Create a T-Accounts and General Journal. Note: Office supplies has a P575 balance at the end of the year.
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Create a T-Accounts and General Journal.
Note: Office supplies has a P575 balance at the end of the year.
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- Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P Accounting Firm.” The following were the transactions during the months of November and December 2011: The owner provided P30,000 cash as initial investment to the business on November 1, 2011. Obtained a 12%, one year, bank loan for P50,000 on November 1, 2011. Principal and interest are due at maturity date. Purchased office supplies worth P60,000 for cash during the period. Rendered services worth P280,000 for cash during the period. Paid utilities expense of P4,000. The owner withdrew a total of P100,000 cash from the business during the period. Additional information: Unused office supplies on December 31, 2011 amounted to P5,000. With the given information: Prepare the unadjusted trial balance. Provide the adjusting entries. Complete the worksheet [unadjusted trial balance, adjustments, adjusted trial balance, balance sheet and income statement]The following entries are in the books of Moh Co. for the month of Jan,2021: 10th Jan Started up the business with a capital of 300,000. 12th Jan Purchase Goods costed 10,000. 13th Jan Sold goods for 7,000 on account. 17th Jan: Purchase printer costed 20,000 on account 18th Jan Bought Land for 50,000. 19th Jan: Received 3,000 from the client for goods sold on 13th Jan. 19th Jan Bought Land for 30,000 19th Jan: Withdraw a cash for personal use 2,000. 19th Jan: Paid 2,000 for printer purchased. 19th Jan Paid additional 10,000 for printer purchased. Write: a) Journal Entries. b) ledgers. c) Trial balance for the transactions.Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P Accounting Firm.” The following were the transactions during the months of November and December 2011: The owner provided P30,000 cash as initial investment to the business on November 1, 2011. Obtained a 12%, one year, bank loan for P50,000 on November 1, 2011. Principal and interest are due at maturity date. Purchased office supplies worth P60,000 for cash during the period. Rendered services worth P280,000 for cash during the period. Paid utilities expense of P4,000. The owner withdrew a total of P100,000 cash from the business during the period. Additional information: a. Unused office supplies on December 31, 2011 amounted to P5,000 With the given information: 1. Prepare the closing the entries. 2. Prepare the balance sheet and income statement.
- Corp. open up a business with an investment of P50,300 on November 1, 2022 from his saving account to a business checking account and made payment for a small space month-rent, P20,000 and merchandise for presentation worth P20,000. During the operating month, the business incurred various expenses, P7,500 of which 25% remains to be paid next month. Mr. Hamon made all sales deposits directly to the bank and paid wages during the month amounting to P55,000 and P15,000, respectively. At the end of the month, a total of P3,250 for the water, electric and phone consumption bills were received but did not immediately pay it. At this point, the balance of business checking account increased to P43,200.How much is the November 30 Owner’s Equity balance if Mr. Hamon was able to withdraw cash during for the purchase of merchandise for trading amounting to P15,000?Sledge Rental Services was established on June 1, 2021. The following transactions took place during the first month of business. 2021 June 1 Mr. Sledge invested Tk.80,000 cash in the business. 8 Purchased equipment for Tk.10,000 of which 80% paid is cash and rest payable on notes. 10 Revenues earned for services performed are worth Tk. 20,000 where 4/5 of the amount is received in cash and the remaining is due. 18 Received Tk.5,000 cash in advance as rent from tenant. 20 Salaries expense Tk.10,000 and utilities expense Tk.2,000 accrued for the month. Requirements: Prepare the followings using the transactions above: i) Journal entries for the month of June (ignore explanations) ii) Ledger iii) Trial Balance iv) Income Statement v) Owner's Equity Statement vi) Balance SheetKanti sets up a business on 1 January 2013 selling mountain bikes. Capital of $10,000 is contributed and the following transactions take place: $ Buys 20 bikes for $400 each for cash 8,000 Sells 12 bikes for $500 each for cash 6,000 There are no other transactions during the year. Required: Draft the financial statements and show the accounting journal entries for year-end
