TRANSACTIONIMr. U contributed 600,000Obtain loan 400,0003Purchased Inventory 200,000 cash basisPurchased Inventory 500,000 on account4.5Sold 900,000 on account. Cost of items is 400,000Paid accounts payable 400,0007Collected 500,000 accounts receivable6.8.purchased equipment 480,000 cash9.distributed cash to Mr. U 10,00010 paid loan interest 5,000Chart of AccountsCHART OF ACCOUNTSPrepare the following:1. Transaction Matrix2. Trial BalanceCODE Account Title101CASH102ACCOUNTS RECEIVABLE103INVENTORY3. Journal entries4. Leger104EQUIPMENT201ACCOUNTS PAYABLE202LOANU, DRAWINGSU, CAPITAL301302401SALES402COGS403INTEREST EXPENSE

Hi student Since there are multiple subparts, we will answer only first three subparts.

TRANSACTION IMr. U contributed 600,000 Obtain loan 400,000 3Purchased Inventory 200,000 cash basis 4. Purchased Inventory 500,000 on account [+] 5Sold 900,000 on account. Cost of items is 400,000 Paid accounts payable 400,000 7Collected 500,000 accounts receivable 6. purchased equipment 480,000 cash distributed cash to Mr. U 10,000 + 8 10 paid loan interest 5,000 Chart of Accounts CHART OF ACCOUNTS Prepare the following: 1. Transaction Matrix 2. Trial Balance CODE Account Title 101 CASH 102 ACCOUNTS RECEIVABLE 103 INVENTORY 3. Journal entries 104 EQUIPMENT

TRANSACTION IMr. U contributed 600,000 Obtain loan 400,000 3Purchased Inventory 200,000 cash basis 4. Purchased Inventory 500,000 on account [+] 5Sold 900,000 on account. Cost of items is 400,000 Paid accounts payable 400,000 7Collected 500,000 accounts receivable 6. purchased equipment 480,000 cash distributed cash to Mr. U 10,000 + 8 10 paid loan interest 5,000 Chart of Accounts CHART OF ACCOUNTS Prepare the following: 1. Transaction Matrix 2. Trial Balance CODE Account Title 101 CASH 102 ACCOUNTS RECEIVABLE 103 INVENTORY 3. Journal entries 104 EQUIPMENT

