2. Listed below are the transactions for Embroidery Enterprise during January until March 2021: Jan 1 Invested RM200,000 cash for the business. Purchascd computers costing RM25,000, paying RM10,000 in cash and signed a 5-month, 10% of note payable. Purchased supplies for RM1,000 by cash. Reccived a RM15,000 cash advance from a client for a project that are expected to be completed by stages until 30 April 2021. Paid RM3,000 for a one-year insurance policy. Incurred RM300 by cash for entertaining client for dinner. Rent out extra office space on account for RM750. Completed first stage of client's project of RM5,000. Paid part-timer workers for RM2,000 by cash. Withdrew cash of RM450 from the business for personal use. Used RM300 of supplies. Received payment from office space rental. Jan 15 Jan 17 Jan 30 Feb 1 Feb 14 Feb 18 Feb 25 Feb 28 March 3 March 5 March 19 Required: Prepare journal entries for the transactions above.
Q: After closing the books of the partnership of Mutya and Associates, Lakambini announced his…
A:
Q: Mr. Francis requires Rs. 20,000 at the beginning of each year from 2033 to 2037. The interest rate…
A: Calculation of Present value as in the beginning of 2033 of $ 20,000 to be paid in the beginning of…
Q: spring semester tuition, which is the same as the fall tuition. The following information relates to…
A: Personal budget is helps in allocation future income towards expenses . Expenses are estimated on…
Q: Menlo Company distributes a single product. The company's sales and expenses for last month follow:…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: A citizen receives a notification from the CRIM specifying that his tax obligation is $3,000 per…
A: CRIM is criminal specifying tax obligation, It is tax evasion, if a person or a business avoid…
Q: Acme is considering the sale of a machine with a book value of P160,000 and 3 years remaining in its…
A: Straight line method of calculating Depreciation is the most commonly used method in which annual…
Q: On February 3, Smart Company sold merchandise in the amount of $1,800 to Kennedy Company, with…
A: Under Gross Method, Sales are recorded at their Gross Value. If the buyer makes payment within…
Q: Ted Hughes owns a plumbing business,which is run as a company called "Hughes Plumbing Pty…
A: Separate Entity Concept of Accounting states that the owner and the business should be treated…
Q: 3. On January 1, 2022, when the company changed its corporate strategy, its patent had estimated…
A: An impairment loss is the reduction in the carrying value of an asset and the decrease is higher…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: 1. Discount received for purchase made on April 2 Purchase = 4,100 Goods returned = 700 Net value…
Q: Question #1 North Carolina Manufacturing Co. purchased a new industrial press and installed it in…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: FlyHiLow Ltd (FHL) is a courier company based at the Cape Town International Airport. FHL offers…
A: Depreciation is acknowledged as that value of an asset which is used up during a particular year.…
Q: Menlo Company distributes a single product. The company's sales and expenses for last month follow:…
A: Answer 1) Calculation of Breakeven point in units Breakeven point in units = Fixed Expenses/…
Q: 3) Parker Company reports operating expenses as selling and general or administrative. The adjusted…
A: Selling Expenses: It is the cost related with sale of products or services. It includes the…
Q: The Board of Directors of GHI Corporation declared an annual dividend of P5 per share on 50,000…
A: Working Note: Total dividend paid = No. of shares issued and outstanding x Dividend per share =…
Q: odfrey is age 77. He paid $240,000 for a single life annuity contract that will pay him $28,800 per…
A: An amount that is charged by the government from the individual and organization on the income…
Q: Simphiwe, a student bought 50 memory sticks at R40 each for cash. All the memory sticks were marked…
A: The question is based on the concept of Cost Accounting. Gross profit is the difference between…
Q: The board of directors of a human resources outsourcing company has declared a dividend of…
A: The dividend is paid to shareholders from the retained earnings of the business.
Q: CLOSING ENTRIES ANF POST CLOSING TRIAL BALANCE THANKS Mr. Lopez opened a mini grocery store with…
A: In this question, we are provided with the information of Mr. Lopez who opened a mini grocery store…
Q: Setting Standards, Materials and Labor Variances Tom Belford and Tony Sorrentino own a small…
A:
Q: Oct. 02, 2022: Mr Alberto bought 10 units of computer at P30,000 each for the shop. The computers…
A: The journal keeps the record the transactions as debit one account and credit other. The…
Q: Which of the following statements is not correct about defined contribution plans?
