Problem 8 For each transaction below, tell which account is debited and which account is credited. May 2 Gobyerno, started a computer programming business, Gobyerno' Programming Service, Inc., by investing P50,000 in exchange for ordinary shares. 5 Purchased a computer for P25,000 in cash. 7 Purchased supplies on credit for P3,000. 19 Received cash for programming services performed, P5,000. 22 Received cash for programming services to be performed, P6,000. 25 Paid the rent for May, P6,500. 31 Billed a customer for programming services performed, P2,500.

Problem 8 For each transaction below, tell which account is debited and which account is credited. May 2 Gobyerno, started a computer programming business, Gobyerno' Programming Service, Inc., by investing P50,000 in exchange for ordinary shares. 5 Purchased a computer for P25,000 in cash. 7 Purchased supplies on credit for P3,000. 19 Received cash for programming services performed, P5,000. 22 Received cash for programming services to be performed, P6,000. 25 Paid the rent for May, P6,500. 31 Billed a customer for programming services performed, P2,500.

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Description: PLEASE SKIP IF YOU ALREADY ANSWERED. I WILL UPVOTE Problem 8For each transaction below, tell which account is debited and which account is credited.May2 Gobyerno, started a computer programming business, Gobyerno' Programming Service, Inc.,by investi

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 1CP: Continuing Problem 4.Total of Debit column: 40,750 The transactions completed by PS Music during...

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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.
Parrish 3-3 Please post the following transaction in a General Journal then transfer them to the appropriate General Ledger Account. 11/1 Jim Peterson starts Florida Ouboard Motor Repair by issuing 100 shares of non-par common stock to himself for $10,000. Hes deposits the cash to his business checking account at First National Bank 11/2 Jim gets $5,000 loan from First National Bank to use for additional start-up funds. The loan is due in one year with 5% interest. The bank deposits the proceeds in Jim's buiness checking account 11/2 Jim rents space for a repair shop for one month and pays $800 cash 11/3 Jim buys equipment for $200 and pays cash 11/3 Jim buys parts inventory for $500 cash 11/4 Don Noble, Jim's first customer asks Jim to repair a boat motor. Jim uses parts cost $30. He gives Jim a check for $160
1. Prepare general journal entries for the following transactions of Valdez Services. a. Brina Valdez invested $20,000 cash in the company. b. The company provided services to a client and immediately received $900 cash. c. The company received $10,000 cash from a client in payment for services to be provided next year. d. The company received $3,500 cash from a client in partial payment of accounts receivable. e. The company borrowed $5,000 cash from the bank by signing a note payable. 2. Transactions a, c, d, and e did not yield revenue. Match each transaction (a, c, d, and e) with one of the following reasons for not recording revenue. This transaction changed the form of an asset from a receivable to cash. Total assets were not increased (revenue was recognized when the services were originally provided). This transaction brought in cash (increased assets), and it also increased a liability by the same amount (represented by the signing of a note to repay the amount). This…
Q1: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred during the month of January. January 01 Ahmad invested $ 200000 cash in the business 03 Paid $ 10000 for office rent for the month 05 Service provided on account $ 15000 12 Purchased supplies for $ 3000 on account 15 Received a cash payment of $ 5000 for services provided on January 05 17 Purchased gasoline for $ 2000 on account 23 Received Bank Loan of $ 40000 on the note payable Instructions Show the effects of these transactions on the accounting equation Prepare a balance sheet at January 31, 2020 Date Assets Liabilities Owner’s Equity Cash Accounts Receivable Supplies Note Payable Account Payable James Capital…
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.
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.)
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(i) general journal for the transactions;
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(i) general journal for the transactions;(ii) ledger accounts showing descriptions and balances;(iii) a trial balance;
V1801 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).
Parrish 2-3 Pg 33 Rules of Debits and Credits Please use DR and CR in accounting equation A=L+SE for the following 1) Shareholders invested $5000 cash to begin busines 2) Copymaster bought a copying machine f0r $1500 3) Copymaster sold copies to customers for $500 cash 4) Copymaster produced copies for Fellow Corporation, its customer. The total sale amount was $1200. Copymaster agreed to bill Fellows for the sale at the end of the month 5) Copymaster paid employees $600 6) Copymaster bought supplies for $300 7) Copymaster paid rent of $700 8) Copymaster paid utilities of $200 9) Copymaster bought office furniture for $500 10) Copymaster had an unpaid balance bill at month-end for $100 11) Calculate the total assets, liabilities, and equity and calculate the Net Income
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.