Ju ! Ms Dianna Fe nvested P 750,000 cash in the business. 2 Purchased for cash a second hand car amounting to 300,000 to be used in the business. 4 Purchased supplies on account worth P 7,500. Siled customers for services rendered amounting to P 22,.500 9 Rendered services to customers for cash, P 15,000. 11 Paid the advertisement of the business amounting to P 3,000 14 invested additional cash in the business, P 150,000. 15 Purchased P 75,000 worth of office equipment on account with a written promise to pay next week. 17 issued check in payment for the supplies purchased on July 4. 18 Received P 7,500 cash from customers billed on July 7. 22 Purchased additional P 7,500 worth of office supplies for cash 24 Issued check in payment for the promissory note issued promissory note on July 15. 28 Paid creditor on account, P 4,500. 29 The owner withdrew P 7,500 cash for personal use.
Q: 1. She purchased the merchandise for P 40,000 2. Sold merchandise for cash P 50,000 for the month 3.…
A: operating activities relat to operation of business
Q: The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $17,000 cash in the…
A: Journal entry: Journal entry means recording a business transaction in the accounting system for a…
Q: a On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $85,000 in…
A: The journal entries are prepared to record daily transactions of the business.
Q: Marichu Fornolles Guardians completed the following transactions during October 2014. Oct. 1…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: 1. Deposited $50,000 in a bank account in the name of Shannon Realty 2. Purchased a lot for $10,000…
A: Accounting can be defined as the process of identifying, recording, analyzing, interpreting, and…
Q: usiness transactions occurred for the first month of his operations: Villadores invested cash…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: 1. Invested cash in the business, $5,000. 2. Paid office rent, $500. 3. Purchased office supplies on…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: All-Stor Autonative Company exxperienced the following accounting events during Year 3: 1 Performed…
A: Statement of cash flows is one of financial statement which is used by stakeholders like investors…
Q: 1. Started business with OMR 45,000 2. Purchase goods from Mr. Ahmed OMR 9,000 3. Bought machine for…
A: It is most easy way to record company's financial information by listing all expenses together and…
Q: Selected transactions for Angela Byron, a property manager (Byron Rental Properties), in h-…
A: The journal keeps the record for day to day transactions of the business.
Q: The Riang are transactions of Ms. Dianna Fe D. Eranista, a coutrer dng the month of July, her first…
A: Journal entry is the process of recording the business transactions in the accounting books for the…
Q: The following transactions occurred during the month of June 2021. 2-Jun Owner contributed $12,000…
A: Journal entries are used to record the different transactions in the books of accounts. Management…
Q: Date Transactions June 1 Mr. Vincent invested P 500,000 in a car repair shop. 2 Paid for rent P…
A: Journal is the recording of transactions of the business according to the date immediately when a…
Q: Selected transactions for A. Aslam, a propertymanager, in her first month of business, are as…
A: Rules - 1- When asset increases, it is debited but when decreases, it is credited. 2- When…
Q: During February 2022, the following occurred in the business of Nam-Tura Trading, a general dealer:…
A: In the context of the given question, we are going to determine the drawings from transactions as of…
Q: a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $78,000 in…
A: Accounting equation is also called balance sheet equation in which assets are equal to liabilities…
Q: ec Name of Transations 1 1 1 Jan: Owner contributes $20 000 in cash to start XYZ Ltd. 2 4 5 Jan:…
A: Ledgers means where the transaction related with the particular account is posted at one place and…
Q: March 1. Jamili deposited P200,000 in a bank account in the name of the business. 2. Jamili invested…
A: Journal entries are used to record the transactions of the business in a chronological order.
