March 1. Jamili deposited P200,000 in a bank account in the name of the business. 2. Jamili invested personal gardening equipment, with a fair market value of P10,000 in the business. 3. Bought a used tailer on account from Sala Sales, P8,500. 4 Paid the rent for the month, P6,000. 5. Bought a used backhoe from Mobile Equipment, P62,000 paying P30,000 in cash and the balance on account. 6. Bought liability insurance for one year, P9,000. 7. Performed landscaping services on account for Tinody Company, P34,200 8. Bought supplies on account from Office Décor, P2,400. 9. Performed landscaping services for Calimpusan on Cash basis, P18,800. 10. Paid accounts to Sala Sales, P4,000. 11. Collected accounts from Tindoy Company, P7,000.
Q: The company completed the following transactions in July 2013: July 2 Paid rent for the month,…
A: In accounting we pass journal entries to record a business transaction and a financial transaction…
Q: a. El Granado invested P157,000 cash to establish the business b. Bought office desks and filing…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Merchandise inventory refers to the value of goods in stock, whether it's finished goods or raw…
Q: for the business are as follows: a. Invested P100,000 in cash to start her own business. b. Paid…
A: The journal entries are prepared to keep the record of day to day transactions of the business. 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: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: A ledger is a log or list of accounts that keeps track of account transfers. A general ledger…
Q: The following entries are in the books of Moh Co. for the month of Jan,2021: 10th Jan Started up the…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Journal Entry 1) Bank/Cash A/c ......Dr PHP 150,000 TO Lopez, Capital PHP…
Q: Wernan Peralta, Attorney-at-Law, opened his office on September 1, 2018. The following transactions…
A: Accounting equation of the business says that total assets in the business must be always equal to…
Q: April 1-Withdrew P67,000 from a personal savings account and used it to open a new account in the…
A: Transactions are recorded in a accounting book called journal and recording of transaction is called…
Q: On July 1, 2021, Emilia Clarke opened a small paint shop called "Emilia Clarke Paint Shop." The…
A: The journal, ledger and trail balance are part of the accounting cycle. These are used to correctly…
Q: Required: 1.Prepare Statement of Financial Performance
A: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
Q: El Granado established the EG Data Encoders on May 15, 2014. The following transactions occurred…
A: Journal entry is the practice of recording commercial transactions for the first time in the books…
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: On April 5, Timothy established an interior decorating business, Tim's Design, with a cash investme…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: The income statement is prepared by the business organizations so as to determine how much amount of…
Q: Emerita Modesto established a. Deposited P120,000 in a bank account in the name of the business.…
A: Accounting equation of the business says that total assets always must be equal to total liabilities…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Merchandise inventory refers to the value of goods in stock, whether it's finished goods or raw…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Journal Entry 1) Bank/Cash A/c ......Dr PHP 150,000 TO Lopez, Capital PHP…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Merchandise inventory refers to the value of goods in stock, whether it's finished goods or raw…
Q: Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the…
A: A double-entry bookkeeping system is a system of accounting for the transactions of a business.…
Q: Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: a. El Granado invested P157,000 cash to establish the business b. Bought office desks and filing…
A: Journal entry is a primary entry that records the financial transactions initially.
Q: Transactions: a. Deposited Php120,000 in a bank account in the name of the business. b. Bought…
A: The accounting equation states that assets equal to sum of liabilities and equity of the…
Q: August 1 - Reyes invest P250,000 for a stating a Jewelry Business August 3-Reyes buys various repair…
A: General Journal Date Account Titles and Explanation Debit Credit Aug'1 Cash 250,000…
Q: ☐ May 4 – Hazel purchased an advertisement in the local newspaper which also ran online. The ad…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: On April 5, Timothy established an interior decorating business, Tim's Design, with a cash investmen…
A: Introduction: Journal entries: Recording of a business transactions in a chronological order. First…
Q: Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on…
A: JOURNAL ENTRY :— journal entry is the process of Recording financial transactions. A journal entry…
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: On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Merchandise inventory refers to the value of goods in stock, whether it's finished goods or raw…
Q: On August 1, Worthy invested P3, 000 cash and P15, 000 of equipment in Expressions. On August 2,…
A: A journal entry is an act of recording or keeping track of some financial or non-financial activity.
Q: Christopher started anew business, and completed the following transactions during December: Dec.…
A: The following are the accounting equation: Assets = Liabilities + Equity
Q: On November 2, 2006, Mark established an interior decorating business flourishing designs. During…
A: Journal entries recording is the first step of accounting in business. Then transactions are…
Q: p. On April 5, Timothy established an interior decorating business, Tim's Design, with a cash…
A: Journal entries recording is the very first step in accounting cycle process. Under this process,…
Q: 1- Invested P20,000 cash in the business 2 - Bought repair tools worth P3,200 and repair supplies…
A: As per the accounting equation, total assets in the business should always be equal to total…
Q: Mr. Leo Cruz opened a car rental business; transactions for the first month of the operation are the…
A: A company prepares these accounts in the following way:-
Q: Joshua Owen commenced business on 1 September, and had several special transactions during the…
A: Journal entries are passed to record day to day transactions of the business.
