ACCOUNTS FURNITURES ACCOUNTS UTILIITES OWNER'S TRANSACTION CASH RECEIVABLES & FIXTURES PAYABLE PAYABLE EQUITY 1. Mr. Chu invested P65,000 2. Mr. Chu bought furnitures for his business worth P9,675 3. Mr. Chu borrowed P47,000 from Ms. Chi to add to his business 4. Mr. Chu sold P31,850 worth of products on account 5. Mr. Chu paid the water, electricity and internet bill worth, P900, P3200 and P1999, respectively 6. Mr.Chu delivered orders and received payment of P18,950 for the products 7. Mr. Chu paid Ms. Chi P32,000 8. Mr. Chu invested another P16,200 9. Mr. Chu Paid Ms. Chi t 3,000 Total Assets: Total Liabilities: Total Owner's Equity:

ACCOUNTS FURNITURES ACCOUNTS UTILIITES OWNER'S TRANSACTION CASH RECEIVABLES & FIXTURES PAYABLE PAYABLE EQUITY 1. Mr. Chu invested P65,000 2. Mr. Chu bought furnitures for his business worth P9,675 3. Mr. Chu borrowed P47,000 from Ms. Chi to add to his business 4. Mr. Chu sold P31,850 worth of products on account 5. Mr. Chu paid the water, electricity and internet bill worth, P900, P3200 and P1999, respectively 6. Mr.Chu delivered orders and received payment of P18,950 for the products 7. Mr. Chu paid Ms. Chi P32,000 8. Mr. Chu invested another P16,200 9. Mr. Chu Paid Ms. Chi t 3,000 Total Assets: Total Liabilities: Total Owner's Equity:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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STATEMENT OF CASH FLOW complete please thank you please Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 1.Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 2.Bought grocery supplies on account ₱10,700. 4.Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment. 6.Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20. 7.Paid ₱1,600 delivery charge for January 6 transactions. 8.Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000. 11.Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30. 12.Paid ₱1,200 freight for January 11 transactions. 14.Returned defective…
neck my wor Income: Assets: Checking account Savings account $ 1,940 9,150 Gross income $69,000 Interest income 450 Total $69,450 Automobile 1,800 Personal property 14,900 Total $27,790 Expenses: Living Insurance premium $24,200 Liabilities: 400 Note to bank 5,200 Таxes 15,200 Net worth $22,590 ($27,790 - $5,200) Medical 630 Investment 3,500 Total $43,930 Net worth = Assets - Liabilities (own) (owe) Paula believes her gross income will double in 2019 but her interest income will decrease $150. She plans to reduce her 2019 living expenses by one-fifth. Paula's insurance company wrote a letter announcing that her insurance premiums would triple in 2019. Her accountant estimates her taxes will decrease $250 and her medical costs will increase $41O. Paula also hopes to cut her investments expenses by one-fourth. Paula's accountant projects that her savings and checking accounts will each triple in value. On January 2, 2019, Paula sold her automobile and began to use public transportation.…
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A. Opened a business bank account with a deposit of $25,000 from personal funds.B. Purchased office supplies on account, $1,850.C. Paid creditor on account, $1,200.D. Earned sales commissions, receiving cash, $41,500.E. Paid rent on office and equipment for the month, $3,600.F. Withdrew cash for personal use, $4,000.G. Paid automobile expenses (including rental charge) for the month, $3,050, and miscellaneous expenses, $1,600.H. Paid office salaries, $5,000.I. Determined that the cost of supplies on hand was $950; therefore, the cost of supplies used was $900. Required: 1. Indicate the effect of each transaction and the balances after each transaction, using the tabular headings in the exhibit below. In each transaction row (rows indicated by a letter), you must indicate the math sign (+ or -) in columns affected by the transaction. You will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (zero) are not required and will be…
Question 2 Farah operates service apartment. She just received the 31 May 2020 bank statement from National Bank and the statement shows an ending balance of RM1,000. Listed on the statement are and EFT rental collection of RM500, a service charge of RM20, NSF cheques totaling RM150 and a RM10 charged for printed cheques. In reviewing her cash records, Farah identifies RM420 cheques still outstanding and a deposit in transit of RM1,550. The company's Cash account shows balance of RM1,810 on 31 May 2020. Instructions (a) Prepare the bank reconciliation at 31 May 2020. (b) Journalize the entries required by the reconciliation.
