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.

Ahmed has just started his own business selling computer equipment and software. The following transactions took place during his first month of trading,June 2018. You are required to enter them into the books of account.   2018 June 1    Started in business with $20,000 in the bank.   June 3    Bought stock of computers for resale $8.000 on credit from Computers Wholesale Ltd.   June 4    Bought shop fittings paying by cheque, $1,690.   June 8    Bought stock of software for resale, $1,000 paid by cheque.   June 9    Bought motor car paying by cheque, $7,000.   June 12  Sold goods, $1,700 by cheque.   June 16  Returned faulty goods to Computers Wholesale Ltd, $900.   June 20  Sold goods for cash, $340.   June 26  Bought desk and chair for office, $300 paying by cheque.   June 28  Sold goods on credit to Law & Co., $1,600.   June 29  Paid Computers Wholesale Ltd $5,000 on account by cheque.   June 30  Bought goods from Computers Wholesale Ltd on credit, $850.   June 30  Law &…

Lowell Company sells swimming pool supplies and equipment. The majority of Lowell's customers are small, family-owned businesses. Assume that Lowell Corporation completed the following transactions during the current year. Lowell's fiscal year ends on December 31. September 15 October 1 October 5 October 15 December 12 December 31 Required: Paid a supplier $129,500 for inventory previously purchased on credit. Borrowed $904,500 from Mass Bank for general use; signed an 11-month, 5% annual interest-bearing note for the money. Received a $42,250 customer deposit from Jim Scanlon for services to be performed in the future. Performed $19,800 of the services paid for by Mr. Scanlon. Received electric bill for $12,450. Lowell plans to pay the bill in early January. Determined wages of $52,900 earned but not yet paid on December 31 (disregard payroll taxes). 1.&2. Prepare journal entries for each of these transactions.

The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $4,390 from a local bank on a note due in six months. b. Received $5,080 cash from investors and issued common stock to them. c. Purchased $1,900 in equipment, paying $650 cash and promising the rest on a note due in one year. d. Paid $750 cash for supplies. e. Bought and received $1,150 of supplies on account. Required: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginni Debit Beginning Balance Ending Balance Debit F Cash Equipment Credit Credit Debit Beginning Balance Ending Balance Debit Supplies Accounts Payable

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During its first year of operations, a company entered into the following transactions: • Borrowed $5,150 from the bank by signing a promissory note. • Issued stock to owners for $11,500. • Purchased $1,150 of supplies on account. Paid $550 to suppliers as payment on account for the supplies purchased. What is the amount of total assets at the end of the year? Multiple Choice O O $17,250 $17,800 $5,750 $16,650

Question (I got $44,000... correct?): Riley Company began operations on August 1, 2026 and entered into the following transactions during 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and borrowed $48,000 from a local bank on a 10-month, 10% note payable. 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchased a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchased land for $30,000 cash. 5. On October 28, Riley Company sold two-thirds of the inventory that was purchased on August 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19,000 cash. 7. On December 31, Riley recorded all necessary adjusting entries. Calculate the amount of total expenses reported in Riley Company's 2026 income statement after all of the above transactions have been recorded and posted.

Please provide the following journal entries for these transactions, you can draw the T- Accounts or journal entries; A) Mortgage Company funded a loan for $100,000 and the company only advance 98% of the loan through financing (Warehouse Line). Remaining 2% is gathered from Companys funds. B) The same loan was sold to investor at 102 % 15 days later, please prepare the journal entries. C) The Company has expenses at the end of the month in the amount of $20,000 but has not paid until 30 days later. Please prepare journal entries at the end of the month and 30 days payment. D) The company received funds and has a trust liability account for borrowers in the amount of $10,000. 30 days later the trust liability is being transferred to the final investors. E) Company Prepaid Insurance for 12 months and paid in January for $1,200. You are now in the March 31 st of the year.

On June 30, Year 3, Rundle Company's total current assets were $501,000 and its total current liabilities were $274,000. On July 1, Year 3, Rundle issued a short-term note to a bank for $39,400 cash. Required a. Compute Rundle's working capital before and after issuing the note. b. Compute Rundle's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) Before the After the transaction transaction a. Working capital b. Current ratio MacBook Air 80 DII DD F2 F3 F4 F5 F6 F7 F8 F9 F10 23 2$ & * 3 4 6. 7 E R Y D F G H J K この * CO

During 2018, its first year of operations as a delivery service, Carla Vista Corp. entered into the following transactions. The fiscal year end for Carla Vista is December 31. 1.   Issued common shares to investors in exchange for $ 90,000 in cash. 2.   Borrowed $ 46,000 cash from the bank, due 2020. 3.   Purchased delivery vehicles for $ 61,000 cash. 4.   Received $ 24,000 from customers for services provided. 5.   Purchased supplies for $ 3,700 on account. 6.   Paid rent of $ 5,500. 7.   Performed services on account for $ 9,000. 8.   Paid salaries of $ 28,000. 9.   Declared and paid a dividend of $ 12,000 to shareholders. 10.   Paid income taxes of $ 200 for the month. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Sr No Account Titles and…