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- Financial Accounting Project:1. The owner, Josef Miguel, invested Php250,000 cash in the business. He registered the business with the following expenditures:a. Mayor’s permit, Php5,000b. DTI registration, Php600c. BIR/TIN Registration, Php500d. Transportation during the processing of registration, Php3002. After the business permit was taken, he started the business with the following cash expenditures:a. Paid in cash rent of office space, Php24,000b. Paid insurance, Php60,000c. Purchased supplies, Php3,000d. Purchased of second-hand delivery truck, Php150,0003. Total delivery income for the month, Php300,000 of which 40% are on account.4. Received cash advance amounting to Php180,000 for delivery services to be rendered in 18 months.5. Billed customers for services rendered, Php45,000.6. Expenses paid / incurred during the month were as follows:a. Salaries, Php40,000b. Utilities, Php2,000c. Transportation, Php3,000d. Telephone, Php6,0007. Collected 50% of transaction no. 38. Withdrew…Journalized the following transactions. 1. Received a lot worth Php 300,000.00 from Mr. Mat. Tiaga as his initial investment in a Photo Shop. 2. Paid the license fee of Php 2,000.00 to the municipal treasurer. 3. Bought 3 units of camera for Php 25,000.00 each from SM payable in 3 months 4. Photo services was rendered to cash customers Php 15,500.00 5. Paid the utilities for the month -Php 5,000.00 6. Billed a customer Mr. Santos for Php 20,000.00 7. Signed a contract to St, Thomas Academy with a monthly payment of Php 3,000.00 for one year for Photo services 8. Paid SM Marketing for Php 60,000.00 only and issued a 30-day promissory note for the balance 9. Collected the payment of Mr. Santos 10. Received the first month fee from General HospitalFrom the following transactions for Casio Company, find the required balances for the month ended November 2020. The chart of accounts includes: 2 - Casio invested Php290,000 cash and Php150,000 worth of office equipment 2 - Paid rent for three months in advance, Php30,000. 4 - Purchased office equipment on account, Php50,000. 6 - Bought office supplies for cash, Php4,000. 8 - Collected Php95,000 for services rendered. 14 - Provided Php65,000 worth of services to clients who will not pay until next month. 16 - Paid salaries, Php30,000. 18 - Advertising bill for Php7,000 was received but will not be paid until next month. Compute the amount of ACCOUNTS RECEIVABLE based on foregoing transactions. 60,000 70,000 67,000 65,000
- Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…Listed below are ten business transactions for Puring Company during its first month of operations: Owner invested cash in the business amounting to P300 000 Purchased equipment for cash amounting to P50 000 Purchased inventories through credit amounting to P35 000 Purchased furniture amounting to P30 000. Made partial payment with cash (P10 000) and incurred an accounts payable for the balance (P20 000) Paid cash to the local government for business permit (P9 000) Made sales of P17 000 - P12 000 cash sales, P5 000 credit sales. The cost of the sales made in (f) amounted to P8 500. Paid the accounts payable in (d) Collected P2 500 out of the P5 000 credit sales in (f) Paid employee P12 000Indicate the effects of the given transactions on each of the financial statement elements in the table shown below. The answer for transaction (a) is given as an example: Assets = Liabilities + Equity Revenues Expenses a. P300 000 P300 000…From the following transactions for BlackJade Company, find the required balances for the month ended November 2020. The chart of accounts includes: 2 - BlackJade invested Php290,000 cash and Php150,000 worth of office equipment 2 - Paid rent for three months in advance, Php30,000. 4 - Purchased office equipment on account, Php50,000. 6 - Bought office supplies for cash, Php4,000. 8 - Collected Php95,000 for services rendered. 14 - Provided Php65,000 worth of services to clients who will not pay until next month. 16 - Paid salaries, Php30,000. 18 - Advertising bill for Php7,000 was received but will not be paid until next month. Compute the amount of CASH based on foregoing transactions. 288,000 351,000 281,000 321,000
- A business was started on March 1, 2020 with the investment of cash Rs. 50,000 and office equipment worth Rs. 50,000 and the following transactions were completed during the month: March 2 : Purchased merchandise for cash Rs. 25,000 and on account Rs. 15,000. March 3 : Purchased office supplies for cash Rs. 2,000 and on account Rs. 7,000March 12: Purchased furniture on account Rs. 5,000. March 18: Sold merchandise for cash Rs. 20,000 and on account Rs. 15,000 March 20: Paid to suppliers Rs. 10,000 after discount Rs. 1,000 March 30: Paid rent for the month Rs. 1,500. REQUIRED: Post the transactions to "T" accounts.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.When a company buys equipment for $161,000 and pays for one half in cash and the other one half is financed by a note payable, which of the following are the effects on the accounting equation? a. Total assets increase $161,000 b. Total liabilities increase $161,000 c. Total liabilities decrease $80,500 d. Total assets increase $80,500
- Journalize the following selected transactions of ABBA Services for the month of February 2013. Feb. 1 ABBA made an additional investment of PhP150,000 cash Feb. 4 Feb. 6 Rendered services on account to Edna, customer, amounting to PhP65,000, terms of 10% down and the balance at the end of the month Paid the rental for the month - PhP5,000 Feb. 10 Purchased office supplies from National Bookstore with cash amounting to PhP1,500 Feb. 15 Feb. 18 Paid the salary of employees - PhP15,000 Rendered services for cash-PhP10,000 Feb. 20 Feb. 25 Rendered services on account - PhP40,000 Collected the balance from Edna in Feb. 4 transaction Feb. 28 Feb. 28 Withdrew PhP500 for personal use Paid the salary of employees-PhP15,000 Partial collection from Feb. 20 transaction - PhP25,000 Paid the electric bill for the month - Php2,300Create a statement of cash flow from the following transactions from the books of Arts and Styles. The owner wants to see the result of its operation after a month of existence December, 2020. December 1 Chon Loo invested 1,500,000 and equipment worth 500,000. 3 Paid Permits and licenses to operate 12,000. 5 Bought tables, chairs, on account from SM Malls, 250,000. 8 Rendered services for cash worth 50,000. 9 Rendered services on account with a promissory note from Aces worth 30,000. 10 Bought canvas and paints worth 20,000. 15 Paid salaries of artist for 6 months, worth 300,000. 20 The owner withdraw 10,000 for personal use. 25 Borrowed money from Metro Bank 1,000,000 giving a promissory payable in a year with Interest of 8% per annum. 27 Collected from Aces…Create a statement of cash flow from the following transactions from the books of Arts and Styles. The owner wants to see the result of its operation after a month of existence December, 2020. December 1 Chon Loo invested 1,500,000 and equipment worth 500,000. 3 Paid Permits and licenses to operate 12,000. 5 Bought tables, chairs, on account from SM Malls, 250,000. 8 Rendered services for cash worth 50,000. 9 Rendered services on account with a promissory note from Aces worth 30,000. 10 Bought canvas and paints worth 20,000. 15 Paid salaries of artist for 6 months, worth 300,000. 20 The owner withdraw 10,000 for personal use. 25 Borrowed money from Metro Bank 1,000,000 giving a promissory payable in a year with Interest of 8% per annum. 27 Collected from Aces…