- Ms. Ang put up an accounting firm on Nov. 1, 2021. The registered name of the business is "Ang Accounting Firm." The following were the transactions during the months of November and December, 2021. 1. The owner provided ₱300,000 cash as initial investment to the business on December 1, 2021. 2. Obtained a 12%, one year, bank loan for ₱50,000 on November 1, 2021. Principal and interest are due at maturity date. 3. On December 1, 2021, She purchased office supplies worth ₱60,000 for cash during the period. (the firm uses asset method). 4. The business acquired computer equipment for ₱150,000 cash on November 1, 2021, which has a useful life of 5 years with a residual value of ₱30,000. 5. On December 1, 2021, the business took one year insurance for ₱42,000 covering the months of December, 2021 to February, 2022. The business uses expense method in recording this transaction. 6. As of December 31, 2021, rendered services billed to clients are worth ₱280,000 for cash and ₱200,000 on…Hyun Bin opened his computer repair services shop on November 30, 2018. The following transactions happened during the operations of the business since the opening of the shop. Thebusiness uses a calendar accounting period. Dec 1 Hyun Bin deposited P500,000 to the account of the business as initial investment Dec 2 Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms. Dec 3 Bought office supplies for 25,000. Expense method is used. Dec 5 Billed various customers for services rendered, P80,000. Dec 8 Paid rent for three months at P15,000 per month. Asset method is used. Dec 10 Paid taxes and licenses, P8,000. Dec 14 Received partial payment of billing on December 5, P50,000. Dec 15 Paid half month salary of the staff receiving P36,000 on a monthly basis. Dec 18. Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000. Dec 20 Paid advertising expenses for 6…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…
- Below are the transaction for Sintokish Enterprise as October 2020: Oct 1 Contributed RM30,000 of cash and RM20,000 of equipment to start the business. Oct 3 Borrowed RM80,000 from the bank by signing a notes payable. Oct 15 Purchased a van by paying cash for RM75,000. Oct 17 Paid January rent of RM1,500 for the office space by credit. Oct 22 Performed services for customers and received cash immediately for RM20,000. Oct 23 Purchased RM600 in supplies on account. Oct 25 Performed services for customers and will collect next month of RM123,000 Oct 26 Withdrew of cash RM700 and equipment RM300. Oct 28 Paid RM1000 to the bank for notes payable. Oct 30 Paid half of amount for Oct 23 transaction. REQUIRED: Prepare the relevant journal entries to record the above transactions. Omit the explanations.On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The following eventsoccurred during the company's first month:April1Betty invested $75,000 cash, land and buildings worth $300,000 and $225,000 respectively.2Rented equipment by paying $4,800 for the first month.5Purchased $5,200 of office supplies for cash.10Paid $10,800 for the premium on a one-year insurance policy effective today.14Paid an employee $2,000 for two weeks' salary.24Collected $22,500 of storage revenue from customers27Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 202228Paid an employee $2,000 for two weeks' salary.29Paid the month's $600 phone bill30Repaired a leak in the roof of the buidling for $2,000 on account31Betty withdrew $3,500 cash from the company for personal use.The following is the company's chart of accounts:101Cash301Betty Trout, Capital106Accounts Receivable302Betty Trout, Drawings124Office Supplies401Storage…on april 1, 2021, nels ferrer organized a business called friendly trucking. during april, the company entered into the following transactions. apr 1 nels ferrer deposited php500,000 cash in a bank account in the name of the business. apr 1 purchased for php250,000 a transportation equipment to be use in the business. nels paid 50% as down payment while the balance will be paid on may 15, 2016 apr 1 paid rental for the month of april, php 5,000 apr 5 earned and collected trucking income from ryan, php8,000 earned trucking income from jesper, php 30,000 on account. jesper will pay on may 8, 2016 apr 8 apr 10 paid salaries of drivers, php10,000 rented the vehicle to joshua for php35,000, joshua paid php20,000 on that date and the balance on april 20 apr 15 apr 18 paid electric bills for the month, php2,000 apr 20 collected from joshua the balance of his april 15 account apr 25 purchased office supplies, php2,300 apr 29 earned and collected trucking income from jay, php 18,000…