Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of anuary 2017 and POST IT TO THE LEDGER.
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- Prepare journal entries to record the following transactions that occurred in March: A. on first day of the month, purchased building for cash, $75,000 B. on fourth day of month, purchased inventory, on account, $6,875 C. on eleventh day of month, billed customer for services provided, $8,390 D. on nineteenth day of month, paid current month utility bill, $2,000 E. on last day of month, paid suppliers for previous purchases, $2,850GJ started operating his new salon business (Sir George Salon) during 2017. He provides services for corporate accounts with 60-day payment term. He submits the following data in 2018: Supplies inventory, 1/1/2018 50,000 Supplies inventory, 12/31/2018 80,000 Revenues 3,000,000 Accounts receivable, Jan. 1, 2018 500,000 Accounts receivable, Dec. 31, 2018 700,000 Purchase of supplies from VAT registered entities (net) 100,000 Purchase of supplies from non-VAT registered entities 50,000 Determine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?Prepare the financial statements of OCHEI SALON AND SPA as of the fiscal year March 31, 2015. ACCOUNT TITLE DEBIT CREDIT Accounts Receivable 28,600 Additional Investment 6,500 Utilities Expense 36,000 Ochei, Capital 148,250 Accounts Payable 84,200 Furniture and Fixtures 225,000 Notes Payable 35,800 Income from Salon and Spa 78,800 Office Supplies 6,300 Advertising Expense 45,500 Accumulated Depreciation- F and F 51,300 Cash 63,450
- Junebug's Workshop started their operations in March 2017. Prepare journal entries for the following transactions for the month of March A) Paid $84,000 cash for rent for the following 6 months B) Purchased $300,000 of inventory on credit. C) Sold and invoiced goods to a client for $95,400. The cost of the goods sold was $48,000. D) Paid $90,000 in cash for an advertising campaign that will run over the next two months E) Paid $24,000 in cash for supplies to have on hand F) Collected $60,000 from accounts receivable. At the end of March, the following information is available - adjust some of the previous entries based off of this information G) At the end of March, $19,200 supplies remained on hand. H) Rent paid for transaction A is for a lease that began on March 1. I) At the end of March, 1/3 of the advertising campaign from transaction D was completedBelow are the accounts of J.L Laundry for the month ended March 31, 2015 Instructions: Prepare a statement of financial position and label its parts. After which, answer the following questions. How much is the total current asset of the entity? Delivery Truck 120,000.00 Cash 22,400.00 Accounts Payable 120,000.00 Laundry Supplies 2,000.00 Inerest Payable 1,200.00 Laundry Equipment 80,000.00 Accounts Recievable ₱3,900.00 Net profit for the month 11,100.00 J.L Capital 104,000.00 J.L Drawing 1,000.00 Filipinas Hotel 4,600.00 D & E Coffee Shop 2,400.00The following transactions occurred during 2016 for the Beehive Honey Corporation: Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31, 2017. Apr. 1 Paid $3,600 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $2,800 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2016, supplies costing $1,250 remained on hand. Nov. 1 A customer borrowed $6,000 and signed a note requiring the customer to pay principal and 8% interest on April 30, 2017. Required: 1. Record each transaction in general journal form. Omit explanations. 2. Prepare any necessary adjusting entries at the year-end on December 31, 2016. No adjusting entries were recorded during the year for any item.
- Below are the accounts of J.L Laundry for the month ended March 31, 2015 Instructions: Prepare a statement of financial position and label its parts. After which, answer the following questions. 5. How much is the total asset of the entity? Delivery Truck 120,000.00 Cash 22,400.00 Accounts Payable 120,000.00 Laundry Supplies 2,000.00 Inerest Payable 1,200.00 Laundry Equipment 80,000.00 Accounts Recievable ₱3,900.00 Net profit for the month 11,100.00 J.L Capital 104,000.00 J.L Drawing 1,000.00 Filipinas Hotel 4,600.00 D & E Coffee Shop 2,400.00Presented below are the transactions of Weirdo Beauty Salon for the month of January. 2020 Jan. 5 Received P25,500 from various customers as salon income 7 Purchased salon equipment on account, P7,500 8 Bought salon chairs and reception table from Plums Trading on account, P12,000 10 Returned defective chair to Plums Trading valued at P1,000 11 Made partial payment to Plums Trading P2,500 12 Purchased salon supplies paying P3,000 cash 15 The owner, Ms. Matutina, invested a table worth P1,750 Required: (a) Prepare the journal entries. (b) Prepare the T-Accounts.Presented below are the transactions of Weirdo Beauty Salon for the month of January. 2020 Jan. 5 Received P25,500 from various customers as salon income 7 Purchased salon equipment on account, P7,500 8 Bought salon chairs and reception table from Plums Trading on account, P12,000 10 Returned defective chair to Plums Trading valued at P1,000 11 Made partial payment to Plums Trading P2,500 12 Purchased salon supplies paying P3,000 cash 15 The owner, Ms. Matutina, invested a table worth P1,750 Required: (a) Prepare the journal entries. (b) Prepare the T-Accounts.USE MS EXCEL AND SHOW FORMULAS USED
- You are to enter up the necessary accounts for the month of June from the following details, and then balance off the accounts and extract a trial balance as at 30th June 2015 June 1: Started the firm with capital in cash Kshs. 750,000 June 2: Bought goods on credit from F. Kamau Kshs. 162,000 K. Musioka Kshs. 261,000 G. Mutiso. Kshs. 75,000 M. Kim 228,000 and F. Njoroge 192,000 June 4: Sold goods on credit to M. Coke Kshs. 120,000, T. Big Kshs. 186,000 and K. Muigai Kshs. 528,000 June 6: Paid rent by cash Kshs. 36,000 June 9: M. Coke paid us his account by cheque Kshs. 129,000 June 10: H. Muigai paid us Kshs.450000 by cheque June 12: We paid the following by cheque G. Mutiso Kshs. 75,000, F. Kamau Kshs. 162,000 June 15: Paid carriage by cash Kshs. 69,000 June 18: Bought goods on credit…Below are the accounts of J.L Laundry for the month ended March 31, 2015 Instructions: Prepare a statement of financial position and label its parts. After which, answer the following questions. 2. How much is the total non current asset of the entity? Delivery Truck 120,000.00 Cash 22,400.00 Accounts Payable 120,000.00 Laundry Supplies 2,000.00 Inerest Payable 1,200.00 Laundry Equipment 80,000.00 Accounts Recievable ₱3,900.00 Net profit for the month 11,100.00 J.L Capital 104,000.00 J.L Drawing 1,000.00 Filipinas Hotel 4,600.00 D & E Coffee Shop 2,400.00Mr. 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…