At the beginning of the period, ABC Company have a cash balance of P5,500. During the period, the total cash collections amounts to P15,000 and payment of salaries worth P6,000 and Meralco bills worth P1,400 is made. Compute the ending balance of cash. On Jan. 31, Ronald Co.’s cash balance is P50,000. On Jan. 13, Ronald Company have purchases on cash worth P35,000. On Jan. 25, they have sales on cash worth P60,000. On Jan. 26, the company paid P15,000 worth of salaries and P5,000 worth of advertising. Compute you cash beginning balance. On Jan. 01, Ricca Inc. sales balance is P50,000. On Jan. 13, sales on cash is worth P25,000. On Jan. 25, another sales worth P30,000 where 50% is on account. A customer returned P1,500 worth of items due to excessive order. Compute Ricca Inc.’s total sales.On Jan. 01, Ronald Co. accounts payable balance is P40,000. On Jan. 13, the owner purchased on credit worth P25,000. On Jan. 25, he has another purchases worth P30,000 where 50% is on cash. On Jan. 26, he paid P10,000 worth of payable. Compute Ronald Co.’s accounts payable balance.

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

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At the beginning of the period, ABC Company have a cash balance of P5,500. During the period, the total cash collections amounts to P15,000 and payment of salaries worth P6,000 and Meralco bills worth P1,400 is made. Compute the ending balance of cash.
On Jan. 31, Ronald Co.’s cash balance is P50,000. On Jan. 13, Ronald Company have purchases on cash worth P35,000. On Jan. 25, they have sales on cash worth P60,000. On Jan. 26, the company paid P15,000 worth of salaries and P5,000 worth of advertising. Compute you cash beginning balance.
On Jan. 01, Ricca Inc. sales balance is P50,000. On Jan. 13, sales on cash is worth P25,000. On Jan. 25, another sales worth P30,000 where 50% is on account. A customer returned P1,500 worth of items due to excessive order. Compute Ricca Inc.’s total sales.
On Jan. 01, Ronald Co. accounts payable balance is P40,000. On Jan. 13, the owner purchased on credit worth P25,000. On Jan. 25, he has another purchases worth P30,000 where 50% is on cash. On Jan. 26, he paid P10,000 worth of payable. Compute Ronald Co.’s accounts payable balance.

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