Good day tutors! Please help me answer this. It will also serve as my reviewer. Thanks Requirements:1. Journalizing 2. T-accounts3. Trial Balance and Adjusted Trial Balance Problem: Armina established a service business to be known as Armina Photography on July 1, 2015. During the firstmonth, the following transactions occurred:• July 1: Armina transferred cash of P300, 000 from her personal bank account to an account to be used for business.She also invested the following: digital camera', P45, 000; manual camera, P25, 000, desktop computer, P28, 000;photo papers and ink, p14, 000; and personal debt evidenced by a note which would be assumed by the business,P12, 000.• July 4: Paid six – month advance rent to Cyrene Commercial Complex, P30, 000.• July 6: Received a statement of account from Brian News for advertising this month, P5, 500.• July 8: Bought photo enhancing and editing equipment from Mimi Outlet for P40, 000. Armina paid 30% downpayment and the balance on account.• July 12: Hired office assistant with a monthly salary of P6, 000. The office assistant officially started July 16, 2015.• July 13: Photography service rendered totaled P180, 000. Terms: 25% cash and the balance settled on account.• July 14: Purchased office sofa set from Renzo Designs for P30, 000 on account.• July 15: Paid various operating expenses during the month: meeting with potential clients, P4, 000; electricity, P23,000; telephone expense, P6, 000; and repairs expense, P2, 500.• July 18: Photography services rendered totaled P180, 000, of which 25% was settled with an interest-bearing note andthe balance on account.• July 20: Received photography advances from a couple for a prenuptial coverage to be rendered next month, P60,00.• July 22: Collected 90% of the outstanding receivable from July 13 transaction.• July 24: Paid in full the statement of account received last July 6.• July 26: Paid 80% of the outstanding obligation to Mimi Outlet and for the remaining balance, she issued an interest-bearing note.• July 28: Paid half of the outstanding obligation to Renzo Designs.• July 31: Paid salary of the assistant for 15 days, P3,097 Additional Information: Adjusting Entries1. The accounts receivable are estimated to be realizable at 98%2. The photography equipment are to be depreciated at 10% per annum; office equipment and the furnitureand fixtures are to be depreciated at 20% per annum.3. Unused photography supplies as of July 31 amounts to P4, 800.4. Rent expense for the month should be recognized.5. 1% interest earned for notes receivable from customer should be recorded this month.6. Accrued interest on notes payable assumed by the business amounts to P500.7. Assuming the part of the prenuptial coverage is done this month, P20, 000 of the amount received asadvance from customer is earned.

"Since you have asked multiple sub part question we will solve the first three question for you. If…

Answered: Requirements: 1. Journalizing 2.…

Business

Accounting

Requirements: 1. Journalizing 2. T-accounts 3. Trial Balance and Adjusted Trial Balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

