olem toi iid bovionon wOM 0 Journalize the following transactions of Till A Lok Consultancy for the month olu of January: upe 2018 Jan. 1 Mr. Lok deposited P 880,000 in the account of the company. He also invested a computer valued at P67,000. 2 Consultancy services rendered to Mongolia Corp. on account, P75,000 Bought P700,000 worth of transportation equipment from Mitsubishi on account bavieoo Consultancy services rendered to various clients for cash, P 190,000 15 Consultancy services rendered to Codak Co. on account, P 32,000 16 Paid Mitsubishi Motors in full 18 Collected P 15,000 from Codak Co. 20 Received water bill, P980 26 Paid electricity for the month, P2,540

olem toi iid bovionon wOM 0 Journalize the following transactions of Till A Lok Consultancy for the month olu of January: upe 2018 Jan. 1 Mr. Lok deposited P 880,000 in the account of the company. He also invested a computer valued at P67,000. 2 Consultancy services rendered to Mongolia Corp. on account, P75,000 Bought P700,000 worth of transportation equipment from Mitsubishi on account bavieoo Consultancy services rendered to various clients for cash, P 190,000 15 Consultancy services rendered to Codak Co. on account, P 32,000 16 Paid Mitsubishi Motors in full 18 Collected P 15,000 from Codak Co. 20 Received water bill, P980 26 Paid electricity for the month, P2,540

Name: mpsLkTHE T-ACCODRILL 1006o or doles llid bovlooa y0 M 08LESSON 4-3Jou
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: mpsLkTHE T-ACCODRILL 1006o or doles llid bovlooa y0 M 08LESSON 4-3Journalize the following transactions of Till A Lok Consultancy for the monthof January:Fn2018upebemLesson ObjectiveJan. 1Mr. Lok deposited P 880,000 in the account of the company. He

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 46E: OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had...

