Getting Better:Solve the Problem below.1. Gypsy Co. had the following cash related transaction for the fist month of operation,March 2018.the owner invested P 100, 00 0 to start her businessBought P 50, 200 worth of merchandize inventorySold goods for P 80, 500 on accountCollected P 50, 800 from accounts receivableMarch6.1517Sold goods for cash P 75, 300Paid employees salaries amounting to P 36, 900paid electricity and water bills amounting to P 23, 600the owner withdraw P 15, 500 for personal expenses19252930Required: Determine the T-account.Gaining Mastery:Summarize the effect of all the transaction above problem and the balance at the end of theperiod, consider the table below.NormalDebitCreditBalanceDateAssetsLiabilitycapitalGypsyCapital100,000)DatecashAccountInventoryAccountReceivablepayableMarch I106, 000P 501 200PS0,200is1719252930

Important Accounting Equation Assets = Liabilities + Stockholders equity

Answered: Gaining Mastery: Summarize the effect…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

See similar textbooks

Similar questions

JAS LUZANU LPT. Contact # : 09750614305 Getting Better: Solve the Problem below. 1. Gypsy Co. had the following cash related transaction for the fist month of operation March 2018. the owner invested P 100, 000 to start her business Bought P 50, 200 worth of merchandize inventory Sold goods for P 80, 500 on account Collected P 50, 800 from accounts receivable March 9. 15 17 Sold goods for cash P 75, 300 Paid employees salaries amounting to P 36, 900 paid electricity and water bills amounting to P 23, 600 the owner withdraw P 15, 500 for personal expenses 19 25 29 30 Required: Determine the T-account. Gaining Mastery: the effect of all the transaction above problem and the balance at the end
bject Teeacher: ILYN ROJAS LUZANU LPT. ContuC Getting Better: Solve the Problem below. 1. Gypsy Co. had the following cash related transaction for the fist month of op- March 2018. the owner invested P 100, 000 to start her business Bought P 50, 200 worth of merchandize inventory Sold goods for P 80, 500 on account Collected P 50, 800 from accounts receivable Sold goods for cash P 75, 300 Paid employees salaries amounting to P 36, 900 paid electricity and water bills amounting to P 23, 600 the owner withdraw P 15, 500 for personal expenses March 1 15 17 19 25 29 30 Required: Determine the T-account. Gaining Mastery: nce at the enc
Directions: Read and analyze the problem below then do the following requirements. Assuming, you owned a sari-sari store and had a beginning cash amounting of P50, 000 and the following transactions occurred during the month. Purchase of goods. Paid in cash. 100, 000 Sales of goods. Received cash. 150,000 Paid utilities 30,000 Paid rent 10,000 Sold equipment for cash 100, 000 Owner withdraws investment 10, 000 Required: Compute for your net cash flow generated/used in operating activities. Compute for your net cash flow generated/used in investing activities. Compute for your net cash flow used in financing activities. Prepare a cash flows statement using direct method.
Getting Better: ** Gypsy Co. had the following cash related transaction for the fist month of operation, March 2018. Solve the Problem below. the owner invested P 100, 000 to start her business Bought P 50, 200 worth of merchandize inventory Sold goods for P 80, 500 on account Collected P 50, 800 from accounts receivable Sold goods for cash P 75, 300 Paid employees salaries amounting toP 36, 900 paid electricity and water bills amounting to P 23, 600 the owner withdraw P 15, 500 for personal expenses March 1 9. 15 17 19 25 29 30 Required: Determine theT-account. Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below. Gaining Mastery: Credit Normal Debit Balance Assets Liability capital Date Gypsy Capital I00,000) Date cash Account Inventory Account Receivable payable March I P I0b, o00 P 501 200 S0,200 9 is 17 19 25 29 30 we we ww.ww a
Solve the Problem below. * Oypsy Co. had the following cash related transaction for the fist month of operation, March 2018. the owner invested P 100, 000 to start her business Bought P 50, 200 worth of merchandize inventory Sold goods for P 80, 500 on account Collected P 50, 800 from accounts receivable March 6. 15 17 Sold goods for cash P 75, 300 Paid employees salaries amounting to P 36, 900 paid electricity and water bills amounting to P 23, 600 the owner withdraw P 15, 500 for personal expenses 19 25 29 30 Required: Determine the T-account. Gaining Mastery: Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below. Normal Debit Credit Balance Date Assets Liability capital Date cash Account Inventory Account Gypsy Receivable payable Capital March I 尹b) 000 e I00,000) 9 P 50 200 250,200 is 17 19 25 29 30
38) Solo traders has the following transactions for the month of January 2019. 9- Goods purchased and paid cash of RO 2,200 14- Paid office expenses of RO 1,240 19- Paid a monthly loan to Bank Muscat of RO 1,450. 24- Paid RO 7,500 to Black traders for the goods purchased on credit. Calculate and show the amount which will be transferred to Total column of Cash payments book for the month of January 2019? a. RO 2,200 b. RO 12,390 c. RO 1,240 d. RO 7,500
