Mr. Soie opened up a merchandising business on October 1, 2019 with a cash investment of PS0,000. The following activities were given: Cash received from customers 205,000.00 Cash borrowed from the bank 150,000.00 Utilities, salaries, supplies and rent paid 115,000.00 Cash paid to the bank 50,000.00 Cash purchase for equipment 100,000.00 Cash purchase for furniture 25,000.00 Equipment bought on credit 150,000.00 Additional investment 200,000.00 Withdrawal 40,000.00 Additional information;1. Supplies amounted to 20% of the utilities, salaries, supplies and rent paid in total2. At the end of the month, it was found that of the supplies paid, only 30% were used. Requirements: 1. Journal Entries 2. Ledger 3. Unadjusted Trial Balance 4. Adjusting Entries 5. Adjusted Trial Balance 6. Statement of Comprehensive Income 7. Statement of Changes in Equity 8. Statement of Cash Flows 9. Statement of Financial Position
Mr. Soie opened up a merchandising business on October 1, 2019 with a cash investment of PS0,000. The following activities were given: Cash received from customers 205,000.00 Cash borrowed from the bank 150,000.00 Utilities, salaries, supplies and rent paid 115,000.00 Cash paid to the bank 50,000.00 Cash purchase for equipment 100,000.00 Cash purchase for furniture 25,000.00 Equipment bought on credit 150,000.00 Additional investment 200,000.00 Withdrawal 40,000.00 Additional information;1. Supplies amounted to 20% of the utilities, salaries, supplies and rent paid in total2. At the end of the month, it was found that of the supplies paid, only 30% were used. Requirements: 1. Journal Entries 2. Ledger 3. Unadjusted Trial Balance 4. Adjusting Entries 5. Adjusted Trial Balance 6. Statement of Comprehensive Income 7. Statement of Changes in Equity 8. Statement of Cash Flows 9. Statement of Financial Position
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 44P
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Question
Mr. Sojo opened up a merchandising business on October 1, 2019 with a cash investment of P50,000. The following activities were given:
Cash received from customers 205,000.00
Cash borrowed from the bank 150,000.00
Utilities, salaries, supplies and rent paid 115,000.00
Cash paid to the bank 50,000.00
Cash purchase for equipment 100,000.00
Cash purchase for furniture 25,000.00
Equipment bought on credit 150,000.00
Additional investment 200,000.00
Withdrawal 40,000.00
Additional information;1. Supplies amounted to 20% of the utilities, salaries, supplies and rent paid in total2. At the end of the month, it was found that of the supplies paid, only 30% were used.
Requirements:
1. Journal Entries
2. Ledger
3. Unadjusted Trial Balance
4. Adjusting Entries
5. Adjusted Trial Balance
6. Statement of Comprehensive Income
7. Statement of Changes in Equity
8. Statement of Cash Flows
9. Statement of Financial Position
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