Problem B – Villanueva Realty had the following balance sheet accounts and balances:Accounts Payable60,000 Equipment70,000Accounts Receivable10,000 Villanueva, Capital?Building?Land70,000Cash30,0001.If the balance of the Villanueva, Capital account was P210,000, what would be the balance ofthe Building account?с. Р90,000d. P210,000а. Р250,000b. P40,0002. If the balance of the Building account was P170,000, what would be the total of liabilities andowner's equity?a. P170,000c. P320,000b. P270,000d. P350,0003. If the balance of the Building account was P150,000 and the equipment was sold for P70,000,what would be the total of owner's equity?a. P150,000c. P270,000b. P160,000d. P330,0004. If the balance of the Building account was P140,000 and P30,000 of Accounts Payable were paidin cash, what would be the balance of the Villanueva, Capital account?с. Р320,000d. P340,000a. P210,000b. P260,0005. If the balance of the Building account was P80,000 and P30,000 of Accounts Payable were paidin cash, what would be the total liabilities and owner's equity?с. Р190,000d. P230,000а. Р140,000b. P180,000 Problem A – The following is the trial balance for Nan Par Day Care.Account TitleDebitCreditCash80,000Accounts Receivable10,000Land140,000Building440,000Equipment130,000Accounts Payable160,000Par, Capital640,000800,000 800,0001. If the balance in the Cash account were used to pay part of Accounts Payable, then totalliabilities and owner's equity woulda. decrease by P80,000b. decrease by P160,000C.increase by P80,000d. increase by P160,0002. If the equipment were sold for P130,000, then the Par, Capital account woulda. decrease by P130,000b. increase by P130,000C.increase by P370,000d. stay the same3. If the balance in the Cash account were used to buy more equipment, then the total assetswould a. decrease by P80,000b. increase by P80,000C.increase by P210,000d.remain unchanged

Hi student Since there are multiple subparts, we will answer only first three subparts,

Problem B – Villanueva Realty had the following balance sheet accounts and balances: 60,000 Equipment Accounts Payable Accounts Receivable 10,000 Villanueva, Capital Building 70,000 ? ? Land 70,000 Cash 30,000 1. If the balance of the Villanueva, Capital account was P210,000, what would be the balance of the Building account? c. P90,000 d. P210,000 a. P250,000 b. P40,000 2. If the balance of the Building account was P170,000, what would be the total of liabilities and owner's equity? a. P170,000 c. P320,000 b. P270,000 d. P350,000 3. If the balance of the Building account was P150,000 and the equipment was sold for P70,000, what would be the total of owner's equity? a. P150,000 c. P270,000 b. P160,000 d. P330,000

Problem B – Villanueva Realty had the following balance sheet accounts and balances: 60,000 Equipment Accounts Payable Accounts Receivable 10,000 Villanueva, Capital Building 70,000 ? ? Land 70,000 Cash 30,000 1. If the balance of the Villanueva, Capital account was P210,000, what would be the balance of the Building account? c. P90,000 d. P210,000 a. P250,000 b. P40,000 2. If the balance of the Building account was P170,000, what would be the total of liabilities and owner's equity? a. P170,000 c. P320,000 b. P270,000 d. P350,000 3. If the balance of the Building account was P150,000 and the equipment was sold for P70,000, what would be the total of owner's equity? a. P150,000 c. P270,000 b. P160,000 d. P330,000

