PLEASE SKIP IF YOU ALREADY ANSWERED. I WILL UPVOTE Problem 6Gobyerno practices medicine under the business title Gobyerno, M. D. During May her medical practiceengaged in the following transactions:May 1 Gobyerno deposited P500,000 cash in the business bank account.5 Paid monthly rent on medical equipment, P7,000.9 Paid P420,000 cash to purchase land for an office site.10 Purchased supplies on account, P12,000.19 Paid P10,000 on account.22 Borrowed P200,000 from the bank for business use. Gobyerno signed a note payable to thebank in the name of the business.30 Revenues earned during the month included P60,000 cash and P50,000 on account.30 Paid employee salaries (P24,000), office rent (P15,000), and utilities (P4,000).30 Withdrew P40,000 from the business for personal use.Gobyerno's business uses the following accounts: Cash; Accounts Receivable; Supplies; Land;Accounts Payable; Notes Payable; Gobyerno, Capital; Gobyerno, Withdrawals; Service Revenue;Salary Expense; Rent Expense; Utilities Expense.Required:Journalize each transaction.

The question is related to Journal Entries. Journal entries are the first step in Accounting. The…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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form the Journal entry of the given transaction: date/s transaction debit credit Sep-02 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 3 Paid monthly office rent of P4,000. 4 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 10 Borrowed P50,000 from the bank, signing a note payable 15 Performed service for patients on account, P3,600 22 Received cash from patients billed on September 3, P2,000 25 Received and paid a utility bill, P200 26 Paid monthly salary to nurses, P3,000 30 Paid interest expense of P200
construct the Journal Entry of the transaction: Date/# Account Title Debit Credit Oct-01 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 2 Paid monthly office rent of P4,000. 3 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 15 Borrowed P50,000 from the bank, signing a note payable 22 Performed service for patients on account, P3,600 30 Received cash from patients billed on September 3, P2,000 31 Received and paid a utility bill, P200 31 Paid monthly salary to nurses, P3,000 31 Paid interest expense of P200
Q4) A) Journalize the following transactions in the books of AHMED for the month of March. 2020 B) Post the transactions given in Section – D to the proper ledger accounts. 2020 March. 1 Introduced cash as capital OMR 50,000. March. 5 Goods purchased on cash for OMR 10,000. March. 8 Purchased furniture on credit for OMR 10,000. March. 10 Paid OMR 2,000 as charity in COVID-19 fund. March. 15 Paid tuition fee for owner’s children from the business bank account OMR 200. March. 18 Paid electricity bill OMR 100. March. 20 Purchased goods from Rashid for OMR 8,000 and paid only 4,000 to him. March. 22 Purchased an extra machine for cash OMR 10,000 March. 25 Paid salaries OMR 500 from the bank account March. 28 Cash sales to Mohammed OMR 1,000.
Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactions: Jul. 1 York contributed $63,000 cash to the business in exchange for common stock. 5 Paid monthly rent on medical equipment, $510. 9 Paid $23,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,600. 19 Borrowed $22,000 from the bank for business use. 22 Paid $1,100 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $240. 31 Revenues earned during the month included $6,400 cash and $6,000 on account. 31 Paid employees’ salaries $2,200, office rent $1,900, and utilities $560. Record as a compound entry. 31 The business received $1,120 for medical screening services to be performed next month. 31 Paid cash dividends of $7,200. The business uses the following accounts: Cash;…
PROBLEM 3: WORKSHEET On January 1, 20x1, Ms. Yama Ha opened a guitar repair shop called "Guitar Doc." The following were the transactions during the year: 1. Ms. Yama invested P100,000 cash to the business. 2. The business purchased supplies worth P60,000. Guitar Doc uses the expense method. 3. Total service fees billed to clients, on account, amounted to P400,000 4 Total collections on accounts receivable amounted to "270,000. 5. Ms. Yama took P60,000 cash from the business. 6. Total salaries paid amounted to P180,000. StuDocu.com ngs to respective a PIRRUS der buying the orig Chapte 315 Additional information a. Billy Sheehan, one of the debtors, is undergoing financial difficulties. Of the total P50,000 accounts receivable from Billy Sheehan, only P40,000 is sure of collection; P10,000 is doubtful b. Unused supplies at the end of the period amounted to 920.000 c Unpaid employee salaries amounted to P30,000. 327 / 60 Requirements: a. Provide the journal entries. b. Post the entries…
