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- Give the effects of the following transactions on ASSETS, LIABILITIES, OWNER’S EQUITY, REVENUES, AND EXPENSES. 4. Bought equipment on accounts from Villena’s Beauty Center for p5,000. 5. Received P5,000 for services rendered. 6. Paid Salary, P500.Paid $3,200 to the owner for his personal use. What would be the correct General Ledger Entry?Alicia Tax Services paid $500 to settle an account payable. Which of the following general journal entries will Alicia Tax Services make to record this transaction? a. Debit Office supplies, $500; credit Accounts payable, $500. b. Debit Cash, $500; credit Office supplies, $500. c. Debit Accounts payable, $500; credit Cash, $500. d. Debit Office supplies expense, $500; credit Cash, $500.
- How would i compute if she had a net income or net loss? Connie Young , an architect, opened a office on October 1, 2019. During the month, she completed the following transactions connected with her personal practice: a. Transferred cash from a personal bank account to an account to be used for the business, $36,000. b. Paid October rent for the office and workroom, $2,400. c. Purchased used automobile for $32,800 and, paying $7,800 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $9,000. e. Paid cash for supplies, $2,150. f. Paid cash for annual insurance policies, $4,000. g. Received cash from client for plans delivered, $12,200. h. Paid cash for miscellaneous expenses, $815. i. Paid cash to creditors on account, $4,500/ j. Paid $5,000 on note payable. k. Received invoice for blueprint services, due in Novembre, $2,890. l. Recorded fees earned on plans delivered, payment to be received in November, $18,300. m. Paid salary of…Sedlor Properties purchased office supplies on account for $800. Which journal entry records the payment on account of those office supplies?On January 1, 2021, Charlie purchased supplies for P20,000 and recorded a debit to Supplies and credit to Cash. On January 31, supplies on-hand amounted to P6,000. How much is the supplies expense?
- Emerita Modesto established a. Deposited P120,000 in a bank account in the name of the business. b. Bought office equipment on account from PHINMA Company, P31,000 . her own business called Modesto's Self-storage. The account leadings are presented below. Transactions completed during the moth follow. c. Paid rent for the month, F24,00 . d. Bought supplies cash, P4,500 .. e. Paid salaries, P9,800. f. Received cash for storage services, P36,000. g. Received and paid the utility bill, P2, 520. h. Paid Errol Umerez Graphics for advertising, P4,28C . (The bill was not previously recorded.). 1. Paid for a one-year liability insurance policy, P8,350. 3. Billed customers for storage services an account, P33, 700. k. Received cash for storage services, P23,000. 1. Paid salaries, P9,900. m. Paid PHINMA Company P11,000 as part payment on the office equipment bought in transaction b. n. Modesto withdrew P12,000 for personal use. Required: 1. Record the transactions in columnar form, write plus…Mr. George opened a janitorial services business called "George Johnny" on January 1, 2021. The following were the transactions during the year. Jan. 1- Mr. George made an investment of ₱100,000 to the business. Jan. 3-The business purchased supplies worth ₱60,000. Mr. George uses the expense method. Jan. 5-Total service fees billed to clients, on account, on account amounted to ₱400,000 Jan. 8-Total collections on accounts receivable amounted to ₱270,000. Jan. 10-Mr. George took ₱50,000 cash from the business. Jan. 15- Total salaries paid amounted to ₱180,000.Mr. George opened a janitorial services business called "George Johnny" on January 1, 2021. The following were the transactions during the year. Jan. 1- Mr. George made an investment of ₱100,000 to the business. Jan. 3-The business purchased supplies worth ₱60,000. Mr. George uses the expense method. Jan. 5-Total service fees billed to clients, on account, on account amounted to ₱400,000 Jan. 8-Total collections on accounts receivable amounted to ₱270,000. Jan. 10-Mr. George took ₱50,000 cash from the business. Jan. 15- Total salaries paid amounted to ₱180,000. Required: 1. Journal entries 2. Ledger 3. Unadjusted Trial balance
- Modupe owns a retail shop. The following are the list of balances extracted from his books of accounts on 31 December 2019. Description Amount Pula Drawings 5,500.00Net Profit 21,100.00Capital 72,000.00Long term loan 10,000.00Creditors 2,500.00Cash in hand 500.00Cash in Bank 8,000.00Debtors 3,000.00Inventory 12,000.00Land Buildings 40,200.00Vehicles 28,400.00Equipment 8,000.00Required: Prepare a Balance Sheet / Statement of Financial Position for Modupe as at 31 December 2019.1.In the books of accounts of Mr. Majid, the following items are given: Cash OMR 12,000; Commission received OMR 2,000; Furniture OMR 20,000; Land OMR 16,000 Wages Paid in advance OMR 6000 ; Accounts payable OMR 20,000; Long term loan OMR 16,000 ; Capital OMR 16,000 Rent paid OMR 2,000 ; Additional Capital OMR 2,000 A. Arrange the above items as Assets, Liabilities, Revenue and Expenses. B. Apply the items into an accounting equation and prove that accounting equation is always equal.a self employed business consultant took out a loan to purchase a car. he uses the car 75% for business. he paid 1000 interest on car . he uses the regular method (actual expenses to compute deduction.how much interesr paid may be deduct 0 250 750 1000