The following are the transactions of Kookie Company for the year ended December 31, 2019: Dec 1 Owner invested cash of 530,000 and land of 1,200,000 and equipment amounting to 200,000 Dec 3 Paid for advertising expense worth 45,000 Purchased office supplies by cash, 20,000 Purchased machineries costing 100,000. Paid 50% and promised to pay the Dec 6 Dec 8 balance after 20 days Dec 11 Purchased some machinery worth 115,000 on account Dec 15 Rendered services to clients worth 200,000 on account Dec 18 Make 50% payment on the balance owed on Dec 8 Dec 19 Rendered 510,000 worth of services and collected cash Dec 20 Rendered 85,000 worth of services on account Dec 21 Borrowed a loan amounting to 5,000,000 with 12% interest annually Dec 26 Withdraw cash for personal use 20,000 Dec 31 Paid for the salaries of staff 170,000 Dec 31 Rendered services and collected cash 105,000

The following are the transactions of Kookie Company for the year ended December 31, 2019: Dec 1 Owner invested cash of 530,000 and land of 1,200,000 and equipment amounting to 200,000 Dec 3 Paid for advertising expense worth 45,000 Purchased office supplies by cash, 20,000 Purchased machineries costing 100,000. Paid 50% and promised to pay the Dec 6 Dec 8 balance after 20 days Dec 11 Purchased some machinery worth 115,000 on account Dec 15 Rendered services to clients worth 200,000 on account Dec 18 Make 50% payment on the balance owed on Dec 8 Dec 19 Rendered 510,000 worth of services and collected cash Dec 20 Rendered 85,000 worth of services on account Dec 21 Borrowed a loan amounting to 5,000,000 with 12% interest annually Dec 26 Withdraw cash for personal use 20,000 Dec 31 Paid for the salaries of staff 170,000 Dec 31 Rendered services and collected cash 105,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

mention the users of financial information and their respective needs.ment accounting and cost accounting.
Draft a recommendation directed to the CEO explaining the findings, recommendations, and benefits of installing an accounting information system. Make sure you are specific in your recommendations.
1. The inputs in the information system is called as a. reportsb. documentsc. transactionsd. accounts 2. Which of the following are considered as external users of information? (Check all that apply) a. Creditorsb. Stockholdersc. Operations personneld. Supplierse. Accountantsf. Customersg. Tax Authorities
How does the data flow from the transaction (e.g. MRI scan) to financial statements? Use the following key terms in your response: transaction, journal entry, general ledger, financial statement.
None
Describe the basic financial statements , their purpose and their importance to various internal and external users. Clearly discuss which users are most interested in which financial statement and why.
Choose acceptable income statement account names and describe the most frequent operational transactions.
Write a research paper discussing where accounting records are kept.
Define Auditing and Explain in detail about the statement " Auditing starts where Accounting End" What is meant by this statement and In which situations we use this statement?
provide statement of owners equity
Specific financial statements (e.g. Income Statement, Balance sheet, etc, state all) that are impacted and how they are affected (sections e.g Current assets, gross profit) of the statement that increase or decrease), by the shenanigan
Can I get the income statement, a statement of retained earnings, and a classified balance sheet also?