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Teddy Fedor started a TF Golf and Driving Range business on July 1. The following transactions occurred during the month of July: July 1 He contributed P250,000 cash and borrowed P200,000 more from the bank by issuing a one year promissory note in the name of the golf range. 2 Bought the land P100,000, building P200,000 and golf equipment P100,000 of Lyn Golf Course which closed down last June. 3 Hired a manager for a monthly salary of P25,000 and two ground personnel for a monthly salary of P15,000 each. 5 Promo materials to advertise the golf range were paid in cash, P10,000. 9 Cash of P25,000 was received for tickets sold to use the golf range. Use the title Ticket Sales Revenue. 12 Purchased supplies for cash P1,500. 15 Paid the half month salaries of the manager and ground personnel. 17 Withdrew cash of P5,000 for personal use. 20 Received P35,000 membership fees entitling holders to use the golf facilities. Use the title Membership Fees Revenue. 23 Cash of P20,500 were received for tickets sold. 26 Paid P2,500 for utilities used up. 30 Paid for the second half monthly salaries.

Teddy Fedor started a TF Golf and Driving Range business on July 1. The following transactions occurred during the month of July: July 1 He contributed P250,000 cash and borrowed P200,000 more from the bank by issuing a one year promissory note in the name of the golf range. 2 Bought the land P100,000, building P200,000 and golf equipment P100,000 of Lyn Golf Course which closed down last June. 3 Hired a manager for a monthly salary of P25,000 and two ground personnel for a monthly salary of P15,000 each. 5 Promo materials to advertise the golf range were paid in cash, P10,000. 9 Cash of P25,000 was received for tickets sold to use the golf range. Use the title Ticket Sales Revenue. 12 Purchased supplies for cash P1,500. 15 Paid the half month salaries of the manager and ground personnel. 17 Withdrew cash of P5,000 for personal use. 20 Received P35,000 membership fees entitling holders to use the golf facilities. Use the title Membership Fees Revenue. 23 Cash of P20,500 were received for tickets sold. 26 Paid P2,500 for utilities used up. 30 Paid for the second half monthly salaries.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 1PB: During February of this year, H. Rose established Rose Shoe Hospital. The following asset,...
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Prepare statement of cashflow for the month of July
Teddy Fedor started a TF Golf and Driving Range business on July 1. The following transactions occurred during the month of July: July 1 He contributed P250,000 cash and borrowed P200,000 more from the bank by issuing a one year promissory note in the name of the golf range. 2 Bought the land P100,000, building P200,000 and golf equipment P100,000 of Lyn Golf Course which closed down last June. 3 Hired a manager for a monthly salary of P25,000 and two ground personnel for a monthly salary of P15,000 each. 5 Promo materials to advertise the golf range were paid in cash, P10,000. 9 Cash of P25,000 was received for tickets sold to use the golf range. Use the title Ticket Sales Revenue. 12 Purchased supplies for cash P1,500. 15 Paid the half month salaries of the manager and ground personnel. 17 Withdrew cash of P5,000 for personal use. 20 Received P35,000 membership fees entitling holders to use the golf facilities. Use the title Membership Fees Revenue. 23 Cash of P20,500 were received for tickets sold. 26 Paid P2,500 for utilities used up. 30 Paid for the second half monthly salaries. Instructions: a. Show the effects of the above transactions on the accounting equation using the following format. Date Cash Supplies Land Building Equipment Notes Fedor, Explanation in Changes in Owner's Account Payable Capital Title Equity b. Prepare an income statement for the month of July. c. Prepare statement of changes in owner's equity for the month of July. d. Prepare statement of cash flows for the month of July. e. Prepare a classified statement of financial position as at July 31 using a report form.
Transcribed Image Text:Teddy Fedor started a TF Golf and Driving Range business on July 1. The following transactions occurred during the month of July: July 1 He contributed P250,000 cash and borrowed P200,000 more from the bank by issuing a one year promissory note in the name of the golf range. 2 Bought the land P100,000, building P200,000 and golf equipment P100,000 of Lyn Golf Course which closed down last June. 3 Hired a manager for a monthly salary of P25,000 and two ground personnel for a monthly salary of P15,000 each. 5 Promo materials to advertise the golf range were paid in cash, P10,000. 9 Cash of P25,000 was received for tickets sold to use the golf range. Use the title Ticket Sales Revenue. 12 Purchased supplies for cash P1,500. 15 Paid the half month salaries of the manager and ground personnel. 17 Withdrew cash of P5,000 for personal use. 20 Received P35,000 membership fees entitling holders to use the golf facilities. Use the title Membership Fees Revenue. 23 Cash of P20,500 were received for tickets sold. 26 Paid P2,500 for utilities used up. 30 Paid for the second half monthly salaries. Instructions: a. Show the effects of the above transactions on the accounting equation using the following format. Date Cash Supplies Land Building Equipment Notes Fedor, Explanation in Changes in Owner's Account Payable Capital Title Equity b. Prepare an income statement for the month of July. c. Prepare statement of changes in owner's equity for the month of July. d. Prepare statement of cash flows for the month of July. e. Prepare a classified statement of financial position as at July 31 using a report form.
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