Q: He bought a service vehicle worth P47,000; paid P10,000 and He billed P22,500 from customers for…
A: T accounts are the general ledger accounts that are being prepared by the business. These are based…
Q: Prepare the journal entries for all the transactions(May and June) (including accruals) May 1 –…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that…
A: Journal is the recording of financial transactions and posting these transactions in ledgers helps…
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: a. Mr. Apollo established an accounting tutorial service business and had invested P90,000 cash of…
A: As per Accounting Equation, Assets =Liabilities +Capital
Q: Transactions: a) April 1- Mr. Song invested P100,000 cash and P 250,000 worth of machine in his…
A: The journal entries keep the record of business and financial transactions on daily basis.
Q: On April 5, Timothy established an interior decorating business, Tim's Design, with a cash investmen…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Perpetual inventory system is a form of inventory system under which all transactions that is…
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.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- 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.…Please provide journal entries for the following: 1. Deposited P900,000 in the bank and contributed a systems library valued at P390,000 to start a business.2. Paid office rent for the month, P36,000.3. Acquired computer equipment for cash, P700,000.4. Purchased computer supplies on credit, P60,000.5. Received payment from a client for programing done, P280,000.6. Billed a client on completion of a programming project, P71,000.7. Paid salaries, P80,000.8. Received a partial payment from the client billed, P61,000.9. Withdrew P25,000 for personal expenses.10. Made partial payment on the supplies purchased, P30,000
- Aminu Ltd started a delivery service, Aminu Ltd Deliveries, on June 1, 20X1. The following transactions occurred during the month of June.June 1 Aminu Ltd invested AED10,000 cash to start the delivery company.2 Purchased a used van for deliveries for AED12,000. Aminu Ltd paid AED2,000 cashand signed a note payable for the remaining balance.3 Paid AED500 for office rent for the month.5 Performed AED4,400 of services on account.9 Declared and paid AED200 in cash dividends. 12 Purchased supplies for AED150 on account.15 Received a cash payment of AED1,250 for services provided on June 5.17 Purchased gasoline for AED100 on account.20 Received a cash payment of AED1,500 for services provided.23 Made a cash payment of AED500 on the notes payable.26 Paid AED250 for utilities.29 Paid for the gasoline purchased on account on June 17.30 Paid AED1,000 for employee salariesRequired to:[a] Prepare an income statement for the month of June.[b] Prepare a statement of financial position at June 30,…01 On 1 April, the owner decided to start a laundry business. He withdrew R200 000 from personal savings account and deposited it directly into HI-Lo traders bank account 03 HI-Lo Traders obtained a loan of R30 000 with a repayment period of 12 months from invest Bank account 05 Hi-Lo Traders bought equipment from Blue Furnishers for R16 000. Hi-Lo made a payment of 16 000 directly into Hi-Lo bank account 09 A Cash sale amounting to R45 000 was made, the good were originally purchased at a cost of 35 000 13 Hl-Lo traders bought equipment on credit from Risk Furniture for R9000 15 HI-Lo Traders made a direct payment into the bank account of Risk Furnisher to pay their amount of 9000 18 The owner withdrew 1200 from the business to buy his daughter a birthday present 19 Hl-Lo Traders offered a service worth R5000 to Mr Bogus on credit 27 Hl-Lo Traders placed an advertisement in a local newspaper for R350 Payment was only due in…Hyun Bin opened his computer repair services shop on November 30, 2018. The followingtransactions happened during the operations of the business since the opening of the shop. Thebusiness uses a calendar accounting period.Dec 1 Hyun Bin deposited P500,000 to the account of the business as initial investmentDec 2 Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms.Dec 3 Bought office supplies for 25,000. Expense method is used.Dec 5 Billed various customers for services rendered, P80,000.Dec 8 Paid rent for three months at P15,000 per month. Asset method is used.Dec 10 Paid taxes and licenses, P8,000.Dec 14 Received partial payment of billing on December 5, P50,000.Dec 15 Paid half month salary of the staff receiving P36,000 on a monthly basis.Dec 18. Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000.Dec 20 Paid advertising expenses for 6 months, P42,000.…
