Mr. Santos opened a barber shop called “Gupitan Shop” on February 1, 20X3, The following were the transactions during the first week of operations. February Transactions 1 Provided P300, 000 cash as initial investment to the business. 2 Acquired furniture and fixture for P200, 000 cash. 4 Purchased supplies for P30.000 cash. 5 Rendered services worth P20,000 on cash basis. 7 Paid P10,000 salaries of employees. Requirement: Prepare the unadjusted trial balance.
Q: Arnina established a service business to be known as Arnina Photography on July 1, 2021. During the…
A: Your journal entries may not be seen if you use accounting software or outsource your accounting,…
Q: Daniels Company is owned and operated by Thomas Daniels. The following selected transactions were…
A: Hey, since there are two questions posted, we will answer only first question. If you want second…
Q: On July1 1, 2016, Mr. Jan Jacob C. Solon opened the Hubbies Hair and Beauty Salon. The following…
A: T-Accounts are the general ledgers made for recording of all the financial transactions & which…
Q: Chin consulting service engaged in the following transactions during march 19x3 March 1 Rudy Chin…
A: Recording of the journal Entries::: March 1 Rudy Chin invest 59,000 of cash to start the…
Q: Mr. Ahmed Started a new repair shop business on 1st March 2019, the following events and…
A: Accounting equation is written as follows: Assets = Liabilities + owner's capital
Q: At the beginning of April, Haron Kadir launched a custom computer solutions company called…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
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: Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company…
A: Accounting Principal is based on the fundamental principle of accounting which is the sum of assets…
Q: Frontier Park was started on April 1 by M. Preston. The following selected events and transactions…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: 5. The following transactions occurred in the first month of operation of the "At-Your-Service…
A: General ledgers are the T accounts in which the balances are identified for the journal…
Q: During February 2015, Claude Sample who operates a sports clinic presented the following for the…
A: Feb 1. It says cash is invested in business that means it increases capital stock and increases cash…
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: Edgar Detoya, tax consultant, began his practice on De the firm are as follows: of Detoya invested…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs.…
A: A two-column journal is a journal that has two columns to enter the amounts. One is a debit column,…
Q: 5. The following transactions occurred in the first month of operation of the "At-Your-Service…
A: As posted multiple sub parts we are answering only first question kindly repost the unanswered…
Q: Samad is a licensed architect. During the first month of the operation of his businėss, the…
A: Let's understand Some Basics A journal entry is used to record a business transaction in the…
Q: ournalize entries for transactions (a) through (I) using the following account titles: cash,…
A:
Q: On April 1, Julie Spengel established Spengel’s Travel Agency. The following transactions were…
A: SOLUTION- ACCOUNTING EQUATION- ASSETS = LIABILITIES + CAPITAL .
Q: Oriole Clark opened Oriole’s Cleaning Service on July 1, 2022. During July, the following…
A: Work Sheet
Q: On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs.…
A: Heritage Designs Journal Entries Date Account Title Debit Credit Nov 1 Cash $50,000…
Q: Mr. Naveed decided to start a courier service Business in Ibra that named as Courier delivery…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.
Q: On october 19, Jackson Kelin founded the Nasty Shop. The following actions completed during the…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the…
A: Accounting equation refers to the equation which represents company's total assets are equal to the…
Q: Christopher started anew business, and completed the following transactions during December: Dec. 1…
A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…
Q: Al Ramos, a dentist, opened his own dental clinic on May 1 of the current year, During the first…
A: The ledger includes the posting of journal transaction accounts in order to prepare trial balances…
Q: Daniels Company is owned and operated by Thomas Daniels. The following selected transactions were…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: Mr. Mak Dy opened his laundry shop. During the month of March, Dy completed the following…
A: The journal entries are prepared to record day to day transactions of the business.
Q: On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs.…
A: Notes: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Winnie Villanueva is a painting contractor. During the month of April, she completed the following…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Date(in the month of Transactions anuary Ara invested $1000 cash and $120 worth of office equipr…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Christopher started anew business, and completed the following transactions during December: Dec.…
A: The following are the accounting equation: Assets = Liabilities + Equity
Q: During February 2015, Claude Sample who operates a sports clinic presented the following for the…
A: Accounting process involves procedures relating to collecting, processing and communicating of…
Q: Winnie Villanueva is a painting contractor. During the month of April, she completed the following…
A: TB termed as Trial balance which refers to the worksheet where the balances of all the ledgers…
Q: Kenneth Ang is a painting contractor. During the month of April, he completed the following…
A: Journal entries are recorded as per rules of debit and credit. Then, recorded journal entries are…
Q: On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following…
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…
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: On April 1, Holly Dahl established Holiday Travel Agency Ltd. The following transactions were…
A: The question has been solved using Tally ERP 9 which is the leading player in computerized…
Q: Remy opened her Tours4Fun business. During the first month, January, she completed the following…
A: Pencil footing the ledger means the total balance of both side of ledger. After pencil footing…
Q: The following transactions took place in May 2021. May 1-5C's began the business by investing P…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
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: Invested in the business painting equipment valued at P12,300 and Winnie Villanueva is a painting…
A: The question is based on the concept of Business Accounting.
Q: On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following…
A: Journal entries are prepared to record the financial and non-financial transactions of the business…
Q: Provide the journal entries. Post the entries to the ledger (use T-accounts). Prepare the unadjusted…
A: Given: February Transactions 1 Provided P300, 000 cash as initial investment to the…
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: These are the transactions of Magical Printing Press for the month of September 2021. 1- the owner…
A: Accounting equation of the business says that all assets of the business should be equal to total…
Q: On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs.…
A:
Q: Use the following to answer the seven questions below December 1 Jeff Tale invested $20,000 cash in…
A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
Mr. Santos opened a barber shop called “Gupitan Shop” on February 1, 20X3, The following were the transactions during the first week of operations.
|
February |
Transactions |
|
1 |
Provided P300, 000 cash as initial investment to the business. |
|
2 |
Acquired furniture and fixture for P200, 000 cash. |
|
4 |
Purchased supplies for P30.000 cash. |
|
5 |
Rendered services worth P20,000 on cash basis. |
|
7 |
Paid P10,000 salaries of employees. |
Requirement:
Prepare the unadjusted
Trending now
This is a popular solution!
Step by step
Solved in 3 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. 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.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.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.
- 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?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.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.
- 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.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.
- The following information is provided for the first month of operations for Legal Services Inc.: A. The business was started by selling $100,000 worth of common stock. B. Six months rent was paid in advance, $4,500. C. Provided services in the amount of $1,000. The customer will pay at a later date. D. An office worker was hired. The worker will be paid $275 per week. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. G. Received the electricity bill. We will pay the $110 in thirty days. H. Paid the worker hired in D for one weeks work. I. Received $100 from a customer for services we will provide next week. J. Dividends in the amount of $1,500 were distributed. Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these transactions, state this and explain why.The transactions completed by PS Music during June 20Y5 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1. Peyton Smith made an additional investment in PS Music in exchange for common stock by depositing 5,000 in PS Musics checking account. 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 1,750. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received 1,000 on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Paid 250 on account. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, 7,500. 8. Paid for a newspaper advertisement, 200. 11. Received 1,000 for serving as a disc jockey for a party. 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. 14. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16. Received 2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 850. 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 20Y5. 27. Paid electric bill, 915. 28. Paid wages of 1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, 540. 30. Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 20Y5. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31. Paid dividends, 1,250. PS Musics chart of accounts and the balance of accounts as of July 1, 20Y5 (all normal balances), are as follows: Instructions 1. Enter the July 1, 20Y5, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 20Y5.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.