Q: The king are transactions of Ms. Dianna Fe D. Eranista courrer ng the month of July, her first month…
A: Journal Entries DATE PARTICULAR DEBIT CREDIT July 1 Cash 750,000 Capital…
Q: a. Received cash of $10,000 from owner and gave сapital. b. Earned video rental revenue on account,…
A: Accounting equation is referred to the first step of an accounting cycle. It represents that the…
Q: Following transactions are given to you (a) Started business with cash Rs.5,00,000 and plant &…
A: Accounting equation: It consists of three components which are as follow: Asset Liability Equity…
Q: Johnny, a sole proprietor, has the following account balances: Cash, RM5,000; Accounts Receivable,…
A: Accounting Equation of the business says that total assets in the business should be equal to total…
Q: 2. Aminah opened a business on 1 January 2020. She brought in cash RM 120,000 and equipment valued…
A: As per the accounting equation, Assets= liabilities +Owner's Equity
Q: Prove that the Accounting Equation is satisfied in all following transactions of Aslam owner of…
A: Accounting Equation shows the items of all the liabilities and assets separately and state that…
Q: 1. Started business with OMR 45,000 2. Purchase goods from Mr. Ahmed OMR 9,000 3. Bought machine for…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub parts…
Q: 1. Most of the companies uses Multi-step Income statement, you are required to convert Income…
A:
Q: Part B Owner started business with cash $30 000 out of which $12 000 was deposited into the bank…
A: The accounting equation can be written as: Assets = liabilities + shareholders' equity
Q: Started business with capital $1,00,000 2. Bought furniture $25,000 3. Bought goods for cash$ 20,000…
A: Accounting equation in the business says that total assets should be equal to total liabilities and…
Q: Date Transactions Jan. I 1. Regina Delgado, the owner, invested $25,000 cash in the business. 4. 2.…
A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…
Q: 1. Deposited $500,000 cash in the bank for use by business. 2. Purchased $20,000 supplies on…
A: Financial transaction worksheet Account…
Q: Give Accounting Equation for following transactions of Jitesh: a. Started business with cash – Rs.…
A: Assets=Liability + Equity represents the accounting equation.
Q: 1 Dec1, 2020 Jimmy, the business owner input cash $ 7,000 and $2000 computer into the business 2…
A: Journal entries show the recording of transactions during an accounting year and every transaction…
Q: a. Kacy Spade, owner, invested $10,750 cash in the company in exchange for common stock. b. The…
A:
Q: Post these transaction under QB 1. RJ Started Business with 10000 Bank 2. Took loan from Mr. Lee…
A: The trial balance is the summary of all the accounts in the ledgers of the entity. It shows that the…
Q: GO has a security service business and completed the following transactions ing October 2021: ober 1…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: FINANCIAL TRANSACTION WORKSHEET TRANSACTION A. Jasmin invested 100 000 cash to start a Travel and…
A: Accounting Equation = Assets = Liabilities+ Equity It means Balance of Assets are equal to the…
Q: PREPARE FINANCIAL STATEMENT 1.MS. YAMA INVESTED 100,000 CASH TO THE BUSINESS 2.THE BUSINESS…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: a. Owen inherited $20,000 and invested the cash in the business. b. Performed services for a client…
A: Income statement: The income statement determines the net income of the business by subtracting the…
Q: y 1 Maisie invested $7,000 cash in the business. 2 Paid $900 for office rent for the month. 3…
A: A company's total assets equal the sum of its liabilities and shareholders' equity, according to the…
Q: On December 1. 2021 Ebenezer Buenaventura opened EB Computer Shop, by investing P250,000 cash from…
A: Journal entry recording is the initial step in accounting process, under which atleast one account…
Q: Michele Angelie deposited P250,000 under the name of the business She acquired a service vehicle in…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: During February 2022, the following occurred in the business of Nam-Tura Trading, a general dealer:…
A: All Bank and cash account are one of the most critical accounts. As these will measure the liquidity…
Q: Villadores started his own general cleaning business in Batangas. The following are the business…
A: Accounts Payables: Accounts payable refers to the money due to a business's vendors, whereas…
Q: 1. Invested $200,000 to start JHJ rental car company 2. Paid cash of $10,000 for supplies 3. Paid…
A: The statement of cash flow (CFS) is prepared by the management to reflect the flow of cash and cash…
Q: Mr. Arman deposited into bank Rs.50,000 to start a business 2. Purchased office supplies worth…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: During February 2022, the following occurred in the business of Nam-Tura Trading, a general dealer:…
A: The amount paid by customer is calculated as total balance minus discount provided.
Q: James operates a business supplying treadmill. During the month of August, the following…
A: The journal entries are prepared to record daily transactions of the business.