aaArnina established a service business to be known as Arnina Photography on July 1, 2021. During the first month, the following transactions occurred: July 1: Arnina transferred cash of P300,000 from her personal bank account to an account to be used for her business. She also invested the following: digital camera, P45,000; manual camera, P25,000; desktop computer, P28,000; photo papers and ink, P14,000. July 4: paid six-month advance rent to Cyrene Commercial Complex, P30,000 July 6: Received a statement of account from Brian News for advertising this month, P5,500. July 8: Bought photo enhancing and editing equipment from Mirzi Outlet for P40,000. Arnina paid 30% down payment and the balances on account. July 12: Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16, 2014. July 13: Photography services rendered totaled P180,000. Terms 25% cash and the balance settled on account. July 14: Purchased office sofa set from Renzo…
AaaArnina established a service business to be known as Arnina Photography on July 1, 2021. During the first month, the following transactions occurred: July 1: Arnina transferred cash of P300,000 from her personal bank account to an account to be used for her business. She also invested the following: digital camera, P45,000; manual camera, P25,000; desktop computer, P28,000; photo papers and ink, P14,000. July 4: paid six-month advance rent to Cyrene Commercial Complex, P30,000 July 6: Received a statement of account from Brian News for advertising this month, P5,500. July 8: Bought photo enhancing and editing equipment from Mirzi Outlet for P40,000. Arnina paid 30% down payment and the balances on account. July 12: Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16, 2014. July 13: Photography services rendered totaled P180,000. Terms 25% cash and the balance settled on account. July 14: Purchased office sofa set from Renzo…
Below are the transactions for Alex in Jan 2019: 1 Alex commenced business by depositing cash RM80,000 in the bank as capital 4 A machine was purchased and paid for with company cheque for RM42,000 8 Alex purchased goods for resale amounting to RM17,500 on credit 12 Alex made a cash sales of RM4,800; cost of good sold was RM2,600 16 Alex received a bank loan of RM30,000, the money was credited to the business bank account 20 Alex brought in his personal car for business use, the car was valued at RM65,000 23 Alex purchased goods for resale amounting to RM35,600, he paid the supplier by cheque 27 Alex paid supplier RM17,000 for the goods purchased on 8 Jan 2018, discount received RM500 30 Alex bought a computer for RM5,200 by cheque Required: Prepare the accounting equation for the month of January 2019.
On Dec. 1, 2021, Ludivinia Victorino opened a videotape rental store, Cavite Video, by investing P250,000 cash from her personal savings account. During the month of December, the following transactions took place: Dec. 1 4 58 11 16 17 23 24 30 Acquired supplies on account, P67,000. Acquired videotapes costing P235,000, on account. Paid P85,000 to creditors.. Received P78,000 cash from ACA Video for rental fees. Billed Video City for video rentals, P105,000. Paid salaries, P65,000. Collected P77,000 from Video City. Victorino withdrew P47,000 from the business. Paid rent for the month, P41,500. Paid utilities bill for the month, P17,500. Required: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; Videotapes; Accounts Payable; and Victorino, Capital.
On May 15, 2016, Too Ly San opens Too Ly Security Service. Presented below are the transactions for the month of May. Journalize the transactions and post them to the T-accounts. Then, prepare a chart of accounts. 2016 May 15 Mr. Too Ly San deposited P 400,000 of personal funds under the bank account of Too Ly Security Service.
Prepare the general journal entries for the following transactions. Mr. Laban Deyro opened his laundry business in Iloilo City on January 2, 2016. The following transactions occurred during the month of January 2016: DATE TRANSACTIONS 1/2/16 Invested PHP500,000 to his business. The trade name 1/3/16 Hired Allan and Allie who will manage his business 1/4/16 Collections from various customers for the day- PHP3,000 1/5/16 of the business was "MR. LABANDERO" Purchase store supplies from Labada Store - PHP10,000 1/7/16 Collections from various customers for the day - PHP8,000 1/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business will do all the laundry of the hotel. 1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment will be made on January 20, 2016. 1/10/16 Collections from various customers for the day- PHP12,000 1/12/16 Purchase a washing machine amounting to PHP50,000 1/15/16 Collections from various customers…