A: The defined contribution plan shows the retirement benefit to the employees of the company. The…
Q: The following items were identified to comprise CHI company’s liabilities as of December 31, 2016…
A:
Q: On January 1, 2022, ABC Company granted a franchise to a franchisee. The franchise agreement…
A: The franchise revenue recognition is done based on different types of fees as follows:- (a)…
Q: Covidibidapdap received PhP80 000 in cash on December 2020 from Romeo Limited in return for having…
A: Ans. When a service is executed or work is performed but the consideration has not been received…
Q: A company has common stock with a market price of P54.50 per share and an expected dividend of P2.81…
A: For every business, issue of shares is one of the important source of finance. Shares can be common…
Q: On 3 January 2019 Zandile's Boutique bought trade goods on credit from Nom's Wholesalers for R22…
A:
Q: Corrections of errors in prior period are included in A. Other comprehensive income B. Net income…
A: Introduction:- Prior period expenses are occurred in the current period as a result of errors in the…
Q: Canteen creditors Fixtures & fittings Independence fair expenses Wages for canteen staff Laundry…
A: A balance sheet is a financial statement that depicts a company's assets, liabilities, and…
Q: Gomez is considering a $200,000 investment with the following net cash flows. Gomez requires a 15%…
A: Calculation of Net Present Value of the Project Year Net Cash Flows Present value of $ 1 at 15%…
Q: Explain how the two-, three-, and four-variance overhead analyses are related.
A: Overhead variance is the difference between real and applied overhead. Overhead variance can only be…
Q: The City of Greenville condemned 300 acres of Kayla's farmland. Kayla's land was worth $250,000 and…
A: Unrealized Gain- An unrealized gain is the amount of profit earned by an investor simply by holding…
Q: A factory has decided to purchase some new equipment for P650, 000. The equipment will be kept for…
A: Depreciation expense per year formula as per straight line method = (Cost - Salvage value)/useful…
Q: You are required to (i)Determine profit, when sales =200,000 Fixed cost=40,000 BEP=160,000…
A: Breakeven sales * Profit volume ratio =Fixed cost Sales * Profit volume ratio =Fixed cost + Profit
Q: End of period adjusting entries are considered important due to which of the following? A.All the…
A: Adjusting entries are required at the end of each fiscal period to align the revenues and expenses…
Q: need
A: Answer: The solution is based on the MACRS general depreciation system (GDS), and all assets are…
Q: a Ose the data to prepare a Standard Presentation of the Balance of Payments #0 Show how vou…
A: Balance of payment, It is also known as international payment, these are the transaction between one…
Q: Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent…
A: Under the accrual basis of accounting revenues and expenses are recorded as and when they are due…
Q: Under the corridor approach, a company only amortizes the net accumulated unamortized actuarial…
A: Introduction Corridor approach is a techniques used to reduce the amount of gain or losses, it…
Q: 10 Slosh Cleaning Corporation services both residential and commercial customers. Slosh expects the…
A:
Q: ses 9
A: Trading account is a statement which is prepared by a firm. It shows the gross profit of firm for a…
Q: Required information [The following information applies to the questions displayed below.] The…
A:
Q: 20- 21Total asset is PHP750,000. Sales is PH-P1,500,000. What is the total asset turnover?
A: As per the guidelines, only one question is allowed to be solved so I am answering question 20-21.…
Q: Refer to the data in Exercise 5.7. Vince Melders, owner of EcoScape, noticed that the watering…
A: Job order costing is a way of determining the cost of producing each product. This pricing strategy…
Q: An accounting trasaction simultaneously decreases assets and equity.This transaction is explained by…
A: Lets understand the basics. All the accounting transaction are having dual impact. In other words…
Q: 5) NASA Company on Beginning of calendar year purchased equipment for 45000. Accumulated…
A: Formula used: Gain or loss on sale of equipment = cash received on sale - Net book value of Asset.…
Q: Accounting January 1, 2020 WI entered into a two year interest rate swap in with DI Corp. WI…
A: Answer: As Given WI and DI Corp signed into a two-year interest rate swap on January 1, 2020. WI…
Q: 500000 258000 250000 62000 Ending retained Earnings? Question 24 ) Sales Variable and fixed costs…
A: The retained earnings of the business are affected by net income or loss, or dividend paid during…
Q: At December 31, 2019, the Blue Agave Company had a current deferred tax asset of $60,000, arising…
A: What is meant by Journal entries? It is the first step to record the financial transactions in the…
Q: Territory and Product Profitability Analysis Coast to Coast Surfboards Inc. manufactures and sells…
A: Solution:- Calculation of a contribution margin by sales territory report as follows under:-
Step by step
Solved in 2 steps
- Mohammed LLC is a growing consulting firm. The following transactions take place during the current year. A. On June 10, Mohammed borrows $270,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in four months from June 10, and annual interest rate of 5%. B. On July 9, Mohammed borrows an additional $100,000 with payment due in four months from July 9, and an annual interest rate of 12%. C. Mohammed pays their accounts in full on October 10 for the June 10 loan, and on November 9 for the July 9 loan. Record the journal entries to recognize the initial borrowings, and the two payments for Mohammed.Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3…
- Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3…Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3…Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3…
- Below are the transaction for Sintokish Enterprise as October 2020: Oct 1 Contributed RM30,000 of cash and RM20,000 of equipment to start the business. Oct 3 Borrowed RM80,000 from the bank by signing a notes payable. Oct 15 Purchased a van by paying cash for RM75,000. Oct 17 Paid January rent of RM1,500 for the office space by credit. Oct 22 Performed services for customers and received cash immediately for RM20,000. Oct 23 Purchased RM600 in supplies on account. Oct 25 Performed services for customers and will collect next month of RM123,000 Oct 26 Withdrew of cash RM700 and equipment RM300. Oct 28 Paid RM1000 to the bank for notes payable. Oct 30 Paid half of amount for Oct 23 transaction. REQUIRED: Prepare the relevant journal entries to record the above transactions. Omit the explanations.Gidi professional institute is constructing a tuition center at Aboabo that will take about 18 months to complete. The company commenced construction on 2 January, 2018. The following payments were made during the year: 31 January GH¢ 40,000,000 1 March GH¢90,000,000 30 June GH¢20,000,00031 October GH¢40,000,00030 November GH¢50,000,000The first payment on 31 January was funded from the company’s pool of debts. However, the company succeeded in raising Medium-Term Loan Notes for an amount of GH¢160,000,000 on 31 March 2018 at a simple interest rate of 9 percent per year, calculated and payable monthly in arrears.These funds were specifically used for the construction. Excess funds were temporarily invested at 6 percent monthly in arrears and payable in cash. The pool of debts was again used for a GH¢40,000,000 payment on 30 November 2018 which could not be funded from the Medium-Term Loan Notes. The construction project was temporarily halted for three weeks in May 2018 when…Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2 Mr. Lopez invested equipment for the business worth ₱30,000. 3 Bought supplies on account for ₱12,600. 4 Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5 Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8 Paid ₱1,200 delivery charge for December 5 purchase. 10 Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11 Paid ₱700 freight for December 10 transaction. 13 Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15 Paid salaries, ₱12,300 16 Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17 Received returned merchandise from customers on December 10, ₱4,000. 18 Paid…
- On June 1, C invested 800,000,000 VND cash in the company and received from the supplier some spare equipment worth 10,000,000 VND as a gift. The company rents a building that focuses on evaluating the operation as well as a warehouse for 350,000,000 VND per month, and the company prepaid it in cash. (1) On June 2, KCt spends 2,600,000 VND to purchase stationary equipment and paid in cash. The company provides consulting services of 28,000,000 VND and rents its test facilities for 200,000,000 VND to a podiatric services center. (3) KCt company purchased wood, paint from a supplier for 28,000,000 VND on July 3 on credit terms from PenFur Supply Company. (3) On June 4, KCt has used the housing cleaning service of Housing Services Company to clean and decorate the office for 70,000,000 VND. By prearrangement, KCt company delayed the payment in two installments, one June 12 and on June 18. (4) KCt Company purchased furniture from Furniture Company for 27,000,000 vnd on June 5 under Credit…Corp. open up a business with an investment of P50,300 on November 1, 2022 from his saving account to a business checking account and made payment for a small space month-rent, P20,000 and merchandise for presentation worth P20,000. During the operating month, the business incurred various expenses, P7,500 of which 25% remains to be paid next month. Mr. Hamon made all sales deposits directly to the bank and paid wages during the month amounting to P55,000 and P15,000, respectively. At the end of the month, a total of P3,250 for the water, electric and phone consumption bills were received but did not immediately pay it. At this point, the balance of business checking account increased to P43,200.How much is the November 30 Owner’s Equity balance if Mr. Hamon was able to withdraw cash during for the purchase of merchandise for trading amounting to P15,000?TA services were formed on May 1, 2020. The following transactions took place during the first month. May 1 Mr. Tarek Ahmed invested $80,000 in the business, as its sole owner.May 2 Hired two employees, who will be paid a salary $1,000 per month.May 3 Paid $20000 in advance for rent of a warehouse.May 4 Purchased furniture & equipment costing $30,000. $10,000 paid in cash and $20,000 payable in next 6 months.May 5 Paid $22,000 for 1-year insurance policy.May 7 Purchase basic office supplies for $500 on account.May 8 $1,500 received in advance for which services to be performed in June.May 10 Revenue earned in cash $20000 and on account $10000.May 12 Payment to creditor for May 7 transactions.May 16 Received from debtors for May 10 transaction.May 22 Withdraw by owner $ 700.May 27 Purchase of pick-up van $ 5000 on account. Instructions:(a) Pass the Journal Entry & Post to ledger.(b) Prepare Trial Balance.