Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Lesson 6:
On July 1, 2021, Emilia Clarke opened a small paint shop called "Emilia Clarke Paint Shop." The
following were the transactions during the month:
Date
Transactions
1
3
Invested P100,000 cash in the business
Obtained a P30, 000 loan from a bank.
Purchased equipment for P20,000 cash.
5
7
10
Purchased goods for P20,000 cash. (Use perpetual inventory system)
Sold goods for P10,000 cash. The cost of the goods sold was of P7,000.
Withdrew cash P5,000
15
25
Paid utilities expense amounting to P3,000
Paid P5,000 salaries.
31
Requirements:
a.
Record the transactions in the journal.
b.
Post the transaction in the ledger.
c. Prepare the unadjusted trial balance on July 31, 2021
Most Essential Learning Competencies
1. Identify the elements of the SFP and describe each of them.
2. Prepare an SFP using the report form and the account form with proper classification of
items as current and noncurrent.
STATEMENT OF FINANCIAL
Part 1: At the back of this paper, prepare a Statement of Financial Position pf CDS Enterprise
Business for the calendar year 2020 using the following accounts in Report Form:
Cash - 5,000
Loans Payable - 77,500
Accounts Receivable - 2,600
Supplies - 2,300
Equipment - 17,000
Owner's equity – 40,000
Accounts Payable - 22,400
Building - 113,000
Part 2: Answer the following questions and write the solutions in a clean paper. Attached your
solution with this paper.
1. If assets are Php17,000 and owner's equity is Php10,000, liabilities are
2. At the end of the first month of operations for Juana's Delivery Service, the business had the
following accounts: Accounts Receivable, Php1,200; Prepaid Insurance, Php500; Equipment,
Php36,200 and Cash,…
(Learning Objective 5: Use the COGS model to make management decisions)Sokol Antiques, Inc., began June with inventory of $48,400. The business made net purchasesof $51,300 and had net sales of $104,000 before a fire destroyed the company’s inventory. Forthe past several years, Sokol’s gross profit percentage has been 35%. Estimate the cost of theinventory destroyed by the fire. Identify another reason that owners and managers use the grossprofit method to estimate inventory.
Chapter 2 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 2 - The order in which assets were listed and...Ch. 2 - Prob. 2DQCh. 2 - How is revenue related to retained earnings?Ch. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Distinguish between journalizing and posting.Ch. 2 - True or false: If the trial balance is in balance,...Ch. 2 - When it is time to prepare the financial...
Ch. 2 - Which sequence of actions correctly summarizes the...Ch. 2 - Prob. 2SCCh. 2 - Prob. 3SCCh. 2 - Prob. 4SCCh. 2 - Prob. 5SCCh. 2 - Which journal entry records obtaining a bank loan...Ch. 2 - RV Wholesale, Inc., paid 1,200 for supplies and...Ch. 2 - Prob. 8SCCh. 2 - Prob. 9SCCh. 2 - Prob. 10SCCh. 2 - Prob. 11SCCh. 2 - Prob. 12SCCh. 2 - Prob. 1SECh. 2 - Prob. 2SECh. 2 - Prob. 3SECh. 2 - Prob. 4SECh. 2 - Accounting terminology (Learning Objectives 2, 3, ...Ch. 2 - Effects of debits and credits on accounts...Ch. 2 - Balancing accounts and normal balances (Learning...Ch. 2 - Types of accounts and effects of debits and...Ch. 2 - Re-creating journal entries from T-account...Ch. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 11SECh. 2 - Prob. 12SECh. 2 - Prob. 13SECh. 2 - Accounting terminology (Learning Objectives 1, 2,...Ch. 2 - Prob. 15AECh. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 17AECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Prob. 19AECh. 2 - Prob. 20AECh. 2 - Prob. 21AECh. 2 - Prob. 22AECh. 2 - Prob. 23BECh. 2 - Prob. 24BECh. 2 - Prob. 25BECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Recording transactions and preparing a trial...Ch. 2 - Prob. 28BECh. 2 - Prob. 29BECh. 2 - Prob. 30BECh. 2 - Prob. 31APCh. 2 - Prob. 32APCh. 2 - Journalizing, posting, and preparing a trial...Ch. 2 - Prob. 34APCh. 2 - Preparing a trial balance, income statement,...Ch. 2 - Prob. 36APCh. 2 - Prob. 37BPCh. 2 - Prob. 38BPCh. 2 - Prob. 39BPCh. 2 - Prob. 40BPCh. 2 - Prob. 41BPCh. 2 - Prob. 42BPCh. 2 - Prob. 1CECh. 2 - Prob. 1CPCh. 2 - Prob. 1CFSAPCh. 2 - Prob. 1EIACh. 2 - Prob. 2EIACh. 2 - Prob. 1FACh. 2 - Prob. 1IACh. 2 - Prob. 1SBACh. 2 - Prob. 1WC
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