See similar textbooks

Similar questions

OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Required: 1. Prepare a single-step income statement for ERS for 2019. 2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? 3. CONCEPTUAL CONNECTION Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS future profitability?
Missing amounts from Financial statements The financial statements at the end of Network Realty, Inc.’s first month of operations are shown below. 11y analyzing the interrelationships among the financial statements, fill in the proper amounts for (a) through (s).
6- Our company, which prepares its financial statements on a monthly basis, has leased its workplace on 01.08.2020 from 3.000 TL per month for 1 year. One-year rental fee and 18% VAT have been deposited into the bank account of the enterprise. How many TL is the total amount deposited into our business's bank account? a) 36.000 TL B) 42,480 TL NS) 18,000 TL D) 3,000 TL TO) 21.000 TL
EA16. Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders’ equity, and prove the company’s 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.Your answer: (Answer B, C, D, and E by referring to the answer example for A)A. (as an example, the answer for A. is shown below)Cash will increase $25,000, so total assets will increase $25,000.Common stock will increase $25,000, increasing total stockholders’ equity $25,000.There is an equal increase on each side of the equation.There is an equal decrease on each side of the equation.
QuestionDec 1. Mr Rasool commenced business with the Capital of Rs. 10,00,000 cash.Dec 1Purchased for Rs 140000 equipment and made Rs. 40000 Cash and issued 6montha notes payable for bala nce amount at 6' per ann um interest.Dec 2 Purcha sed office furniture for Rs. 240000 end paid Ra. 150000 in ca sh andbalence to bepaid in 30 days with useful ife of 5years.Dec 3.Purchased offi ce supples on account from Flowers inc, for Rs. 65000.Payment is due within 30 days.Dec 5. Purcha sed computer systems for Rs. 1 00000 from AP Computers and paidRs. 20000 in cash. Balance amount to be paid in two equal installments onDecember 21, and January 10 next yearDec 17. HB Bros., found that a computer system was not working well that waspurchased from AP Computer on account. Therefore, thecompa ny returned thissystem that costa Rs. 12500.Dec 21. Rented a small portion of land to a firm for business activities at Rs. 2000per day. However, full amount will be collected when business activities cometo…
QuestionDec 1. Mr Rasool commenced business with the Capital of Rs. 10,00,000 cash.Dec 1Purchased for Rs 140000 equipment and made Rs. 40000 Cash and issued 6montha notes payable for bala nce amount at 6' per ann um interest.Dec 2 Purcha sed office furniture for Rs. 240000 end paid Ra. 150000 in ca sh andbalence to bepaid in 30 days with useful ife of 5years.Dec 3.Purchased offi ce supples on account from Flowers inc, for Rs. 65000.Payment is due within 30 days.Dec 5. Purcha sed computer systems for Rs. 1 00000 from AP Computers and paidRs. 20000 in cash. Balance amount to be paid in two equal installments onDecember 21, and January 10 next yearDec 17. HB Bros., found that a computer system was not working well that waspurchased from AP Computer on account. Therefore, thecompa ny returned thissystem that costa Rs. 12500.Dec 21. Rented a small portion of land to a firm for business activities at Rs. 2000per day. However, full amount will be collected when business activities cometo…
ASAP!! ANSWER The following is the trial balance of Shah Latif & Co. on March 31, 2011Cash Rs. 20,000 Accounts Payable Rs. 30,000Accounts Receivable Rs. 50,000 Salaries Payable Rs. 15,000Merchandise inventory Rs. 60,000 Bank loan Rs. 25,000Equipment Rs. 40,000 Capital Rs. 100,000The following transactions were performed during first fortnight of April:Apr 05 Paid outstanding salaries06 Collected 1/2 of accounts receivable.07 Sold merchandise for cash Rs.20,000 and on account Rs.30,00010 Paid 1/3 of the accounts payable.14 Made additional investment depositing cash into the bank Rs.25,000.Requireda. Prepare the ledgers with opening balances on April 01. b. Prepare Trial balance
Indicate basic debit–credit analysis.LO4 Dudley Advertising Ltd had the following transactions during August of the current year. Indicate (a) the basic analysis and (b) the debit–credit analysis. Aug. 1 Issued shares to investors in exchange for $15 000 cash. 4 Paid insurance in advance for 6 months, $1800. 16 Received $9000 from clients for services rendered. 27 Paid secretary $500 salary. Use the data in previous question and journalise the transactions. (Include narrations.)
Magic Styles, Inc.Unadjusted Trial BalanceAt March 31, 2023Cash $ 18,000.00Prepaid Insurance $ 600.00Prepaid Rent $ 7,300.00Equipment $ 9,700.00Furniture and Fixtures $ 9,700.00Accounts Payable $ 10,800.00Deferred Revenue $ 400.00Notes Payable Long-term) $ 20,000.00Common Stock $ 10,000.00Retained Earnings, February 28, 2023 $ 2,100.00Dividends $ 300.00Service Revenue $ 12,300.00Supplies Expense $ 5,500.00Salaries and Wages $ 3,200.00Utilities Expense $ 700.00Rent Expense $ 600.00TOTAL $ 55,600.00 $ 55,600.00Required:Based on the unadjusted trial balance of Magic Styles, Inc. above, you are required to prepare/write thefollowing:1) An income statement 2) A statement of retained earnings 3) Balance Sheet 4) A paragraph stating your evaluation of the company’s performance and financial status for themonth ending March 31, 2023. In your evaluation, state whether:* the business is profitable;* it is able to pay its current obligations/liabilities; and* its assets are financed more by debts…
2. The following is extracted trial balance of Brahim Labi Sdn Bhd, after his first year’s trading, Brahim Labi Sdn BhdTrial Balance as at 30 June 2020Particulars Debit (RM) Credit (RM)Sales 265,900Purchases 154,870Rent 4,200Lighting and heating expenses 530Salaries and wages 51,400Insurance 2,100Buildings 85,000Fixtures 1,100Account receivable 31,300Sundry expenses 412Account payable 15,910Cash at bank 14,590Drawings 30,000Vans 16,400Motor running expenses 4,110Capital 114,202TOTAL 396,012 396,012Inventory at 30 June 2020 was RM16,280.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2020.ii. Statement of Financial Position as at 30 June 2020.
GL0305 (Algo) - Based on Problem 3-5A LO P1, P3, P4, P5, P6 On April 1, Rick Mitchell created a new travel agency, Mitchell Travel. The following transactions occurred during the company’s first month. April 2 Mitchell invested $38,000 cash and computer equipment worth $18,600 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,200 cash for the first month’s (April) rent. April 4 The company purchased $2,200 of office supplies for cash. April 10 The company paid $1,800 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 24 The company collected $16,000 cash for commissions revenue. April 28 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 29 The company paid $650 cash for minor repairs to computer equipment. April 30 The company paid $650 cash for this month’s telephone…
Indicate basic debit–credit analysis.LO4 Dudley Advertising Ltd had the following transactions during August of the current year. Indicate (a) the basic analysis and (b) the debit–credit analysis. Aug. 1 Issued shares to investors in exchange for $15 000 cash. 4 Paid insurance in advance for 6 months, $1800. 16 Received $9000 from clients for services rendered. 27 Paid secretary $500 salary.