ACCOUNTS NOTES DE JESUS, CASH FURNITURE&FIXTURE EQUIPMENT SUPPLIES COMPUTER EXPENSE PAYABLE PAYABLE CAPITAL
Q: summaiy UI We shall learn more about SCF in this module. PRE-ACTIVITY Activity #1: Cash Flow…
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A: A journal is a written record of transactions that indicates the individual accounts that are…
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A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Answer Cash Accounts Receivable Supplies Equipment Accounts Payable Common Stock Security Service…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
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A: The journal entries are prepared to record the day to day transactions on regular basis. The assets…
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A: Financial Transaction is monetary exchange between buyers and sellers for goods, services or assets.…
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A: Assets represent the future benefit of the company. Whereas, liabilities represent the obligation…
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A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and…
Q: Capital; Dillena, Withdrawals; Shopping Revenues; Commissions Expense; Transportation Expense; Rent…
A: Accounting Equation: An accounting equation is a statement of equality between the resources and…
Q: Classify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE).…
A: Assets are in form of current or tangible or intangible assets.
Q: Accounts payable Notes receivable Office Equipment Access, capital Accrued income P 52,500 14,500…
A: Solution: Total Assets = Note Receivables + Office Equipment + Accrued Income + Machinery + Cash
Q: Classify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE).…
A: Asset: In Financial terms, assets are anything that is held by a business that results in some…
Q: Pleasie tell me if the following are assets liabilities or equity and also if they are a real or…
A: Classification of the items given:
Q: SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
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A: The trial balance is prepared to record the final balance of each account and further it is used to…
Q: Complete the matrix by identifying on which side (debit or cradit) will each of the following…
A: Since there are multiple questions, we will solve first for you. To get the remaining questions…
Q: Activity 1 Instructions: ldentify each of the following accounts as an asset, Liability or Equity.…
A: Solution Types of accounts 1- Personal account : A- Natural personal account = Its represent to…
Q: Activity #1 : Cash Flow Transaction Write operating, investing and financing to the correct…
A: A cash flow statement is one of the financial statements of the company, prepared at the year-end.…
Q: Instruction: For each transaction, identify the account debited and credited. Debit Credit 1 Clark…
A: Introduction: Journals: Recording of a business transaction in a chronological order. First step in…
Q: indicate whether the assets, liabilities, and equity will be increased, decreased, or no effect. 1…
A: Hi student Since there are multiple questions, we will answer only first question. Accounting…
Q: ASSETS LIABILITIES EQUITY Purchase of supplies on credit…
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A: The financial statements of the business include the income statement and balance sheet if the firm.
Q: a. Debit Equipment and credit Cash. b. Debit Garcia, Withdrawals and credit Cash. c. Debit Wages…
A: Journal entries can be termed as process of recording various transactions in a chronological order.…
Q: Problem #1 - Classification of Accounts The following ledger accounts are for Eto Madali Lang…
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Q: MCQS 31 In the general ledger, a separate "account" is maintained for each:Type of asset and…
A: Ledger: It is the second step of recording financial transactions. It is an account that record…
Q: (a) Analyze the transactions in an accounting equation similar to the Clearcopy demonstration…
A: I have passed the journal entries in the next sheet.
Q: EXTENDING ADJUSTED BALANCES TO THE INCOME STATEMENT ANDBALANCE SHEET COLUMNS Indicate with an “X”…
A: Introduction:- As per the above problem, we need to know rules for preparation of income statement…
Q: Classify each item as an asset, liability, or stockholders' equity. Accounts payable Cash Equipment…
A: Liabilities is amount payable which occurs due to past events or transactions.They can be current or…
Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.
A: Assets: An asset is a resource with economic value that an individual, corporation, or country owns…
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Q: Date Transaction Oct-01 Cash of $10,000 was invested in Umbrella Corporation in exchange for 10,000…
A: The journal entries are prepared to record daily transactions of the business.
