Here is another sample of business transactions for Kuya Berting Auto Shop for February 2020. The business : Cash, Php 30,000; Prepaid Rent, Php5,000; Equipment, Php5,000, Supplies Php 3,00.00 and Accounts Payable Php7,000. By the end of the month, Berting's had earned Php50, 000 of Service Income, Php 1,500 of Utility Expenses and Php 6,500 of Salaries Expense and P 1,500 for Rent Expense. Prepare the Statement of Comprehensive Income.

Here is another sample of business transactions for Kuya Berting Auto Shop for February 2020. The business : Cash, Php 30,000; Prepaid Rent, Php5,000; Equipment, Php5,000, Supplies Php 3,00.00 and Accounts Payable Php7,000. By the end of the month, Berting's had earned Php50, 000 of Service Income, Php 1,500 of Utility Expenses and Php 6,500 of Salaries Expense and P 1,500 for Rent Expense. Prepare the Statement of Comprehensive Income.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...

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A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?
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
From 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
elow.1. Here is another sample of business transactions for Kuya Jimin’s Auto Shop for February 2021. The business: Cash, Php 30,000; Prepaid Rent, Php5,000; Equipment, Php5,000, Supplies Php 3,000.00 and Accounts Payable Php7,000. By the end of the month, Berting's had earned Php50, 000 of Service Income, Php 1,500 of Utility Expenses and Php 6,500 of Salaries Expense and P 1,500 for Rent Expense. How much is the net income of the Kuya Jimin?
During October, a sari-sari store had the following transactions involving revenue and expenses. What is the net income? Paid Php1,200 for rent Provided services for Php2,750 in cash Paid Php250 for telephone service Provided services for Php1,900 on credit Paid salaries of Php1,675 to employees Paid Php350 for office cleaning service
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.
Below are accounts & balances of TechnoSupport, a sole proprietorship that installs and repairs home computers for customers, as of November 2020. During the month, the owner, Sandy Pearson, invested additional cash of Php 20,000. For the month ended of November 30, 2020, prepare an (1) income statement, (2) a statement of owner’s equity, and a (3) balance sheet all in proper form. ACCOUNT/TRANSACTION BALANCE Cash 36,000 Accounts Receivable 112,600 Supplies 18,000 Equipment 191,400 Accounts Payable 60,800 Sandy Pearson Capital, 11/1/2020 93,600 Sandy Pearson, Drawing 17,000 Fees Earned 682,000 Salaries Expense 396,800 Advertising Expense 73,000 Miscellaneous Expense 11,600
Below are accounts & balances of TechnoSupport, a sole proprietorship that installs and repairs home computers for customers, as of November 2020. During the month, the owner, Sandy Pearson, invested additional cash of Php 20,000. For the month ended of November 30, 2020, (1) income statement (2) a statement of owner’s equity (3) balance sheet ACCOUNT/TRANSACTION BALANCE Cash 36,000 Accounts Receivable 112,600 Supplies 18,000 Equipment 191,400 Accounts Payable 60,800 Sandy Pearson Capital, 11/1/2020 93,600 Sandy Pearson, Drawing 17,000 Fees Earned 682,000 Salaries Expense 396,800 Advertising Expense 73,000 Miscellaneous Expense 11,600
during october, a sari-sari store had the following transactions involving revenue and expenses: *paid php1200 for rent *provided services for php2750 in cash *paid php250 for telephone service *provided services for php1900 on credit *paid salaries of php1675 to employees *paid php350 for office cleaning service* did the firm earn a net income or incur a net loss for the period? what was the amount?
The following are the business transactions of Flora Florist for the month of October 2020: Oct 1 Started a business with capital of RM10,000.00. The money is deposited into the business bank account. 4 Bought a furniture and fittings for RM1,800.00, paid by cheque. 6 Bought an office equipment for RM2,500.00 on account. 8 Sold 5 bouquets of flowers amounting RM750.00 and received cash. 11 Obtained a loan of RM3,500.00 from a friend, Tina Richards. Deposited the money into the business bank account. 15 Sold 95 bouquets of flowers amounting RM3,325.00 to Sekolah Kebangsaan Proton City for a Year 6 Graduation. The school promised to pay at a later date. 18 Drawings RM250.00 by cheque. 23 Sold 15 bouquets of flowers amounting RM825.00 and received cash. 28 Paid wages RM500.00 and rent RM400.00 by cheques respectively. Required: Determine the effect of each transaction on the accounting equation.
Omer provides the following data of his company Cargowings Pvt. ltd. for the month of December 2020. Following transaction took place during the month: ` Omer further invested in business with cash $5,000, bank $10,000, and Motor Vehicle $8,000 Received a cheque from Mathew in respect of goods sold at invoice price $500 deducting discount of 5%. Omer brought his house furniture into the business which he purchased for $3,000 Commission received as referral fee $1,300 Sold goods to Danial worth $500 and the balance was written in his account.
The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…