Q: February 1 Nicole transferred cash of P300,000 from her personal bank account to an account to be…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Step by step
Solved in 5 steps
- On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501 (Rent Expense). e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307 (Catering Income). i. Received and paid the heating bill, 248, Ck. No. 504 (Utilities Expense). j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506 (Salary Expense). Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. a. Schwartz deposited 25,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, 9,670. c. Schwartz invested his personal law library, which cost 2,800. d. Paid the office rent for the month, 1,700, Ck. No. 2000. e. Bought office supplies for cash, 418, Ck. No. 2001. f. Bought insurance for two years, 944, Ck. No. 2002. g. Sold legal services for cash, 8,518. h. Paid the salary of the part-time receptionist, 1,820, Ck. No. 2003. i. Received and paid the telephone bill, 388, Ck. No. 2004. j. Received and paid the bill for utilities, 368, Ck. No. 2005. k. Sold legal services for cash, 9,260. l. Paid on account to QuipCo, 2,670, Ck. No. 2006. m. Schwartz withdrew cash for personal use, 2,500, Ck. No. 2007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700 (Service Income). g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250 (Service Income). i. Received and paid the bill for utilities, 280, Ck. No. 103 (Utilities Expense). j. Received a bill for gas and oil for the truck, 130 (Gas and Oil Expense). k. Paid wages to the employees, 2,680, Ck. Nos. 104106 (Wages Expense). l. Sold services for cash for the remainder of the month, 3,500 (Service Income). m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinics account names are presented below. Transactions completed during the month follow. a. Larkin deposited 25,000 in a bank account in the name of the business. b. Paid the office rent for the month, 950, Ck. No. 1001 (Rent Expense). c. Bought supplies for cash, 357, Ck. No. 1002. d. Bought office equipment on account from NYC Office Equipment Store, 8,956. e. Bought a computer from Wardens Office Outfitters, 1,636, paying 750 in cash and placing the balance on account, Ck. No. 1003. f. Sold professional services for cash, 3,482 (Professional Fees). g. Paid on account to Wardens Office Outfitters, 886, Ck. No. 1004. h. Received and paid the bill for utilities, 382, Ck. No. 1005 (Utilities Expense). i. Paid the salary of the assistant, 1,050, Ck. No. 1006 (Salary Expense). j. Sold professional services for cash, 3,295 (Professional Fees). k. Larkin withdrew cash for personal use, 1,250, Ck. No. 1007. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. Record the transactions and the balance after each transaction 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. Received and paid the bill for utilities, 280, Ck. No. 103. j. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Nos. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- During December of this year, G. Elden established Ginnys Gym. The following asset, liability, and owners equity accounts are included in the chart of accounts: During December, the following transactions occurred: a. Elden deposited 35,000 in a bank account in the name of the business. b. Bought exercise equipment for cash, 8,150, Ck. No. 1001. c. Bought advertising on account from Hazel Company, 105. d. Bought a display rack on account from Cyber Core, 790. e. Bought office equipment on account from Office Aids, 185. f. Elden invested her exercise equipment with a fair market value of 1,200 in the business. g. Made a payment to Cyber Core, 200, Ck. No. 1002. h. Sold services for the month of December for cash, 800. Required 1. Write the account classifications (Assets, Liabilities, Capital, Drawing, Revenue, Expense) in the fundamental accounting equation, as well as the plus and minus signs and Debit and Credit. 2. Write the account names on the T accounts under the classifications, place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts 3. Record the amounts in the proper positions in the T accounts. Write the letter next to each entry to identify the transaction. 4. Foot and balance the accounts.During February of this year, H. Rose established Rose Shoe Hospital. The following asset, liability, and owners equity accounts are included in the chart of accounts: The following transactions occurred during the month of February: a. Rose deposited 25,000 cash in a bank account in the name of the business. b. Bought shop equipment for cash, 1,525, Ck. No. 1000. c. Bought advertising on account from Milland Company, 325. d. Bought store shelving on account from Inger Hardware, 750. e. Bought office equipment from Sharas Office Supply, 625, paying 225 in cash and placing the balance on account, Ck. No. 1001. f. Paid on account to Inger Hardware, 750, Ck. No. 1002. g. Rose invested his personal leather working tools with a fair market value of 800 in the business h. Sold services for the month of February for cash, 250. PART 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions Required 1. Write the account classifications (Assets, Liabilities, Capital, Drawing, Revenue, Expense) in the fundamental accounting equation, as well as the plus and minus signs and Debit and Credit. 2. Write the account names on the T accounts under the classifications, place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts. 3. Record the amounts in the proper positions in the T accounts. Write the letter next to each entry to identify the transaction. 4. Foot and balance the accounts.In October, A. Nguyen established an apartment rental service. The account headings are presented below. Transactions completed during the month of October follow. a. Nguyen deposited 25,000 in a bank account in the name of the business. b. Paid the rent for the month, 1,200, Ck. No. 2015. c. Bought supplies on account, 225. d. Bought a truck for 18,000, paying 1,000 in cash and placing the remainder on account e. Bought Insurance for the truck for the yean 1,400, Ck. No. 2016. f. Sold services on account 5,000. g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050. i. Received and paid the bill for utilities, 150, Ck. No. 2017. j. Received a bill for gas and oil for the truck. 80. k. Paid wages to the employees, 1,400, Ck Nos. 20182020. l. Sold services for cash for the remainder of the month, 4,200. m. Nguyen withdrew cash for personal use, 2,000, Ck. No. 2021. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, reanalyze each transaction.