: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.
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*Required: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.
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- Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.
- Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.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. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $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.Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
- Corp. open up a business with an investment of P50,300 on November 1, 2022 from his saving account to a business checking account and made payment for a small space month-rent, P20,000 and merchandise for presentation worth P20,000. During the operating month, the business incurred various expenses, P7,500 of which 25% remains to be paid next month. Mr. Hamon made all sales deposits directly to the bank and paid wages during the month amounting to P55,000 and P15,000, respectively. At the end of the month, a total of P3,250 for the water, electric and phone consumption bills were received but did not immediately pay it. At this point, the balance of business checking account increased to P43,200.How much is the November 30 Owner’s Equity balance if Mr. Hamon was able to withdraw cash during for the purchase of merchandise for trading amounting to P15,000?Prepare the journal entry required for each transaction: Oct. 01, 2022: Mr. Alberto invested P500,000 cash in the computer rental shop Oct. 02, 2022: Mr Alberto bought 10 units of computer at P30,000 each for the shop. The computers were delivered the next day with Mr Alberto fully paying the supplier in cash. Oct. 05, 2022: Some tables and chairs were purchased from Deluxe Furniture Co. for P10,000 to be paid on the following terms: 50% within 10 days and the balance within 30 days. Oct. 12, 2022: Mr Alberto borrowed from P300,000 from a bank, which he promised to pay by December 2022. Oct. 15, 2022: A payment of P5,000 representing 50% of the liability to Deluxe Furniture Co. was made in accordance with the terms of credit. Oct. 20, 2022: Mr Alberto bought 2 laser printers worth P50,000 for use in his computer rental shop. He paid for these printers in cash. Oct. 23, 2022: Mr Alberto bought 10 toner cartridges worth P15,000 as supplies for his printers. Oct. 25, 2022: Mr…Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…
- Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3…Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3…Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3…