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

Al-Hofuf 100000 carry-over balance 100000 100000 100000 Transferred balance i Example: The following balances are extracted from the records of Al-Yaqeen commercial stores and homework (on 31/12/2009: 1500000 Fund, 2000000 Bank, 1100000 Debtors, 700000 Receipt Papers, 4000000 Goods, 7500000 Purchases, 3500000 Returns of Purchases) 1,200,000 inbound transportation expenses 400,000 customs taxes, 10,000,000 sales, 420,000 sales returns, 60,000 discounts allowed, 500,000 furniture, 450,000 tax, 300,000 general expenses, 650,000 selling expenses, 8,500,000 creditors, 65,000 payment papers, 100,000 deduction earned, 50,000 profits from selling assets Fixed, 6 million buildings, 2,000,000 cars, 300,000 personal withdrawals, 3,000,000 long-term loans, 13,000,000 capital. If you know that the goods at the end of the period are estimated after the inventory at 4,500,000 dinars. Required: Prepare trial balance with balances. : .6
Make the cost of goods sold and balance sheet Cash ₱ 5,596.00 Account Recievable 20,760.00Equipment 9,000.00Supplies 6,500.00Notes Payable ₱ 20,000.00Capital 52,000.00Personal 2,050.00Purchases 73,020.00purchase Return 1,200.00Purchase Discount 302.00Frienght In 275.00Sales 54,960.00Sales Return 753.00Sales Discount 558.00Freight Out 225.00General Expenses 950.00Miscellenous Exp. 750.00Salary Expense 4,500.00Rent Expense 3,000.00Selling Expense 350.00Tax Expense 175.00Totals ₱ 128,462.00
Cajegas Trucking ServicesTrial BalanceJune 30, 2021Debit CreditCash in Bank P 1,020,000Petty Cash Fund 1,000Accounts Receivable 120,000Est. Uncollectible Account P 1,200Unused Supplies 15,000Prepaid Insurance 8,500Prepaid Rent 30,000Delivery Truck 1,500,000Acc. Depreciation – Delivery Truck 250,000Accounts Payable 130,000P. Cagejas, Capital 1,818,500P. Cagejas, Drawings 50,000Trucking Income 935,000Taxes and Licences 10,000Repairs and Maintenance 27,000Retainer Fees 25,000Salaries and Wages 320,000Utilities Expense 8,200Total P 3,134,700 P 3,134,700Additional Information1. Provision for Uncollectible Account should be at 2% of the outstanding receivable account.2. Supplies actually on hand, P5,000.3. Of the Prepaid Insurance, P6,200 has actually expired.4. P18,000 of the Prepaid Rental has expired.5. Depreciation Expense for the period is P105,000.Required:a. An 8-column worksheetb. Balance Sheetc. Income Statementd. Statement of Changes in Owner’s Equity
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.
T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.
Compute for the following using the data provided below: Cash on Hand – P23,500 Cash in Bank – P226,000 Accounts Receivable – P12,500 Allowance for Bad Debts – P2,500 Merchandise Inventory, Beg – P8,200 Merchandise Inventory, End – P8,500 Prepaid Insurance Expense - P4,800 Long-term Loans Receivable - P60,400 Equipment – P45,600 Fixture and Furniture – P118,900 Acc. Depreciation – P26,800 Land – P350,000 write your answer using this format " 123,456 " Total Current Assets: Net Property, Plant and Equipment: Total Non-current Assets: Total Assets:
Do its General Ledgers DATE PARTICULARS DEBIT CREDIT 04/01/14 Cash in Bank 99,000 Pretty Cash Fund 1,000 Satake Rice Mill 950,000 Furniture & Fixtures 80,000 E. Esparaguera, Capital 1,130,000 (To record investments) 04/03/14 Diesoline Inventory 15,000 Accounts Payable 15,000 (To record purchased diesoline) 04/05/14 Taxes and Liscenses 2,800 Cash in Bank 2,800 (To record paid licenses and permits) 04/07/14 Advances to Employees 3,000 Cash in Bank 3,000 (To record advance employee salary) 04/08/14 Repairs and Maintenance 500 Petty Cash Fund 500 (To record minor repairs) 04/14/14 Cash in Bank 9,000…
Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000What will be the Net credit sales? O a. OMR 120000 O b. OMR 245000 O c. OMR 125000 O d. OMR 200000
Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000What will be the Net credit sales? a.OMR 245000 b.OMR 200000 c.OMR 125000 d.OMR 120000
14 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the following accounts is correct in the journal entry to be made?A) 100 02 DOLLAR CASH ACCOUNT RECEIVABLE 4600 TLB) NoneC) 656 EXCHANGE LOSS ACCOUNT DEBTED 150 TLD) 100 01 TL CASH ACCOUNT RECEIVABLE 4.650 TL E) BORROWED 646 EXCHANGE PROFIT ACCOUNT 50 TL
Mr. J, Capital Office Equipment Accounts Payable 85 000.00 Notes Receivable 1 200.00 12 000.00 Notes Payable 8 000.00 16 600.00 Interest Income 360.00 Communications Expense 21 500.00 Interest Expense Postage and Stamps Еxpense Cash 18 540.00 1 250.00 Tools 220.00 Mr. J, Drawing 10 000.00 50.00 Accounts 21 460.00 Insurance Expense 4 100.00 Receivable Mortgage Payable Loan Payable |(Short Term) 30 000.00 Service Vehicle 84 700.00 20 000.00 Utilities Expense 160.00 Service Income 78 560.00 Supplies Expense 3 150.00 Furniture and Fixtures Salaries Expense 8 900.00 Shop Equipment 36 290.00 21 000.00 Rental Income 6 000.00 Income statement
Cash P18,600 10,000 Accounts Receivable 5,000 4,000 10,000 Notes Receivable Prepaid Rent Furniture Equipment Accounts Payable Notes Payable Accrued Salaries 50,000 6,000 4,000 1,908 Unearned Interest Income 300 SSS Premium Payable Withholding Taxes Payable Kengied, Capital Allowance for bad Debts 66 26 84,887 80 Accumulated Depreciation- Furniture Accumulated Depreciation-Equipment 55 278 Balance sheet to be shown?