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- need asap Given: FABM Company, a service firm rendering computerizedaccounting services has the following transactions for themonth of June 2018:June 1Owner invested his savings worth P10, 000, 000 intothe business.June 3He bought P1.5 M worth of equipmentJune 5He also invested furniture and fixtures with 250,000June 7Rendered services to clients worth 150, 000 andreceived cash payment immediatelyJune 10Rendered services to clients worth 250, 000 onaccountJune 12Purchased computer supplies amounting to 30,000and issued a promissory noteJune 14Rendered services to clients worth 650, 000 withterms 50% down, balance on accountJune 15Paid salaries of employees worth 45,000June 18Collected half of the amount due last June 10June 20Paid the total amount due for utilities amounting to55, 000June 22Cash receipts amounting to 75,000 from cash salesservicesJune 24Paid the whole amount due on the noteJune 26Paid Philhealth contribution of the employeesamounting to 5,000June 28Borrowed P150,000…Show the effect of the following transactions in the accounting equation. For example: No. Account DR Account CR A = OE + L 1. Furniture Capital + 20 000 + 20 000 0 The owner deposited R 60 000 into business current account as his contribution. Sold goods on credit to F Malila for R 7000 (Cost price R4 500). Business obtained a loan of R30 000 from FCB Bank, the money was transferred to the business current account. Bought stationery on credit, R300. Owner withdrew R400 for personal use.Direction: Encircle the letter of the best answer. 1.) jade invested P200,000 in a repair business. A. Debit land, credit cash B. Debit cash, credit Juan Dela Cruz, capital C. Debit land, credit account payable 2.) She paid the monthly rent of the office, P10,000. A. Debit cash, credit Juan Dela Cruz, capital B. Debit rent expense, credit cash C. Debit Juan Dela Cruz, personal, credit cash 3.) Sold a house and collected P15,000 commission. A. Debit cash, credit commission income B. Debit cash, credit Juan Dela Cruz, capital C. Debit commission expense, credit cash 4.) Received P20,000 as payment for services rendered to samantha A. Debit cash, credit service income B. Debit accounts receivable, credit service income C. Debit cash, credit accounts receivable 5.) Paid P10,000 salary of the mechanic for the first half of the month. A. Debit cash, credit Juan Dela Cruz, capital B. Debit salary expense, credit cash C. Debit salary expense, credit accounts payable
- 5. Adliana wanted to start a business and he decided to open a grocery shop. He incurred the following expenses which were paid in cash. RMShoplot 150,000Renovation 50,000Signboard 5,000Business license 1,000Inventory 15,000Advertising 1,500salary 3,000Calculate the capital expenditure and revenue expenditure that Adliana incurred.(a) Analyze the following transactions under the Accounting Equation Approach. Commenced business with cash RS 500000 Purchased goods RS 25000 Paid salary RS 10000 Sold goods costing RS 20000 at a profit of 25% on the cost Paid salary in advance RS 2000 Introduced additional capital RS 10000 Purchased computer RS 15000 Deposited RS 50000 into the bank (b)For each of the following transactions of XYZ , identify the account to be debited and the account to be credited. Purchased 18-month insurance policy for cash. Paid weekly payroll. Purchased supplies on account. Received utility bill to be paid at later date.Mr. Anshori decided to open PO Andalan Jaya. The following is a transaction that occurred at PO Andalan Jaya a. Invested Mr. Anshori's personal money of Rp10,000,000 into PO Andalan Jaya b. Purchased equipment for Rp 2,000,000 in cash c. Purchased equipment for Rp1,000,000 on credit d. Paid Rp.400,000 for the purchase of equipment on credit Requested: Record the transactions that occurred at PO Andalan Jaya on Accounting equation!
- Chin consulting service engaged in the following transactions during march 19x3 March 1 Rudy Chin invest 59,000 of cash to start the busuness 2. He purchaed office supplied of 200 on account 4 He paid 40,000 cash for building to use as future office 6. He performed service for customer and received cash 2000 9 He paid 100 on account payable 17 He performed service for customer on account 1600 23. He received 1,200 cash from a customer on account 31. He performed the following expenses, salary 1,200, rent 500 Required Record the proceedingntransactions in the journal of Chin Consulting Service. Key transactions by date and include an explaination for each entry, as illustrated the chapter. Use the following account: Cash, Account Receivable, Office Supplies, Building, Account Payable, Rudy Chin capital, Service Revnue, Salary Expense, Rent ExpenseQ1. Mr. X has recorded good relations with his partners as an asset in the balance sheet? Is he violating anyaccounting principles? Why or why not support your answers with reasons?Q2. Javlon purchased a furniture for $10000 on credit? In books he passed an entry of Cash A/c debit toFurniture account credit $10000. Do you agree with the journal entry? If not tell the correct entry? Alsopass a rectification entry?Q3. On December 31, Javlon Company, a partnership between Fogg and Shelhon, realized a $66,000 netincome. According to the partnership agreement, the partners split the profits on a 3:2 basis. Determineeach partner’s split and the journal entries you will make to record the split of net income.Use the following table to show the effects of transactions. Use + or -and the dollar amount to show the effects. If a transaction affects only one cell, show the dollar amount and both + and -. The transactions describe events for Copymaster Corporation.Table is set up as folliowing to record transactionsAssets Liabilities Equity1) Shareholders investd $5,000 each to begin business2) Copymaster bought copying machine for $1,5003) Copymaster sold copies to customers for $500 cash4) Copymaster produces copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the month5) Copymaster paid employees $6006) Copymaster bought supplies for $3,007) Copymaster paid rent for $7008) Copymaster paid utilities for $2009) Copymaster bought office furniture for $50010) Copymaster had an unpaid phone bil at month-end for $100Please put these in the correct…
- Following transactions are given to you(a) Started business with cash Rs.5,00,000 and plant &machinery Rs.2,00,000.(b) Purchased goods for cash Rs.40,000 and on credit Rs.30,000.(c) Purchase furniture for office use Rs.10,000 and for thedomestic use of proprietor Rs.5000.(d) Rent paid in advance Rs.6000.(e) Goods lost by fire Rs.1000.Required: Accounting equations.Q10. a) Show the effects of the following transactions on the accounting equation.a. Owner invested $ 12.000 cash in the business.b. Purchased office supplies by paying $ 65 cash.c. Performed service for a client on account, $ 950.d. Purchased computers for the business for $ 1.300 on account.e. Received cash from the client (c) above, $ 900.b) 1) Journalize the following transactions2) Ledger posting for the following transaction.a. Owner invested $ 12.000 cash in the business.b. Purchased office supplies by paying $ 65 cash.c. Performed service for a client on account, $ 950.d. Purchased computers for the business for $ 1.300 on account.e. Received cash from the client (c) above, $ 900.c) Critically analyze the statement “Owners’ Equity is a liability for business, which in long run allbusinesses try to increase over time? Please state whether you agree or disagree with the statement?Journalizing Service Concern TransactionsMr. Henry labasan is engaged in a Rent-A-Car business to cater tourists who are visit Tagbilaran City. His investment consisted of the following: 2 units Toyota Van - P2,000,000 Cash which he deposited with RCBC, P50,000 Chart of Accounts Assets Cash in Bank Tires and Tubes Inventory Prepaid Insurance Transportation Equipment Liabilities Accounts Payable Unearned Rental RevenueOwner's Equity H. Labasan, Capital H. Labasan, Drawing Income Rental Revenue Expenses Gasoline and Oil Taxes and Licenses Commission Expense Repairs and Maintenance The following details are in the images: