Account Amount Lacson invested P100,000 cash in the a. Account debited Cash 100,000 business b. Account credited Lacson, 100,000 Paid PS,000 for office rent for the a. Account debited Capital Rent Expense 5,000 2 month b. Account credited a Account debited Cash 5,000 Purchased P1,500 of supplies on account b. Account credited a Account debited b. Account credited a Account debited b. Account credited Paid P3,000 to advertise on the radio. 5. Received P6,000 for services provided

Account Amount Lacson invested P100,000 cash in the a. Account debited Cash 100,000 business b. Account credited Lacson, 100,000 Paid PS,000 for office rent for the a. Account debited Capital Rent Expense 5,000 2 month b. Account credited a Account debited Cash 5,000 Purchased P1,500 of supplies on account b. Account credited a Account debited b. Account credited a Account debited b. Account credited Paid P3,000 to advertise on the radio. 5. Received P6,000 for services provided

Name: AccountAmount100,000Lacson invested P100,000 cash in thea. Account de
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Description: AccountAmount100,000Lacson invested P100,000 cash in thea. Account debitedCashbusinessb. Account credited100,000Lacson,CapitalRent Expense 5,000Paid P5,000 for office rent for themonth.2a. Account debitedb. Account crediteda. Account debitedCash5,00

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 35E: Jarem Company showed 189,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance...

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To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. paid balance due for accounts payable $6,900 B. charged clients for legal services provided $5,200 C. purchased supplies on account $1,750 D. collected legal service fees from clients for current month $3,700 E. issued stock in exchange for a note payable $10,000
Case 1-74 Comparative Analysis: Under Armour, lnc., versus Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com Required: Answer the following questions: What were the major sources and uses of cash for each company?
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Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.
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T. Nix, Capital$ 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.
GIVEN:REF. AMOUNT1. 200,000 PERSONAL CASH TRANSFERREDTO BUSINESS ACCOUNT2. 10,000 OFFICE SUPPLIES PURCHASED FOR CASH3. 15,000 Office Rent Paid4. 70,000 EQUIPT PURCH ON ACCT; 30K FURN & FIXT; 40K OFFICE EQUIPT5. 60,000 BORROWED FROM EAST WEST BANK; PROMM NOTE SIGNED.6. 5,000 AN OFFICE EQUIPMENT #4 WAS RETURNED; NOT ON SPECIFICATION.7. 50,000 CREDITORS ON #4 WAS PARTLY PAID8. 95,000 PROF SERVICES DONE; 45K IN CASH; BAL, ON ACCT.9. 20,000 Salaries of Staff Paid10. 6,000 UTILITY BILLS FOR NEXT MONTH WERE RECEIVED11. 3,000 ADVERTISING IN INQUIRER IS PAID12. 30,000 CASH DRAWN FOR PERSONAL USE13. 4,000 SUPPLIES IN #2 THAT REMAINED UNUSED IS NOW ONLY WORTH P4,000REQUIRED: A TRANSACTIONAL ANALYSIS USING ACCOUNTING EQUATION AND SPECIFIC ACCOUNT TITLESPROFORMA TEMPLATE: A S S E T SGIVEN: ref. Amount, Cash, Accounts Receivable,Office Supplies,Furniture And Fixt, Equipments LIABILITIES…
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1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000
T Accounts 1. Cash A/c PARTICULAR DEBIT PARTICULAR CREDIT To Capital 180,000 By Supplies 19,000 To service revenue 5,500 By Prepaid Insurance 28,000 To Service revenue 15,000 By Salary 65,700 To Unearned service revenue 12,000 By Office Rent 85,000 To Accounts Receivable 35,500 By Accounts Payable 20,800 By Drawings 15,300 By Balance C/d 14,200 Total 248,000 Total 248,000 2. Truck A/c PARTICULAR DEBIT PARTICULAR CREDIT To Capital 250,000 By Balance c/d 250,000 Total 250,000 Total 250,000 3. Capital A/c PARTICULAR DEBIT PARTICULAR CREDIT To Balance c/d 430,000 By Cash 180,000 By Truck 250,000 Total 430,000 Total 430,000 4. Supplies A/c PARTICULAR DEBIT PARTICULAR CREDIT To Cash 19,000 By Balance C/d 19,000 Total 19,000 Total 19,000 5. Prepaid Insurance PARTICULAR DEBIT PARTICULAR CREDIT To Cash 28,000 By Balance c/d…
Revenue R100 000, Debtors (opening R50 000, closing R110 000), Calculate Cash Receipts from Customers. Select one: a. R60 000 b. R40 000 c. R110 000 d. R100 000
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