II. From the following data taken from the books of Dynamite Consultants, a service business owned and managed by Mr. Jimin Park and from other personal records, you are required to prepare a properly classified balance sheet using account form for the business as of August 31, 2020. Cash on Hand Cash in Bank Accounts Receivable Cash deposited in savings account of Mr. and Mrs. Park Furniture and Fixture used in the office Farmland located in Tanay Residential house and lot Household, appliances, furniture and equipment Unpaid salaries to business employees Interest payable on business loan Mortgage payable on GSIS housing loan Accounts Payable Notes Payables to bank for business loan (long-term) Unpaid household bill Jimin Park, Capital P 2,400 13,000 26,600 10,000 8,800 12,000 240,000 72,000 8,000 1,600 92,000 4,000 16,000 1,000 ?

II. From the following data taken from the books of Dynamite Consultants, a service business owned and managed by Mr. Jimin Park and from other personal records, you are required to prepare a properly classified balance sheet using account form for the business as of August 31, 2020. Cash on Hand Cash in Bank Accounts Receivable Cash deposited in savings account of Mr. and Mrs. Park Furniture and Fixture used in the office Farmland located in Tanay Residential house and lot Household, appliances, furniture and equipment Unpaid salaries to business employees Interest payable on business loan Mortgage payable on GSIS housing loan Accounts Payable Notes Payables to bank for business loan (long-term) Unpaid household bill Jimin Park, Capital P 2,400 13,000 26,600 10,000 8,800 12,000 240,000 72,000 8,000 1,600 92,000 4,000 16,000 1,000 ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume that Sohar Paper Cores LLC sold goods to its customer and received the check of OMR 5000. The cashier immediately entered in the cash book and deposited check in the bank. After 2 days the company received the bank statement in which the deposited check amount not yet recorded. Therefore while preparing the Bank Reonciliation statement, what adjustment the accountant will do? Choose the correct answer from the following given options. a. Less OMR 5000 from the bank statement balance b. Add OMR 5000 to bank statement balance C. Add OMR 5000 to the cash book balance d. Less OMR 5000 from the cash book balance
Help Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe…
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can you please explain how they got the answers of these three questions?
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Can I please get help with this question along with a quck explaination on how I can do it?
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please answer the following questions. Thank you
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.oo per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines $350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service) $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by…