Mr. Leo Cruz invested P80, 000 cash and five automobiles worth P200, 000 each. Notes payable to Grand Prix Motor Co. worth P600, 000 were due on the three cars. Paid a local newspaper for advertising the opening of the business, P150. Paid office rent for the month P8, 000. Cash received from customers for the Partial payments on notes payable, P50, 000 Car rental received, P38, 000. Gas and oil bills paid, P3, 800.
Q: The owner of FDN Trading received the amount loaned personally from a bank amounting to P1,600,000…
A: When the owner invests cash into the business the journal entry records the cash introduction as a…
Q: the total cash payments made by the business for the period amounted to 100,000 as follows:…
A: Operating Expenses:-These are those expenses incurred in the operation of the business or production…
Q: 1 Cutie made additional investment of PS0,000 in the business. 2 Bought liability insurance for one…
A: The journal entries are prepared to record daily transactions of the business.
Q: Bought a building for $182,000; paid $74,000 in cash and signed a three-year note for the balance.…
A: Building purchased will increase the balance of building by $ 182000 therefore, it will be…
Q: Each owner equally contributed 120,000 to Maitham Co. in exchange for common stock Paid cash of…
A: Journal is first book where any transaction is entered. It is prepared on Double-Entry System where…
Q: Lanni Products is a start-up computer software development firm. It currently owns computer…
A: We will answer only the firs three sub parts. For the remining subparts, please resubmit the…
Q: Wi-Fi, Inc., has the following selected transactions during the year.1. Issues $20 million in…
A: Any cash flow related to day to day operations shall be reported in operating activities. Any cash…
Q: Dec 2. Invested P120,000 to start an accounting practice, Emily Cruz, Accountant 2.Paid monthly…
A: Important Note: As per Bartleby policy if there are multiple subpart of a question then only first 3…
Q: Mary Jane started her own service company. She invested 3,000,000 cash to open the business and has…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Jan 2 Received $11,000 cash from Ruiz, and issued common stock to him. 2 Paid monthly office rent,…
A: Following are the requisite financial statement
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: Mr. Y started a grocery store. He invested P 200,00 as initial investment. 2. He registered his…
A: Assets=Liabilities+Owner's Equity
Q: Oct. 1- Mr. Leo Cruz invested P80, 000 cash and five automobiles worth P200, 000 each. Notes payable…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: A merchant acquires articles for his business for a value of $8,600 paying 30% in cash and the rest…
A: Lets understand the basics. For calculating final payment that are required to make at the end of 6…
Q: Prepare the Financial Statements includes the Statement of cash flow thank you
A: Financial statements are those statements which are prepared at the end of financial period for…
Q: Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of 220,000. The…
A: Adjustment entries is made to show clear picture of income and expenditure. It can be made on…
Q: Martin's Mail Service purchased equipment for $7,000. Martin paid $2000 in cash and signed a note…
A: Note payable (liability account) = Equipment cost - Cash paid = $7000 - $2000 = $5000
Q: The owner of ABC Company invested cash to the business amounting ₱500,000 and office furniture and…
A: Owner Capital at the end of the period = Owner Capital at the beginning of the period + Additional…
Q: Date Transaction Nov. 5 Mr. Mario Cruz invested P1,500,000 and a truck with fair market value of…
A: T-Account: It is a casual term for a bunch of financial records that use double-entry bookkeeping.…
Q: A firm has the following assets and liabilities at the year end, £ 1. Trade payables 39,000 2.…
A: The usual equation used for the purpose of preparing the financial statements of the entity is;…
Q: a. His sari-sari store has cash deposited in a bank account amounting to P50,000 b. His sari-sari…
A: Statement of Financial position includes: Assets accounts Liabilities accounts Shareholders equity…
Q: Bless Qulinto began operating the Quinto Modeling Agency with following: Invested cash of P500,000…
A: The accounting equation states that assets equal to sum of liabilities and equity. Assets =…
Q: Pita purchased a small roadside inn in April with inheritance money he received from his wealthy…
A: In Accounting we follow double entry system in which each financial…
Q: Lanni Products is a start-up computer software development firm. It currently owns computer…
A: Financial assets are those whose value is based on contractual rights or ownership claims. They are…
Q: Lanni Products is a start-up computer software development firm. It currently owns computer…
A: The asset is an item that possesses some value that can be used to pay off any debts or commitments.…
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: To open the business, he deposited $60,000 of his personal funds as an investment. He bought…
A: Journal Entry is the method of recording all financial transactions of the business.
Q: Borrowed $125,000 from a bank, signing a short-term note payable.Provided $102,600 in service to…
A: The first step is to compute the Total revenues during the year by analysing the transactions.On…
Q: On June 1, C invested 800,000,000 VND cash in the company and received from the supplier some spare…
A: Final accounts provide the profitability and financial position of an enterprises during fiscal…
Q: York contributed $63,000 cash to the business in exchanne for capital. Paid monthly rent on medical…
A:
Q: The company started business on June 6, 20x1) The business was started with P300,000. The…
A: T Account: It is a graphic representation of a general ledger and record transaction as a…
Q: а. Kimchi invested P600,000 cash in the cafe'. Cash Owners' Equity b. Kimchi purchased P3,500 in…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Julio Estela started a small boat repair service company during the current year. He is interested…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: ,000 and a building for $130,000. The store also paid $50,000 for store fixtures and $40,000 for…
A: Note payable refers to the type of long-term liability of a company when it needs to pay off beyond…
Q: The owner of ABC Company invested cash to the business amounting P500,000 and office furniture and…
A: The owners' capital is calculated as difference between assets and liabilities of the business.
Q: Mr. Tristan Siy III established Siy Bookkeeping Services and had the following transactions for the…
A:
Q: Christopher started anew business, and completed the following transactions during December: Dec.…
A: The following are the accounting equation: Assets = Liabilities + Equity
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: 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: Mr. Macal started an auto trading business and invested 50000 dollars in this business He sold his…
A: Accrued income: It is the income that has been earned but not yet received in accounts. In the above…
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: Helmut Corporation began the year with salaries payable of 2,400. During the year, the company…
A: Total Salaries payable = 2,400 + 6,500 = 8,900 Ending Salaries payable = 2,100
Q: MJ Consultants. incurred the following business expenses: Bank service charges $50 Supplies 1,000…
A: Deductible expense: It implies to all the allowable expenses that are deducted from the company's…
Q: a. Edward Wilson invested $8,000 cash in his new landscaping business. b. The business paid the…
A: Introduction: Ledger: Second step in the process of financial accounting is Ledger. After recording…
Q: A. Juliana invested P700,000. B. Airplane was purchase by business for P 450,000. C. Equipment…
A: Accounting equation Assets = liabilities + Equity
Q: 1 He contributed P250,000 cash ISsuing a one year promissory note in the name of the golf range. 2…
A: The accounting equation states that assets equal to sum of liabilities and equity.
Q: What was the value of P’s sales revenue for the year? A $80,900 B $81,000 C $81,100 D $86,100
A: The correct option is C $81,100. Particulars Amount ($) Cash Sales 50,000 Less: Sold…
Journals.
Stop Rejecting, Its not Graded
Step by step
Solved in 2 steps with 3 images
- Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?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. 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. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. 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.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 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 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.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.
- Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.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.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.Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.