Hello kindly answer this please thank you Problem #4Recording Transactions in T-AccountsRemedios Palaganas is an experienced events planner. The transactions and accounts for the business are asfollows:a. Invested P100,000 in cash to start her own business.b. Paid P5,000 for one month's rent.c. Bought office furniture for P15,000 in cash.d. Received delivery of laptop computer, P54,000. Paid 50% down, balance due in 30 days.e. Performed services for P12,000 in cash.f. Acquired a fax machine for P7,500; paid P3,000 in cash, balance due in 10 days.g. Received P5,400 from clients on account.h. Paid P10,000 for salaries.i.Settled in full the P4,500 balance for the fax machine.Received P7,000 in cash for services performed.j.k. Performed services for P12,000 on credit.1. Paid P1,350 for the monthly telephone bill.m. Paid P2,400 for the electric and water bills.n. Collected P2,000 from clients on account.o. Palaganas withdrew P7,000 in cash for personal expenses.Required:1. With the aid of T-accounts, record the transactions listed above. Use the following accounts: Cash%;Accounts Receivable; Office Furniture; Office Equipment; Accounts Payable; Palaganas, Capital;Palaganas, Withdrawals; Consulting Revenues; Salaries Expense; Rent Expense; Utilities Expenses andMiscellaneous Expense.2. Determine the balances of the T-accounts.

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Problem #4 Recording Transactions in T-Accounts Remedios Palaganas is an experienced events planner. The transactions and accounts for the business are as follows: a. Invested P100,000 in cash to start her own business. b. Paid P5,000 for one month's rent. c. Bought office furniture for P15,000 in cash. d. Received delivery of laptop computer, P54,000. Paid 50% down, balance due in 30 days. e. Performed services for P12,000 in cash. f. Acquired a fax machine for P7,500; paid P3,000 in cash, balance due in 10 days. g. Received P5,400 from clients on account. h. Paid P10,000 for salaries. Settled in full the P4,500 balance for the fax machine. j. Received P7,000 in cash for services performed. k. Performed services for P12,000 on credit. 1. Paid P1,350 for the monthly telephone bill. i. m. Paid P2,400 for the electric and water bills. n. Collected P2,000 from clients on account. o. Palaganas withdrew P7,000 in cash for personal expenses. Required: 1. With the aid of T-accounts, record the transactions listed above. Use the following accounts: Cash; Accounts Receivable; Office Furniture; Office Equipment; Accounts Payable; Palaganas, Capital;

Problem #4 Recording Transactions in T-Accounts Remedios Palaganas is an experienced events planner. The transactions and accounts for the business are as follows: a. Invested P100,000 in cash to start her own business. b. Paid P5,000 for one month's rent. c. Bought office furniture for P15,000 in cash. d. Received delivery of laptop computer, P54,000. Paid 50% down, balance due in 30 days. e. Performed services for P12,000 in cash. f. Acquired a fax machine for P7,500; paid P3,000 in cash, balance due in 10 days. g. Received P5,400 from clients on account. h. Paid P10,000 for salaries. Settled in full the P4,500 balance for the fax machine. j. Received P7,000 in cash for services performed. k. Performed services for P12,000 on credit. 1. Paid P1,350 for the monthly telephone bill. i. m. Paid P2,400 for the electric and water bills. n. Collected P2,000 from clients on account. o. Palaganas withdrew P7,000 in cash for personal expenses. Required: 1. With the aid of T-accounts, record the transactions listed above. Use the following accounts: Cash; Accounts Receivable; Office Furniture; Office Equipment; Accounts Payable; Palaganas, Capital;

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 30BE: Brief Exercise 2-30 Transaction Analysis Galle Inc. entered into the following transactions during...

