Create an Accounting Equation OCILesson 6B Activity:Analyze the following transactions using Accounting Equationversion 2.1. Mr. Grey started an Electronic Repair Shop by investingP350,000-2. Paid rent of the shop, P7,500 cash.3. He acquired table, chairs, shelves and other furniture from E.Enterprise for a total of P90,000, paying P47,000 cash and theremaining balance on account.4. Bought equipment for P23,500 cash.5. Completed repair work for Carmela worth P9,700 receiving halfof the total amount and the remaining balance on credit. OCI6. Issued promissory note to E. Enterprise.7. Paid wages of the helpers, P10,000.8. Carmela sent a promissory note to apply on her accountin no. 5.9. Rendered repair service to various customers, P34,000cash.10.Mr. Grey withdrew P2,000 for personal use.USE:Cash + Accounts Receivable + Notes Receivable + Furniture + EquipmentAccounts Payable + Notes Payable + Grey, Capital%3D

Accounting equation in the business says that total assets should be equal to total liabilities and…

Answered: Lesson 6B Aetivity: Analyze the…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

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Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 3.7C

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Help Save & Exit Submit TB MC Qu. O7-145 (Algo) Winkler Company borrows... Winkler Company borrows $87,000 and pledges its receivables as security. The journal entry to record this transaction would be: Multiple Choice ok Debit Cash of $87,000 and credit Accounts Receivable $87,000. nces Debit Cash of $87,000 and credit Accounts Payable $87,000. Debit Notes Receivable $87,000 and credit Accounts Receivable $87,000. Debit Cash $87,000 and credit Notes Payable $87,00. < Prev 12 of 20 Next A tv MacBook Air 80 DII F3 F4 F5 F6 F8 F7 23 24 2 7 W E の * 00 < co
Given the following information, compute the amount of cash finally remitted by the customer. Oct. 22—Sale on credit, terms of 2/10, n/30—$3,000 Oct. 27—Allowance granted due to some items being damaged—$300 Oct. 31—Payment in full received from customer—$? $2,646. $3,000. $2,640. $2,814.
A. Cash Discount1. An invoice for Php 70 250 dated March 25, terms 5/10, 2/30, n/60, is paidin full on April 20. What is the total amount paid to settle the account?2. Ms. Garcia received an invoice dated April 18 amounting to Php 30 123for her orderedplants. The invoice comes with cash discount terms, 5/5, 2/15, n/30, R.O.G.The plants were received on April 25. If she paid on May 12, how much did she pay?
7. Mac Valent deposited. his paycheck for $209.81. The check register be]ow shows his transactions since opening his account. What is his balance after each transaction? Description of Transaction Payment/ Debit ✔ Deposit/Credit (+) (-) Balance Brought Forward Trans Type Date or Check # 101 102 103 8/12 Electric Co-op 8/18 Sharp's Grocery 8/20 Gimble's Auto Rep. 47 53 107 15 03 30 Balance 209 81
Accounts Debit Credit Cash..... P 5,040 Home Office Current . P 21,000 Purchases from outsiders . Shipments from Home Office. Accounts receivable .... Expenses ..... Interest expense.. Gain on sale of equipment.. Sales .... 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. * 11. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.
An unhappy customer just returned $50 of the items he purchased yesterday when he charged the goods to the companys store credit card. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
LAns. Cash Hook Dr. Balance 3,830; Bank Dr. Balance t3,010, Dr. side Discount Total 75, Cr. side Disceunt UEDT, a cheque for 30 31 Allowed him discount 13 Sold goods for Cash 14 Paid Banerjee by cheque Discount allowed by him 15 Salaries pajd to staff in Cash 16 Withdrew from Bank for Office use 27 Purchased typewriter and paid by cheque 500 50 150 2.100 (Ans. Cas 131 1.200 ton s00 [Ans. Cash Book Dr. Balancet 1.200, Bank Dr. Balance t 2400, Dr. Discount Total 50; Cr. Discount Total IMP. 120] Prepare a Three Column Cash Book from the following transaction: 2016 Mar. Mar. Мar 1 Started buainess with cash 2 Deposited in State Bank of India 3 Received Cash from Ram Allowed him discount 4 Settled Banshidhar's aceount for 500 by cheque for 480 8 Withdrew from Bank for personal use 6,000 5.500 1.560 Mar 1,560 40 Mar Mar 12 Deposited into Bank 15 Purchased goods and paid by choque Mar 20 Received cheque from Saxona Allowed him discount Mar 24 Sold goods and received cheque Allowed discount…
Jervis sels $4,300 of its accounts receivable to Northem Bank in order to obtain necessary cash. Northem Bank charges 2 tactoing fee Wmat entry should Jervis make to record the transaction? Multiple Choice Debir Accounts Receivable $4,300; credit Factoring Fee Expense $86; credit Cash $4214 Debit Accounts Receivable $4,214; debit Factoring Fee Expense $86; credit Cash $4,300. Debit Cash $4,300; credit Factoring Fee Expense $86; credit Accounts Receivable $4,300
Journal entry for: Feb1: paid rent for February amounting to $660, cheque#3354. Feb1: Tee R Us decided to establish a petty cash fund for the office. A cheque #3355 of $500 was issued and cashed
C Record the following transactions. Mar 5 Established a Petty Cash Fund amounting to P4,000 Mar 6-25 Paid for the following Mar Food for the visitors Flowers for Gen Manager Parking Fees and Toll gate fees IOU of employee Office supplies 26 Replenished Petty Cash P Cash on hand totalled P150.00 27 Increased PCF by P2,250 Mar Mar 28-31 Paid for the following Maynilad Office supplies 1,199.00 750.00 201.50 1,000.00 723.00 850.00 425.00 April 1-22 Paid for the following Office supplies Repair of equipment IOU of employee April 2,122.00 1,250.00 1,500.00 23 Replenished petty cash fund Cash on hand totalled P100.00
PA1. LO 8.5 On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. On September 29, the company determined that the petty cash fund needed to…
Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $3,220 from Paula Spitler and wrote off the remainder owed of $1,930 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 Cash fill in the blank 035d8afee01bfea_2 fill in the blank 035d8afee01bfea_3 Allowance for Doubtful Accounts fill in the blank 035d8afee01bfea_5 fill in the blank 035d8afee01bfea_6 Accounts Receivable-Paula Spitler fill in the blank 035d8afee01bfea_8 fill in the blank 035d8afee01bfea_9 July 29: Reinstated the account of Paula Spitler and received $1,930 cash in full payment. July 29 fill in the blank e6591afdffdafad_2 fill in the blank e6591afdffdafad_3 fill in the blank e6591afdffdafad_5 fill in the blank e6591afdffdafad_6 July 29 fill in the blank e6591afdffdafad_8 fill in the blank e6591afdffdafad_9 fill in the blank e6591afdffdafad_11 fill in the…

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