Question 1: Smokey started his own business on 1st November 2020. His business transactions for November 2020 were as follows 1 November Started in business, introducing RM650,000 of his own cash into the business. 2 November Smokey opened a business bank account and banked RM600,000 of the cash. A computer was bought for RM12,000, paid for immediately by internet transfer. 4 November 5 November Bought goods amounted RM14,000 from Lou Supplies Sdn. Bhd.; paid RM2,500 by cheque immediately but the rest will only be paid later. 6 November Sold goods, RM13,000 to Gamuda Bhd., granting credit of 30 days. Gamuda Bhd. Returned goods which had cost RM3,000. A full allowance will be given for these goods. 8 November 9 November Sold goods on credit to Mazlan Bhd. For RM13,000. 10 Returned goods, RM1,500, to Lou Supplies Sdn. Bhd. November 11 Paid wages, RM15,000 by internet transfer. November 12 November Paid the amount owing to Lou Supplies Sdn. Bhd. by cheque. 15 Smokey took cash RM3,000 for…
1 January Grigory paid $5,000 into the business2 January Bought a motor van for $600 on credit3 January Bought goods for $1,300 on credit4 January Received a loan from Sergei $1,000 repayable within twelve months10 January Paid expenses on the motor van of $20013 January Sold goods for $300 on credit20 January Sold goods for $500 by cash24 January Accrued storage expenses $15027 January Repaid Sergei part of his loan $35031 January Closing inventory was $800 RequiredPrepare: (iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).BUT WE HAVE COMPLETED ONLY 9 CHAPTERS IN PRINCIPLES OF ACCOUNTING BY Marian Powers, Susan V Crosson, Belverd E Needles, so assuming this information we have to create general journal
PaAICulurs April I ZUCK Started busi ness WHh and a cush Rm 20000 KM 40,000 in bank. 4 He bought secunahand renicle for RM 25,060 on (redit 12 He puid rent km 3000 in Cheque 15 Purchase goods Credif RM 700 from sam on 18 Sold gord cedit to Alya (Rm500) in fuy Paid utilHty bil Bought 20 RM 250 In Cash 22 cumputer (RM 4000) I puy km 2o00 in Cush und Rm d000 on credit 25 Setfle Sum money km 2500 29 Pay ralary Cheque in Requirement ) Journal am an d Khas Ledijer 1) Inai balanie
II. Accounting Vouchers Entries Enter the following transactions in the same company created above. (Create ledger accounts wherever necessary) Date Transactions 10 – 4- 2021 Mr. Salman invested additional Capital 15,000 to develop his business. 18 – 4- 2021 He purchased Phones from Mina Phones for RO 10,000 out of which 60% paid in cash and 40% on credit. (Credit Invoice No. B1) 22 - 4- 2021 The owner sold phones to Grand Phones for RO 12,000 (Credit Invoice No.1) 25 – 4- 2021 The business returned RO 2,000 worth of phones 27 - 4- 2021 Mr. Salman received an invoice for RO 500 from Akbar Travels. This invoice includes RO 200 towards Ticket expense RO 300 towards Dubai trip undertaken by him. (Invoice No. AB1) Term : 10 days 29 - 4- 2021 Grand Phones returned RO 800 worth of phones 30 – 4- 2021 The owner received cash from Grand phones RO 11,150 in full settlement of their account.
1 January Grigory paid $5,000 into the business2 January Bought a motor van for $600 on credit3 January Bought goods for $1,300 on credit4 January Received a loan from Sergei $1,000 repayable within twelve months10 January Paid expenses on the motor van of $20013 January Sold goods for $300 on credit20 January Sold goods for $500 by cash24 January Accrued storage expenses $15027 January Repaid Sergei part of his loan $35031 January Closing inventory was $800RequiredPrepare: (iii) a trial balance; (iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).BUT WE HAVE COMPLETED ONLY 8 CAHPTERS IN PRINCIPLES OF ACCOUNTING BY Marian Powers, Susan V Crosson, Belverd E Needles, so assuming this information we have to create general journal
answer the picture below,, chart of accounts notes payable taxes and license expense transportation expense salaries and wages expense utilities expense miscellaneous expense
Net income???????