Mr Alex opened furniture shop called Alex Furniture Shop and completed the following transactions in the month of January: Jan Borrowed RM100,000 cash and signed a 12-month, RM100,000 note. Interest is in addition to the face value, at the rate of 15%. 1 2 Bought a factory for RM200,000, paying RM80,000 in cash and the balance is on account. 3 Sold RM104,000 of furniture and billed customers. 5 Bought goods from Bob Shop with purchase invoice amounted to RM10,500. Terms of purchase is 5/10, n30. 14 Make payment to Bob Shop for the balance due by cash. 20 Received a 50% deposit in cash from a customer on a RM20,000 order to be filled next month. 25 Mr. Alex took RM2,000 cash to buy washing machine for his wife. 28 Paid utility bill for the current period in the amount of RM1,200 using cash. 31 Made the end-of-year adjusting entry to accrue interest expense on a 12-month, RM100,000 note. Required: a) Journalise the above transactions b) Prepare cash account and show the cash balance as…
01 On 1 April, the owner decided to start a laundry business. He withdrew R200 000 from personal savings account and deposited it directly into HI-Lo traders bank account 03 HI-Lo Traders obtained a loan of R30 000 with a repayment period of 12 months from invest Bank account 05 Hi-Lo Traders bought equipment from Blue Furnishers for R16 000. Hi-Lo made a payment of 16 000 directly into Hi-Lo bank account 09 A Cash sale amounting to R45 000 was made, the good were originally purchased at a cost of 35 000 13 Hl-Lo traders bought equipment on credit from Risk Furniture for R9000 15 HI-Lo Traders made a direct payment into the bank account of Risk Furnisher to pay their amount of 9000 18 The owner withdrew 1200 from the business to buy his daughter a birthday present 19 Hl-Lo Traders offered a service worth R5000 to Mr Bogus on credit 27 Hl-Lo Traders placed an advertisement in a local newspaper for R350 Payment was only due in…
Mr. Tristan Siy III established Siy Bookkeeping Services and had the following transactions for the month of February: 4 19 15 18 19 Received P35,000 cash from customers in payment of their account. Paid in cash and received an official receipt 20 from the supplier for payment of accounts, 21 28 28 Investment of P150,000 cash fund by Mr. Siy into the business. 28 Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter. Purchased supplies amounting to P18,000 in cash. Paid P6,000 insurance for six months. Issued a Service Invoice for an amount of P50,000 to a customer for services rendered on account. P20,000. Rendered services to customers billed for P30,000. Cash payment of P15,000 for the salary of an employee. Mr. Siy withdrew P12,000 cash from the business. Paid the telephone bill for February amounting to P3,000.
Jay Mercado Photocopying Center July 31,2015 July 1- Mr. Mercado invested cash of P30,000 in the business to be known as JM Photocopying Center. July 1- Mr. Mercado invested a photocopying machine amounting to P30,000 with sales invoice) in his business. July 1- Mr. Mercado invested the following in his business: Cash – P30,000 and Photocopying Equipment P30,000 (with sales invoice). In addition, his Loan Payable of P50,000 would be assumed by the business. July 2 – JM Photocopying Center paid P10,000 for the purchase of bond papers (with sales invoice) July 3 - JM Photocopying Center paid for business permits and licenses amounting to P2,000 (with official receipt). July 10 – Mr. Mercado hired one personnel with a weekly salary of P1,000 to look after the business (with employment contract). July 16 – JM Photocopying Center received P8 ko,000 cash for services rendered (with official receipt). July 17, 24, 31 - JM Photocopying Center paid for the weekly salary for the personnel (with…
Pita purchased a small roadside inn in April with inheritance money he received from his wealthy aunt. Help him prepare his T accounts for his first month of operations using the information provided. a. Pita invested P5,000,000 cash in the inn.Cash Owners’ Equityb. Pita purchased a P50,000 point of sale (POS) system with P5,000 cash and P45,000 notes payable.Cash POS system Notes Payablec. Pita generated P75,000 in revenues with P52,000 cash and P23,000 accounts receivable.Cash Accounts Receivable Revenuesd. Pita paid utilities of P750 in cash.Cash Utilities Expense
Wendy opened a hair care products shop in Georgetown in September 2020. During the first month of operations, the business completed the following transactions. Sep 1 Wendy invested RM80,000 cash into the business. Sep 2 She obtained a bank loan of RM80,000 for the business Sep 8 Bought goods on credit for RM75,000 from Century Saloon Supply Sep 10 Distributed free sample worth RM1,000 from her stocks Sep 12 Shampoo costing RM180 was taken from business stock as a personal gift to her friend Sep 16 Purchased a cash register worth RM2,500 on credit from Smart Solution Sep 17 Brought in his personal computer worth RM3,800 for business use Sep 19 Installed a security system for his office, total bill received from his supplier, Secure System was RM9,600 Sep 24 Withdrawn goods bought for resale for her personal use, value of the goods was RM680 Sep 28 Withdrew RM800 from business bank account for her personal use Required: Record the above transactions in the GENERAL JOURNAL. Narratives…