Mr. M starts business with Rs. 20,000 on 1st April 2012. Of this he pays Rs. 15000 into his bank account. His cash transactions during the week were: April 1 Purchased stationery for cash Rs. 100 April 2 Purchased goods for cash Rs. 2500 April 2 Cash Sales Rs.1500 April 3 Received from J Brown Cash on account Rs. 1000 April 4 Paid to J. R Cash Rs. 2200 April 5 Paid for Advertisement Rs. 400 April 6 Cash Sales Rs. 1800 April 6 Purchased old machinery Rs. 800 April 6 Purchase from sham on credit Rs. 6000 Make out a single column cash book .
Directions: Read each senterce carefully and determine whether the statement is TRUE or FALS E. Write your answers on the space provided before each number. 1. At the beginning of the day, you have P200 cash in your pocket. At the end of the day, you have P50 left. If you make a horizontal analysis of your cash, you would conclude that your cash has decreased by 80% during the day. 2. In 2019, Entity A reported sales of P100 and profit of P20. In a vertical analysis, a financial statement user would conclude that Entity A was able to generate 20% profit from every peso of its sales during the period. 3. Entity A reported irventory balances of P100 and P50 in 2019 and 2018, respectively. In a horizontal analysis, a financial statement user would conclude that Entity A's inventory has increased by 50% from2018 to 2019. 4. An analysis of the intenelationships of infomation in a single period, expressed as parcentages of a common denomirator, is called horizortal analysis. 5. A comparison…
The following information relates to the books of ANTIQ Ltd for the month of March 2021. 2021 MARCH 1 Started the business with sh. 80,000 in the bank. 2 Bought goods on credit from Frank Sh. 5,500. 5 Cash sales Sh.5,100 Paid wages in cash Sh.1,100 7 Sold goods on credit to: Snow Sh.2,950 8 Goods returned by Snow Sh. 500 9. Bought goods credit from Paul Sh. 2,200 12 Goods returned to Paul Sh. 400 15 Bought shop fixtures on credit from Stop Limited for sh.7,400. 21 Paid Stop Limited by cheque Sh. 7,400 24 Snow paid us his account by cheque Sh.2,450 REQUIRED 1) Journal entries recording each of the transactions above (You may omit the narrations) 2) Draw T- Accounts and post the accounts as necessary. Close the accounts and extract balances at the end of the month. 3) Draw the Trial Balance as at 31s* March 2021.
Journalize the following transactions.2018Jan. 1 Started business with P10 000. 3 Deposited P5 000 into bank. 4 Purchased goods for P14 000. 8 Purchased goods of P18 000 from Hulela. 11 Sold goods for P18 000. 14 sold goods of P14 000 to Gabrieal. 16 Paid P13 000 to Hulela on account. 18 Gabrieal returned goods of P2 400 to us. 21 Returned goods of P1 250 to Hulela. 23 Withdrew P1 500 from the bank. 24 Received P4 000 from Gabrieal on account
2) The T-account of cash of Cherry Company shows the following transactions for the month of January, 2020: Account Name: CASH Account Code: 1000 DEBIT CREDIT January 1, 2020 1/3 sales 255,250 1/2 purchase supplies 7,500 56,000 1/2 payment to suppliers 1/10 utility bills 1/15 salaries of employees 1/16 acquisition of computers 1/20 rent payments 123,150 1/5 collection of receivables 32,100 11,200 1/6 sales 88,560 93,500 1/8 collection of receivables 35,000 66,000 1/15 sales 43,220 30,000 1/17 contribution from owner 25,000 1/22 payment to suppliers 1/25 loan payment 1/31 interest payment 95,500 1/21 proceed from bank borrowing 1/25 collection of receivables 150,000 23,000 55,000 7,500 1/30 collection of receivables 19,000 1/31 owner's drawing 5,000 462,350 759,130 296,780 total debits total credits January 31, 2020 Required: Prepare Cash Flow Statement for the month ended January, 2020 using DIRECT METHOD.
Journalize the transactions in a merchandising business using the tables below CRJ (cash receipts journal), and CDJ (cash disbursement journal). Afterjournalizing, make a summary of the transactions as recorded in cash receipts journal and cash disbursement journal.Write your answer on a columnar sheet. Date TransactionNovember1 Iska, the owner, invested ₱300,000 cash and ₱50,000 worth of merchandise into the business. Themerchandise has an unpaid ₱10,000 account from Von to be assumed by the business.2 Purchased from Gab store supplies worth ₱3,000 on cash basis [CV#001]3 Returned ₱300 worth of store supplies purchased from Gab [OR#002]4 Purchased from Vicky store supplies worth ₱4,000 on account.5. Returned ₱400 worth of store supplies purchased from Vicky.6. Purchased from Ian store equipment worth ₱30,000 on cash basis [CV#002)7 Was granted a ₱2,500 allowance on store equipment purchased from Ian[OR# 003). done8 Purchased from John store equipment worth ₱40,000 on terms ₱10,000…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Gaining Mastery: Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below.