Part A Anne York is a sole trader who started the business of buying and selling furniture in Brightonon the 1st of October 2021.She is going to prepare accounts to 31st of September 2021. She contributed to the businesswith £10,000 in the Bank, £4,800 cash, 45,000 flat and 12,000 Car. The transactions duringthe month are as follows:2/10 Purchased furniture £5400 for sale on credit from Home Ltd4/10 She bought a computer for £800 and a printer £200 from a local shop in London andpaid by cheque.5/10 Sold goods for £ 2800 and received the money via Bank account12/10 Paid in Cash £110 for repairing printer18/10 Part of furniture returned to Home Ltd £25021/10 The owner received rent £800 for flat and deposited it to the bank account23/10 Sold goods to Rayan £2100; from this amount £1800 cash received immediately andthe rest remains on credit.23/10 Sold goods of £700 to David and received cash24/10 Bought a new Laptop for business use by issuing a cheque £170026/10 Paid the month’s wages…
Problem 4 On October 1,2019 Cristia Spa Service. She owns a proprietorship. During the first 10 days of operation the business the business complete his transaction. To begin operations, Cristia deposits 100,000 personal funds in the bank account titled Cristia’s Spa Service . The business receives the cash and gives Cristia’s Capital Owner’s Equity. October 2 - Pays P20,000 cash for a small building to be used as an office. October 4- Purchases office supplies for P 350 on account October 10- Pays cash of P5,000 for office furniture October12- Pays P 250 on the account payable transaction October 14- Withdraws P2,000 cash for personal use October 30 Withdraws another 1,500 cash for personal use Requirement : a. General journal b. T- Account c. Trial balance
July 1. Peyton Smith made an additional investment in PS Music by depositing $5,000 in PS Music's 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 cash from customers 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 to creditors on account. 4. Paid an attorney $900…
PA5. Review the following transactions and prepare any necessary journal entries.A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier,on credit. The terms of the purchase are 4/10, n/50 from the invoice date of July 16.B. On August 10, Hondo Inc. receives an advance cash payment from a client for legal services in the amountof $9,000. Hondo had yet to provide legal services as of August 10.C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%.D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.
2. 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.
QUESTION ONEJuan Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactionsJuly 1. Owner invested sh 500,000 cash along with computer equipment that had a market value of php. 120,000July 2. Paid sh. 15,000 cash for the rent of office space for the month.July 4. Purchased sh 12,000 of additional equipment on credit (due within 30 days).July 8. He completed a work for Mr. Patrick and immediately he was paid the sh. 32,000 cash.July 10. Completed work for Mr. simon and sent a bill for sh. 27,000 to be paid within 30 days.July 12. Purchased additional equipment for sh. 8,000 in cash.July 15. Paid assistant sh. 6,200 cash as wages for 15 days.July 18. Collected sh. 15,000 on the amount owed by Mr. simon.July 25. Paid sh 12,000 cash to settle the liability on the equipment purchased.July 28. Owner withdrew sh. 500 cash for personal use.July 30. Completed work for Miss Akinyi who paid…
Question:Dr. Schekter, DVM, opened a veterinary clinic on May 1, 2011. The business transactions for May are shown below: May 1. Dr. Schekter invested $400,000 cash in the business in exchange for 5,000 shares of capital stock.May 4. Land and a building were purchased for $250,000. Of this amount, $70,000 applied to the land, and $180,000 to the building. A cash payment of $100,000 was made at the time of the purchase, and a note payable was issued for the remaining balance. May 9. Medical instruments were purchased for $130,000 cash. May 16. Office fixtures and equipment were purchased for $50,000. Dr. Schekter paid $20,000 at the time of purchase and agreed to pay the entire remaining balance in 15 days. May 21. Office supplies expected to last several months were purchased for $5,000 cash. May 24. Dr. Schekter billed clients $2,200 for services rendered. Of this amount, $1,900 was received in cash, and $300 was billed on account (due in 30 days). May 27. A $400 invoice was received…

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