) 1. Journalizing all the transactions (Cash or non…
Q: nstructions: Prepare the entries to record the following independent transactions vith explanations.…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Roben Cruse opened the Campus Laundromat on September 1, 2020. During the first month of operations,…
A: All amounts are in dollars ($).
Q: Bruce Ibach owns Biotech Ftness Centre, which showed the following selected transactions for the…
A: Journal Entries for the month ended May 31, 2020.
Q: Here is another sample of business transactions for Kuya Berting Auto Shop for February 2020. The…
A: The income statement is prepared to find net income or losses incurred during the period.
Q: Mr. lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: journal entry of above transaction are as follows
Q: On June 1" 2020 Mr. Tocks started new repair service business. Listed below are the transactions for…
A: As posted multiple questions we are answering only first question kindly repost the unanswered…
Q: Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that…
A: Journal is the recording of financial transactions and posting these transactions in ledgers helps…
Q: On June 1 2020 Mr. Tocks started new repair service business. Listed below are the transactions for…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: Hey, since there are multiple questions posted, we will answer the first three questions. If you…
Q: On September 1st 2020 Mr. SAM started new repair service business. Listed below are the transactions…
A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- COMPLETE THE FOLLOWING JOURNAL ENTERIES FOR SAFETY HOSPITAL FOR 2021 a. January 31 - Purchase $7,500.00 worth of supplies with cash b. April 31 –Mailed a check to suppliers for $5,000.00 of the $10,000.00 it owed at the end of 2018 c. June 30- Paid wages in the amount of $3,000.00 that had been previously recorded as a liability. d. July 31 – Submitted bills in the amount of $35,000.00 to insurance companies or services rendered. e. September 30 - Purchased $15,000.00 worth of supplies on accountRecord any 5 accounting transactions of your own choice for furniture business for the year 2019, starting from the owner investment of $100,000. Post them in general journal,make ledger and trial balance for those entries.Every entry should have narration please Problem 1 November 19, 2020, BG Ltd purchased a mini excavator from an equipment supplier. The cost of the excavator was 560,000, with $6,000 paid in cash, and a note for $54.000 with interest on the note at 4% all due on November 18, 2021. BG Ltd. has a year end of December 31. Prepare all of the entries required for the note in 2020 and 2021.
- Recreational Active Club was established in 2021 to handle recreational activities for Taiping residents. The following information is related to the club: 1 Jan 2022 31 December 2022 1 Jan 31 Dec hbo Additional information: Chapter 1 Balance b/d Entrance fees Members fees: 2021 2022 2023 Contest fees Required: Prepare, Stationeries Accrual (RM) O 3,696 3,780 O Recreational Active Club Receipts and Payments Account for the year ended 31 December 2022 7,595 Stationeries 3,894 Salaries 462 Sport equipment Utilities Accrued Member Fees (RM) 16,860 663 4,686 34,160 462 546 On 1 January 2022, the club owned the following assets: Sports equipment RM9,000 Furniture RM2,970 O Office Equipment RM6,148 . Sports equipment in 1 January 2022 will be depreciated 10% per year. Utilities Payable (RM) 561 528 Rent Balance c/d 4,719 6,072 3,800 4,587 6,930 8,052 34,160 a. Income and expenditure account for the year ended 31 December 2022. b. Statement of financial position as at 31 December 2022. 17…Prepare journal entries to record the following transaction: Ikeo Inc. sold $100,000 of gift cards during the last 2 weeks of December 2020List and record each transaction (in 000s) for the Claymont Outpatient Clinic, under the accrual basis of accounting, at December 31, 20X1. You are creating a General Ledger using exhibit 3-6 on page 112 as a guide. Zelman( Workbook) a. The clinic received a $10,000,000 unrestricted cash contribution from the community. b. The clinic purchased $4,500,000 of equipment using cash. c. The clinic borrowed $2,000,000 from the bank on a long-term basis. d. The clinic purchased $550,000 of supplies on credit. e. The clinic provided $8,400,000 of services on credit. f. In the provision of these services, the clinic used $420,000 of supplies. g. The clinic received $800,000 in advance to care for capitated patients. h. The clinic incurred $4,500,000 in labor expenses and paid cash for them. i. The clinic incurred $2,230,000 in general expenses and paid cash for them. j. The clinic received $6,000,000 from patients and their 3rd party payers in payment of outstanding accounts. k.…
- Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 Paul Barney invested Php 150, 000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipment purchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting to Php 45,000.Sept. 17 Paid salaries to employees, Php16,000Presented below are the transactions of Weirdo Beauty Salon for the month of January. 2020 Jan. 5 Received P25,500 from various customers as salon income 7 Purchased salon equipment on account, P7,500 8 Bought salon chairs and reception table from Plums Trading on account, P12,000 10 Returned defective chair to Plums Trading valued at P1,000 11 Made partial payment to Plums Trading P2,500 12 Purchased salon supplies paying P3,000 cash 15 The owner, Ms. Matutina, invested a table worth P1,750 Required: (a) Prepare the journal entries. (b) Prepare the T-Accounts.USE MS EXCEL AND SHOW FORMULAS USEDPresented below are the transactions of Weirdo Beauty Salon for the month of January. 2020 Jan. 5 Received P25,500 from various customers as salon income 7 Purchased salon equipment on account, P7,500 8 Bought salon chairs and reception table from Plums Trading on account, P12,000 10 Returned defective chair to Plums Trading valued at P1,000 11 Made partial payment to Plums Trading P2,500 12 Purchased salon supplies paying P3,000 cash 15 The owner, Ms. Matutina, invested a table worth P1,750 Required: (a) Prepare the journal entries. (b) Prepare the T-Accounts.
- 10:10 INSTRUCTION. Prepare the General Journal, T-Account, and Worksheet The following transaction occurs in February 2022 in the records of Printopia Printing Services. February 1 - Initial capital investment of PPS amounts to, P1,500,000. February 1 PPS purchase Heat Press Machine P12,500, Cutting Machine P18,500, Epson L3100 Printer P21,000, and Acer Laptop P54,000 to be used in the operation of the business. February 1 - PPS paid advance rent for 6 months. P120,000. February 2 - PPS received an order for P12,000 for shirt printing services. PPS rendered and delivered the order on the same day. Client will pay on February 15, 2022. February 4 - PPS purchase supplies to National Bookstore amounting to P 80,000. PPS paid CASH. February 4 - PPS rendered embroidery services to San Miguel Corporation. PPS billed the client, P250,000 and give 15 days' terms for the payment. February 5 - a walk-in client avail printing services. The customer paid P10,000 for the services rendered. February…In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…EVALUATION (100%) Make a video of yourself while answering /discussing in detail the following question. Upload this video clip to a designated folder in Google classroom: Lesson 6: On July 1, 2021, Emilia Clarke opened a small paint shop called "Emilia Clarke Paint Shop." The following were the transactions during the month: Date Transactions 1 3 Invested P100,000 cash in the business Obtained a P30, 000 loan from a bank. Purchased equipment for P20,000 cash. 5 7 10 Purchased goods for P20,000 cash. (Use perpetual inventory system) Sold goods for P10,000 cash. The cost of the goods sold was of P7,000. Withdrew cash P5,000 15 25 Paid utilities expense amounting to P3,000 Paid P5,000 salaries. 31 Requirements: a. Record the transactions in the journal. b. Post the transaction in the ledger. c. Prepare the unadjusted trial balance on July 31, 2021