On August 1, 2003, Mary Woo opens Woo Computer Consulting. During the business’s first ten days of operations, it completes the following transactions: a. To begin operations, Mary Woo deposits $40,000 of personal funds in a bank account entitled Woo Computer Consulting. The business receives the cash and gives Woo capital (owner’s equity). b. Woo Computer Consulting pays $20,000 cash for a small house to be used as an office and $10,000 for the land on which the house is located. c. The business purchases office supplies for $500 on account. d. The business pays $6,000 cash for office furniture. e. The business pays $150 on the account payable created in Transaction (c). f. Woo withdraws $1,000 cash for personal use. Required 1. Prepare the journal entries to record these transactions. Key the journal entries by letter. 2. Post the entries to T-accounts and calculate the ending balance. 3. Prepare the trial balance of Woo Computer Consulting at August 10, 2003

p. On April 5, Timothy established an interior decorating business, Tim's Design, with a cash investment of P200,000. Timothy completed the following transactions for April: 6 Paid rent for the month, P8,000. Purchased from Delta Co Office equipment, P55,000, using his credit card. Purchased a used car for P180,000, paying PS0,000 cash and taking a bank loan For the remainder. 10 Purchased supplies and materials for cash, P11.315. Received cash from Miss Laura for a job completed in her condo, P57,500. Supplies were used amounting to PS,250. Purchased materials and supplies on credit, P15,000 12 20 23 Recorded job completed for Mr. Ferrer. Tem: on account 10 days, P14,950. Supplies were used up amounting to P3,500. Received an invoice for repairs on the car and paid P4,500. Paid utilities expense, P1,750. Paid P20,000 on the bank loan. Received cash from Mr. Ferrer, P10,000. 24 25 26 27 28 Paid Salary of worker, P5,000. Paid Delta a portion of the amount owed for equipment, P5,000.…

Mr. Tristan Siy III established Siy Bookkeeping Services and had the following transactions for the month of February: 4 19 15 18 19 Received P35,000 cash from customers in payment of their account. Paid in cash and received an official receipt 20 from the supplier for payment of accounts, 21 28 28 Investment of P150,000 cash fund by Mr. Siy into the business. 28 Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter. Purchased supplies amounting to P18,000 in cash. Paid P6,000 insurance for six months. Issued a Service Invoice for an amount of P50,000 to a customer for services rendered on account. P20,000. Rendered services to customers billed for P30,000. Cash payment of P15,000 for the salary of an employee. Mr. Siy withdrew P12,000 cash from the business. Paid the telephone bill for February amounting to P3,000.

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…

Reliable Corporation provides computer consulting services to the local community and keeps its accounting records using cash- basis accounting. For the current year, cash was received from customers, $42,000, and cash salaries to employees were paid, $23,000. At the beginning of the year, customers owe Reliable $1,200. By the end of the year, customers owe $6,400. At the beginning of the year, Reliable owes employee salaries of $5,400. At the end of the year, Reliable owes employee salaries of $3,200. Determine cash-basis net income and accrual-basis net income for the current year. Cash-basis net income Accrual-basis net income

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Choy, after receiving her degree in Hotel and Restaurant Management began her own business called Choy Cakes and Patries. She completed the following transactions soon after the start of the business. Choy began her business with a P150,000 cash investment, which she deposited in the bank and a laptop and printer worth P35,000. Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month. Choy does her baking at their home and she only needed a display and sales outlet for her products. Purchased an oven worth P70,000 in cash. Purchased baking supplies on account worth P50,000. Purchased baking paraphernalia like pans, etc.worth P20,000, in cash. Received cash for cakes and pastries sold, P40,000 for the month. Billed a customer for the cakes and pastries ordered for a birthday party, P15,000. a. b. C. d. е. f. g. h. Paid utilities for the month worth P5000. Paid her parents for the space being used as baking area at their home, P5000. Determined that…

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