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Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 5. Received cash from clients on account, 2,450. 9. Paid cash for a newspaper advertisement, 225. 13. Paid Office Station Co. for part of the debt incurred on April 5, 640. 15. Recorded services provided on account for the period May 115, 9,180. 16. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, 750. 17. Recorded cash from cash clients for fees earned during the period May 116, 8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, 735. 21. Recorded services provided on account for the period May 1620, 4,820. 25. Recorded cash from cash clients for fees earned for the period May 1723, 7,900. 27. Received cash from clients on account, 9,520. 28. Paid part-time receptionist for two weeks' salary, 750. 30. Paid telephone bill for May, 260. 31. Paid electricity bill for May, 810. 31. Recorded cash from cash clients for fees earned for the period May 2631, 3,300. 31. Recorded services provided on account for the remainder of May, 2,650. 31. Kelly withdrew 10,500 for personal use. Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is 275. b. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.
Continuing Problem 4.Total of Debit column: 40,750 The transactions completed by PS Music during June 20Y5 were described .it the end of Chapter 1. The following transactions were completed during July, the second month of businesss operations: July 1. Peyton Smith made an additional investment k PS Music in exchange for common stock by depositing 5,000 in PS Mu wet 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 musk 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 Musk, Peyton signed a contract with a local radio station. KXMD, to provide guest spots for the next three months. The contract requires PS Musk 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 2SO 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 Pane 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 Musk for use of its current musk demos in making various musk 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 4.20YS. 27.Paid electric Ml 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 S00 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 (musk expense) to National Musk 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: 11 Cash 3,920 12 Accounts Receivable 1,000 14 Supplies 170 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 250 23 Unearned Revenue 31 Common Stock 4.000 33 Dividends 500 41 Fees Earned 6,200 50 Wages Expense 400 51 Office Rent Expense 800 52 Equipment Rent Expense 67S 53 Utilities Expense 300 54 Music Expense 1.590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 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.
Comprehensive Problem 1 8 Net income. 31,425 Kelly Pitney began her consulting business. Kelly Consulting, on April 1, 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter During May, Kelly Consulting entered into the following transactions: May 3.Received cash from clients as an advance payment for services to be provided and recorded it as unearned tree 4,500 5.Received cash from clients on account 2,450. 9.Paid cash for a newspaper advertisement 225. 13.Raid Office Station Co for part of the debt incurred on April , 640. 15.Recorded services provided on account for the period May 1-15, 9,180. 16 Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 17.Recorded cash from cash clients for fees earned during the period May 116, 8,360. Record the following transactions on Page 6 of the Journal 20.Purchased support on account 735. 21.Recorded services provided on account for the period May 1620. 4,820 25.Recorded cash from cash clients for fees earned for the period May 1723, 7,900 27.Received cash from clients on account 9,520. 28.Paid part-time receptionist for two weeks salary. 7S0. 30.Raid telephone bill for May. 260 31.Paid electricity bill for May, 810. 31.Recorded cash from cash clients tor lees earned for the period May 2031. 3,300. 31.Recorded services provided on account for the remainder of May, 2,650. 31.Paid dividends 10,500 Instructions 1.The chart of accounts foe Kelly Consulting is shown us Exhibit 9. and the post-closing trial balance as of April 30, 20Y8, is shown in Exhibit 17. for each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1. 20Y8. and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting cm Page of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2.Post the journal to a ledger of four-column accounts. 5.Prepare an unadjusted trial balance. 4.At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). (a)Insurance expired during May is 275. (b)Supplies on hand on May II are 715. (c)Depreciation of office equipment for May is 330. (d)Accrued receptionist salary on May 31 is 325. (e)Rent expired during May is 1600. (f)Unearned fees on May 31 are 3,210 5.(Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet 6.Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of stockholders equity, and a balance sheet. 9.Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.
The transactions completed by PS Music during June 2016 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 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: July 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, 2016. 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, 2016. 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. Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2016 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2016, 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, 2016.
Brief Exercise 2-30 Transaction Analysis Galle Inc. entered into the following transactions during January. Borrowed $50,000 from First Street Bank by signing a new payable. Purchased $25,000 of equipment for cash. (Continued) Paid $500 to landlord for rent for January. Performed services for customers on account, $10,000. Collected $31000 from customers for services performed in Transaction d. Paid salaries of $2,500 for the current month. Required: Show the effect of each transaction using the following model.
II. Computational. Look for the balances of the different accounts using the following transactions: A) Invested P50,000 in the business. B) Bought supplies on account amounting to P9,850. C) Received 7,500 cash from clients on account. D) Billed a client for the service rendered P6,000. E) Hired an assistant at a salary of P7,000 per month. Look for the ending of cash. Look for the ending balanceofcash.
Problem 3. Raymond opened the Muscles Fitness Gym in August. The Following transactionsoccurred during the first month of the business:a) Raymond 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 for 15,000 cash and the rest on account.e) Recorded income for the first half of the month of P6,500 in cash and P3,500 on account.f) Paid P2,750 to a creditor on account.g) Received payment from a customer on account for P1600.h) Raymond withdrew P500 for a graduation gift.i) Paid aerobics instructor her salary, P3,000.j) Paid miscellaneous expense P1,500k) Recorded income for the second half of the month of P5,600 in cash.Prepare a new accounting equation every time a transaction occurs.
FINANCIAL ACCOUNTING ONE CAT I QUESTION ONE Juan 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 transactions July 1. Owner invested sh 500,000 cash along with computer equipment that had a market value of php. 120,000 July 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…
Question 4Sammi started her business on 1 January 2021 called Trendy. You are required to prepare the GENERAL JOURNAL for the following transactions of Trendy for the first month of operations. Narratives are not required for each journal entry.Jan 01Sammi invested RM50, 000 cash into the business.Jan 02Trendy purchased used motor vehicle for RM20,000.Jan 08Trendy paid rent for RM4, 000.Jan 08Trendy completed work for a client and immediately received RM15, 000.Jan 12Sammi signed a RM50,000 small business loans with CIMB Bank under Trendy’s name.Jan 15Ideal Homes renovated and installed fixtures and fittings at a cost of RM3, 000. Trendy will pay the bill at a later date.Jan 15Trendy paid RM1, 000 cash for advertisement in a local magazine.Jan 28Trendy completed work for another client on credit and invoiced the client RM5, 000. The client is allowed to settle the bill within 30 days.Jan 30Trendy paid Ideal Homes that installed the fixtures and fittings earlier.Jan 30Trendy paid RM150…
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…
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…
Problem #9Journalizing, Posting and Preparing a Trial Balance Maurice Sabio is a financial planning consultant. She completed transactions during themonth of December of the current year: Dec. 1 Sabio invested cash in the business, P200,000.3 Paid December office rent, P10,000.4 Received P25,000 from a client, Rowena Carpio, for services rendered.7 Received P20,000 from Olive Oabel, a client, for services rendered.12 Paid cash to Shell Super Service for gasoline purchases, P600.14 Paid cash to Tulungan Manpower Services in payment for contractualsecretarial services during the past two weeks, P6,000.17 Bought office supplies on account, P2,800.20 Paid telephone bills, P1,000.21 Sabio withdrew cash for personal use, P11,000.24 Donated cash to the Phil. National Red Cross, P1,000.27 Received P20,000 from Vivian De Guzman, a client, for servicesrendered.28 Paid cash to Tulungan Manpower Services in payment for contractualsecretarial services during the past two weeks, P6,000.28 Paid…