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- On June 1, C invested 800,000,000 VND cash in the company and received from the supplier some spare equipment worth 10,000,000 VND as a gift. The company rents a building that focuses on evaluating the operation as well as a warehouse for 350,000,000 VND per month, and the company prepaid it in cash. (1) On June 2, KCt spends 2,600,000 VND to purchase stationary equipment and paid in cash. The company provides consulting services of 28,000,000 VND and rents its test facilities for 200,000,000 VND to a podiatric services center. (3) KCt company purchased wood, paint from a supplier for 28,000,000 VND on July 3 on credit terms from PenFur Supply Company. (3) On June 4, KCt has used the housing cleaning service of Housing Services Company to clean and decorate the office for 70,000,000 VND. By prearrangement, KCt company delayed the payment in two installments, one June 12 and on June 18. (4) KCt Company purchased furniture from Furniture Company for 27,000,000 vnd on June 5 under Credit…Corona Virus began professional practice as a system analyst on March 1. He plans to prepare a monthly financial statement. During March 2021, the owner completed these transactions (PHP = Philippine Peso, currency of Philippines): March 1. Owner invested Php 500,000 cash along with computer equipment that had a market value of php. 120,000 two years ago but was now worth Php. 100,000 only. March 1. Paid php. 45,000 cash for the rent of office space for 3 months. March 1. Received Php 24,000 from a customer as advance payment for service covering 6 months. March 4. Purchased php. 12,000 of office supplies on credit (due within 30 days). March 8. Completed a work for a client and immediately collected the php. 32,000 cash. March 10. Completed work for a client and sent a bill for php. 27,000 to be paid within 30 days. March 12. Purchased additional office supplies for php. 8,000 in cash. March 15. Paid an assistant php. 6,200 cash as wages for 15 days. March 18. Collected php. 15,000…Jerome Garcia started a new business and completed these transactions during August: Aug. 1 Garcia invested PHP48,000 cash in the business. 1 Rented office space and paid PHP800 cash for the August rent. 3 Purchased exploration equipment for PHP22,000 by paying PHP12,000 cash and agreeing to pay the balance in 3 months. 5 Purchased office supplies by paying PHP1,500 cash. 6 Completed exploration work and immediately collected PHP420 cash for the work. 8 Purchased PHP1,350 of office equipment on credit. 15 Completed exploration work on credit in the amount ofPHP8,000. 18 Purchased PHP700 of office supplies on credit. 20 Paid cash for the office equipment purchased on August 8. 24 Billed a client PHP2,400 for work completed; the balance is due in 30 days. 28 Received PHP5,000 cash for the work completed on August 15. 30 Paid the assistant’s salary of PHP1,100 cash for this month. 30 Paid PHP340 cash for this month’s utility bill. 30 Garcia withdrew PHP1,050 cash from the business for…
- Jerome Garcia started a new business and completed these transactions during August: Aug. 1 Garcia invested PHP48,000 cash in the business. 1 Rented office space and paid PHP800 cash for the August rent. 3 Purchased exploration equipment for PHP22,000 by paying PHP12,000 cash and agreeing to pay the balance in 3 months. 5 Purchased office supplies by paying PHP1,500 cash. 6 Completed exploration work and immediately collected PHP420 cash for the work. 8 Purchased PHP1,350 of office equipment on credit. 15 Completed exploration work on credit in the amount of PHP8,000. 18 Purchased PHP700 of office supplies on credit. 20 Paid cash for the office equipment purchased on August 8. 24 Billed a client PHP2,400 for work completed; the balance is due in 30 days. 28 Received PHP5,000 cash for the work completed on August 15. 30 Paid the assistant’s salary of PHP1,100 cash for this month. 30 Paid PHP340 cash for this month’s utility bill. 30 Garcia withdrew PHP1,050 cash from the…Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that keeps and restores the customers’ cars to good operating condition. Tired of being an employee, he decided to put up Express Repair Shop. During the month of January 2020, Menorca completed the following transactions: Started his business by transferring Php 90,000 of his personal money to the business bank account; Paid rent for the month, Php 12,000; Purchased several equipment for Php 40,000; made a down payment of Php 20,000 and arranged to pay the balance the following month; Bought supplies for cash amounting to Php 6,000; Performed services amounting to Php 70,000 of which Php 40,000 was received in cash; Paid the following cash expenses: wages, Php 20,000; utilities, Php 6,000. REQUIRED: Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; D. Menorca, Capital; Service Revenue; Wages Expense; Rent Expense; Utilities Expense Record the…1. The business is a trading business. For the period it purchased goods for sale valued of Php 100,000. The goods were all sold for a total price of Php 120,000. For the sale only 10% was received as down payment at the end of the year 30% are still collection. How much is the business income? 2. The business was put up from a cash of Php 200,000 the initial capital of the owner. Then, Php 40,000 of the cash was used to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of Php 20,000. How much are the total assets of the business.
- Corp. open up a business with an investment of P50,300 on November 1, 2022 from his saving account to a business checking account and made payment for a small space month-rent, P20,000 and merchandise for presentation worth P20,000. During the operating month, the business incurred various expenses, P7,500 of which 25% remains to be paid next month. Mr. Hamon made all sales deposits directly to the bank and paid wages during the month amounting to P55,000 and P15,000, respectively. At the end of the month, a total of P3,250 for the water, electric and phone consumption bills were received but did not immediately pay it. At this point, the balance of business checking account increased to P43,200.How much is the November 30 Owner’s Equity balance if Mr. Hamon was able to withdraw cash during for the purchase of merchandise for trading amounting to P15,000?Financial Accounting Project:1. The owner, Josef Miguel, invested Php250,000 cash in the business. He registered thebusiness 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 cashexpenditures: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 in18 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…On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
- On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…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…Ming Chen started a business and had the following transactions in June. Owner invested $68,000 cash in the company along with $29,000 of equipment in exchange for its common stock. The company paid $2,100 cash for rent of office space for the month. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The company completed work for a client and immediately collected $1,600 cash. The company completed work for a client and sent a bill for $9,000 to be received within 30 days. The company purchased additional equipment for $6,100 cash. The company paid an assistant $3,000 cash as wages for the month. The company collected $5,300 cash as a partial payment for the amount owed by the client in transaction e. The company paid $10,000 cash to settle the liability created in transaction c. The company paid $1,100 cash in dividends to the owner (sole shareholder). Required:Complete the table using additions and subtractions to show the dollar effects…