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section: Chapter Questions

Problem 1AP

See similar textbooks

Similar questions

SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…
SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Purchased supplies on account1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid travelling expenses to pay business permit3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb.…
Determine the ending balance of each of the following T - accounts. 160 110 2,600 9,800 360 120 3, 700 80 370 Supplies Accounts Receivable 10, 600 4,400 900 210 1, 700 210 210 160 Wages Payable Cash760 12, 800 5,100 760 860 6,600 160 1, 900
Application Problem Journalizing transactions and proving and ruling amulticolumn journal LOS, 4, 5, 6, 7, 8, 9Mundt Services uses the following accounts.Cash Mikaela Mundt, Capital Accounts Receivable-J. Lepowsky Mikaela Mundt, DrawingSupplies SalesPrepaid Insurance Advertising Expense Accounts Payable-Southern Supplies Utilities Expense Instructions:Aug 1. Mikaela Mundt invested $2,000.00 of her own money in thebusiness. Receipt No. 1.3. Used business cash to purchase supplies costing $216.00. Wrote Check No. 1.4. Wrote Check No. 2 for insurance, $245.00.5. Purchased supplies for $68.00 over the phone from Southern Supplies, promising to send the check next week. Memo No. 1.11. Sent Check No. 3 to Southern Supplies, $68.00.12. Sent a check for the electricity bill, $180.00. Check No. 4.15. Wrote an $800.00 check to Ms. Mundt as a withdrawal of equity for personal use. Used Check No. 5.16. Sold services for $412.00 to J. Lepowsky, who agreed to pay for them within ten days. Sales…
2. Prepare a December 31 balance sheet in proper form for Surety Insurance using the following accounts and amounts: Commissions Revenue Earned.............$40,000Accounts payable..................3,500Accounts receivable............... 5,000M. Bruno, Capital..................103,500Office equipment...................10,000Advertising expense............. 3,200Cash................................... 7,500Land......................................35,000Note payable.......................... 50,000Office supplies........................500Salaries expense....................12,000Salaries payable.....................1,000Building...............................100,000
how will IFFA record the May 8 transaction? a. increase Prepaid Insurance and decrease Cash, $2,592 b. increase both Insurance Expense and Accounts Payable, $2,592 c. increase both Prepaid Insurance and Accounts Payable, $2,592 d. increase Insurance Expense and decrease Cash, $2,592 e. increase Prepaid Insurance and decrease Cash, $2,400 Enter the letter that corresponds to your choice. (A B C D E) How will IFFA record the May 10 transaction? a. increase Prepaid Advertising and decrease Cash, $226 b. increase both Prepaid Advertising and Accounts Payable, $226 c. increase Advertising Expense and decrease Cash, $226 d. increase both Prepaid Advertising and Accounts Payable, $200 e. increase Prepaid Advertising and decrease Cash, $200 Enter the letter that corresponds to your choice. (A B C D E) How will IFFA record the May 11 transaction? a. increase Advertising Expense and decrease Prepaid Advertising by $226 each, and also decrease Cash and increase…
Maria's Beauty SpaAdjusted Trial BalanceJune 30, 20-- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Cash 11,185.00 Accounts Receivable 750.00 Supplies 220.00 Prepaid Insurance 500.00 Accounts Payable 150.00 Maria Costa, Capital 10,520.00 Maria Costa, Drawing 1,200.00 Income from Spa Services 7,500.00 Wages Expense 2,620.00 Rent Expense 700.00 Telephone Expense 65.00 Supplies Expense 585.00 Miscellaneous Expense 345.00 18,170.00 18,170.00 Prepare a post-closing trial balance for Maria’s Beauty Spa. List all the accounts in the proper order as described in the textbook. If an amount box does not require an entry, leave it blank.
Maria's Beauty SpaAdjusted Trial BalanceJune 30, 20-- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Cash 11,185.00 Accounts Receivable 750.00 Supplies 220.00 Prepaid Insurance 500.00 Accounts Payable 150.00 Maria Costa, Capital 10,520.00 Maria Costa, Drawing 1,200.00 Income from Spa Services 7,500.00 Wages Expense 2,620.00 Rent Expense 700.00 Telephone Expense 65.00 Supplies Expense 585.00 Miscellaneous Expense 345.00 18,170.00 18,170.00 Using this information, journalize the four closing entries. For compound entries, if an amount box does not require an entry, leave it blank.
Let's select two accounts from an Adjusted Trial Balance: Accounts receivable (Dr. balance $12,000) and Fees earned (Cr. balance $150,000). What will be the balance in each account after closing entries are posted? Accounts receivable and Fees Earned
Calculate the unknown amount required in each of the following five independent situations. The answer to situation (a) is given as an example: Account Beginning Balance Ending Balance Other Information a. Cash $7,000 $5,250 Total cash disbursed, $5,400. b. Accounts Receivable 11,000 9,300 Services on account, $16,500. c. Notes Payable 17,500 23,000 Borrowed funds by issuing a note, $30,000. d. Accounts Payable 2,500 1,720 Payments on account, $3,900. e. Stockholders’ Equity 29,000 46,000 Capital Contribution, $7,000. Unknown Amounts Required a. Total cash received $3,650 b. Total cash collected from credit customers Answer c. Notes payable repaid during the period Answer d. Good and services received from suppliers on account Answer e. Net income, assuming that no dividends were paid Answer
Pg 37 T- Accounts Please find the missing amount on the follwoing T-Account. and explain CLEARLY and indepth (showing formula or method) on how you found the amount. Accounts Payable DRs 6/4 Transaction A 1500 6/8 Transaction C 2000 CRs Beginning Balance 3000 6/6 Transaction B UNKOWN 6/29 Transaction D 3,400 Ending Balance 6,700
INSTRUCTION: Determine the ending balances of the accounts (Cash, Supplies, Equipment, Account Payable, and Note Payable) based on the following journal entries. You may want to prepare a T-account for each account to determine the answer. See exhibit 2.11 on textbook page 66 for examples of how this is done. DR CR a) Cash $3,900.00 Note Payable $ 3,900.00 b) Equipment $1,000.00 Note Payable $ 1,000.00 c) Supplies $300.00 Cash $300.00 d) Supplies $700.00 Account Payable $700.00 e) Note Payable $900.00 Cash $900.00 For example, The ending balance of the 'Equipment' account is $1000 DR(There is only one debit entry for equipment-see…