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Q: 6. Purchase of equipment 7. Sale of merchandise to customers 8. Payment of salaries to employees 9.…
A: Activities as per cash flows are classified as: Cash flows from operating activities Cash flows…
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A: Balance Sheet- The balance sheet is a financial statement that shows an organization's assets,…
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Q: Debit Credit Logan, Capital Clark Logan made cash investment in his business. An office equipment…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
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- With the invoice number 18, 18% VAT excluded commercial goods of 40.000 TL were sold with a credit card.A.Ş, which is in the portfolio of the enterprise, a commission of 250 TL was paid to the intermediary institution.The company rented a shop with a monthly rent of 5,000 TL to be used as a store, and a one-year rent was paid.80,000 TL severance pay was paid for those working in accounting.The enterprise purchased a plot of land with an investment of 150,000 TL, and 1,250 TL title deed costs and fees were paid.A commercial vehicle was purchased with four school bank loans for 180,000 TL excluding 18% VAT, and 1,500 TL was paid for trading.In the accounting department, a total of 200 TL, excluding 18% VAT, was purchased with 10 credit cards.A fixture with a settlement of 12.000.-TL in its assets is being renewed and sold in cash for 18% VAT 6.000.-TL.Microsoft Office software for 5 users was purchased for 4,000.-TL excluding 18% VAT.Up to 10,000 TL will be paid from the buyers, with a…A bill for Php10,240 was due on July 1. Purchases of Php3,150 were made on July 7, and Php4,100 was charged on July 22. A payment of Php4,000 was made on July 15. The interest on the average daily balance is 2.55% per month. Find the finance charge on the August 1 bill. 1. A previous balance of Php69,156.22 was due March 17. A cash payment of Php7,606.50 was made on March 27. Purchases of Php758.50 were made on March 31, Php1,499 on April 1. Another payment of Php18,500 was made on April 10. Charges were also made on April 17 with an amount of Php1,498.33. The interest on the average daily balance is 3.55% per month. Find the finance charge on the April 17 bill. 2.20. Kiwi Company has an agreement with a major credit card company which calls for cash to be received ten days upon deposit of Kiwi customers' credit card sales receipts. The credit card company receives 3% of card sales as its fee. If Kiwi has $6,000 in credit card sales, show the journal entries to record the sales, and receipt of customer's payment.
- B Company offered a cash rebate of P20 on each P150 package of ballpen sold during the current year. Historically, 10% of customers’ mail in the rebate form. During the year 600,000 packages of ballpen are sold, and 25,000 P20 rebates are mailed to customers. What amount of rebate expense should be reported for the current year? a. 1,500,000 b. 500,000 c. 600,000 d. 1,200,000Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED:Compute for the premiums expense for the year ended December 31, 2019 and 2020.Integrity Co. just opened a branch in Baguio City this December 2021. Summary of transactions for the first month of operations follows: 1. Baguio Branch received P20,000 cash from home office to start its operations. 2. Home Office shipped merchandise to the Branch costing P100,000, of which 25% have not yet received by the Branch. 3. Branch purchases from other suppliers amounted to P89,250. 4. Branch sales for the month amounted to P245,000 5. Home Office debit memo for P3,500 representing the Branch's share on advertising expenses was recorded only by the Branch on the 3rd day of January 2022. 6. Branch operating expenses of P61,250 were paid by the Home Office. 7. Branch remitted P40,000 to the Home Office but the Home Office bookkeeper recorded it only in the month of January 2022. 8. The merchandise inventory on hand of the Branch is: From outsiders, P20,000 From Home Office, P30,000 What is the unadjusted balance of the Investment in Branch account, before Net income at…
- Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED: Compute for the premium liability for the year ended December 31, 2019 and 2020.Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED: How much net cash did the entity receive (give) with regards to the premium transactions for the year 2019 and 2020?Jumbotron Inc. collects its receivables in 15 days and pays its payables in 20 days. All sales and purchases are on credit. All months have 30 days. December purchases were $7,000, January purchases were $8,700, February purchase were $6,600 and March purchases were $6,000. What were Jumbotron's total cash disbursements in February? (To the nearest $) ● ● $7,667 $8,000 $1,867 $6,533 $5,600
- The Ang KonTi Manufacturing Co. of Quezon City opened a branch at Davao City onJanuary 1, 1988, to expand the market of its product. Merchandise shipped during 1988to the Davao branch totaled ₱104,000, and this included a profit of 25% based on cost.At the end of the year, the inventory was ₱12,500, at billed price. The branch extendscredit, makes collections and pay expenses from cash received. The company appliedthe periodic inventory method.Other transactions affecting the branch are as follows:Sales on account ₱117,000; expenses ₱20,000, of which ₱1,300 were unpaid onDecember 31, 1988; cash received from customers' accounts, ₱84,000, after allowingcash discounts of ₱1,480; cash remitted to the home office during the year ₱65,000. Inso far as the home office is concern, the true income or loss of the branchoperation was:On Feb 28, a company had a balance in its accounts receivable of Php 3,019,019. Mar 2. Sold merchandise on account, Php 576,000. The cost of the merchandise was Php 420,000. Mar 8. Sold Php 150,000 worth of accounts receivable which had been overdue for 70 days to Metrobank. Metrobank charged a 5% factoring fee. Mar 20. Borrowed Php 500,000 cash from UCPB, pledging Php 650,000 worth of accounts receivable as collateral for the loan. Prepare journal entries to record the above transactions from March. Assume the company uses a perpetual inventory system. Assume also that the company uses Aging of Accounts receivable to estimate its bad debts. The credit balance of Allowance for Bad Debts as of February is 285,000. The company estimates the following uncollectible rates per age: Account Age Current (not yet due) 1-30 days past due 30-60 days past due 61-90 days past due Over 90 days past due Balance Est. Uncollectible % 1,207,607.60 754,754.75 452,852.85 543,423.42 2.00% 3.00% 8.00%…Kaseys Cake Shop made 20,000 in sales of wedding cakes in July. All of these sales were on bank credit cards. The credit card company charges a 3.5% collection fee. Prepare Kaseys journal entry to record the credit card sales.