- Ramon opened the Quarantine Gym in August. The Following transactions occurred duringthe first month of the business:a) Ramon invested P100,000 in cash and 30,000 in gym equipment in the business.b) Paid P10,000 for the first month’s rent.c) Purchased supplies costing P4,000 on credit.d) Purchased exercise equipment costing P25,000.e) Recorded income for the first half of the month of P6,500 in cash and P3,500 onaccount.f) Received payment from a customer on account for P1600.g) Ramon withdrew P500 for a graduation gift.h) Paid aerobics instructor her salary, P3,000.i) Paid miscellaneous expense P1,500j) Recorded income for the second half of the month of P5,600 in cash.Use the double-entry method in the accounting equation to record each of the abovetransactions. Summarize the final value of each account under Assets, Liabilities andCapital. Prepare a Balance Sheet of Quarantine Gym as of August 31.El Granado established the EG Data Encoders on May 15, 2014. The following transactions occurred during the month. El Granado invested P157,000 cash to establish the business Bought office desks and filing cabinet for cash, P15,150. El Granado invested in the business her personal computer with a fair value of P57,500. Bought computer software for use in the business from Dela Torre Computer Center for P39,000 paying P15,000 down; the balance is due in thirty days. Paid rent for the month, P5,300. Received cash for services rendered, P5,160. Ordered a panaflex sign for P9,000 from Royal Bright Enterprises, with P5,000 as down payment and the balance due when installed. Received bill for advertising from Buy and Sell newspaper, P3,320. Bought print paper and stationary on account, P2,290. Received and paid electric bill, P1,240. Paid bill for advertising recorded previously in transaction (h). Received cash for services rendered, P10,900. Paid salaries to employees, P8,400. El Granado…October 1 - Invested P250,000 to start the businessOctober 2 - Paid P30,000 cash for various service equipmentOctober 5 - Paid P7,500 for the monthly rental of the shop.October 6 - Purchased various supplies from Lean Merchandising on credit for P18,500October 7 - Bought additional service equipment for P65,000, with cash downpayment ofP30,000 and balance on credit.October 8 - Completed repair works and collected P45,000 cash.October 10 - Purchased additional supplies for cash amounting to P9,200.October 13 - Billed J. Lumaban for the repair of the car amounting to P15,000 on credit.October 15 - Paid the helper salaries for P12,000.October 18 - Paid the amount due to Lean Merchandising.October 23 - Collected from J. Lumaban.October 25 - Collected cash from a customer for the repair of car amounting to P32,000.October 28 - The owner withdraws cash for P16,000.October 30 - Paid light and water for P7,500 Paid telephone bill for 13,200.October 31 - Paid salaries to shop helper for…
- October 1 - Invested P250,000 to start the businessOctober 2 - Paid P30,000 cash for various service equipmentOctober 5 - Paid P7,500 for the monthly rental of the shop.October 6 - Purchased various supplies from Lean Merchandising on credit for P18,500October 7 - Bought additional service equipment for P65,000, with cash downpayment ofP30,000 and balance on credit.October 8 - Completed repair works and collected P45,000 cash.October 10 - Purchased additional supplies for cash amounting to P9,200.October 13 - Billed J. Lumaban for the repair of the car amounting to P15,000 on credit.October 15 - Paid the helper salaries for P12,000.October 18 - Paid the amount due to Lean Merchandising.October 23 - Collected from J. Lumaban.October 25 - Collected cash from a customer for the repair of car amounting to P32,000.October 28 - The owner withdraws cash for P16,000.October 30 - Paid light and water for P7,500 Paid telephone bill for 13,200.October 31 - Paid salaries to shop helper for…October 1 - Invested P250,000 to start the businessOctober 2 - Paid P30,000 cash for various service equipmentOctober 5 - Paid P7,500 for the monthly rental of the shop.October 6 - Purchased various supplies from Lean Merchandising on credit for P18,500October 7 - Bought additional service equipment for P65,000, with cash downpayment ofP30,000 and balance on credit.October 8 - Completed repair works and collected P45,000 cash.October 10 - Purchased additional supplies for cash amounting to P9,200.October 13 - Billed J. Lumaban for the repair of the car amounting to P15,000 on credit.October 15 - Paid the helper salaries for P12,000.October 18 - Paid the amount due to Lean Merchandising.October 23 - Collected from J. Lumaban.October 25 - Collected cash from a customer for the repair of car amounting to P32,000.October 28 - The owner withdraws cash for P16,000.October 30 - Paid light and water for P7,500 Paid telephone bill for 13,200.October 31 - Paid salaries to shop helper for…Chin consulting service engaged in the following transactions during march 19x3 March 1 Rudy Chin invest 59,000 of cash to start the busuness 2. He purchaed office supplied of 200 on account 4 He paid 40,000 cash for building to use as future office 6. He performed service for customer and received cash 2000 9 He paid 100 on account payable 17 He performed service for customer on account 1600 23. He received 1,200 cash from a customer on account 31. He performed the following expenses, salary 1,200, rent 500 Required Record the proceedingntransactions in the journal of Chin Consulting Service. Key transactions by date and include an explaination for each entry, as illustrated the chapter. Use the following account: Cash, Account Receivable, Office Supplies, Building, Account Payable, Rudy Chin capital, Service Revnue, Salary Expense, Rent Expense