The owner withdrew $4,000 for personal expenses. Which account is credited? *
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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.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
- Paid $3,200 to the owner for his personal use. What would be the correct General Ledger Entry?Volcano Inc. Received 1,000 cash in advance for work to be performed. How will this transaction affect the accounts?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?
- The total assets of Total Care services amounted to 2,000,000 and liabilities amounted to 500,000. The owner withdrew cash amounting to 32,000. By how much is the total liabilities lower than the owner's equity after the withdrawal?Foster, Inc., purchased a truck by paying $5,000 and borrowing the remaining $25,000 required tocomplete the transaction. Briefly state how this transaction affects the company’s basic accountingequation.Give the effects of the following transactions on ASSETS, LIABILITIES, OWNER’S EQUITY, REVENUES, AND EXPENSES. 7. Bought supplies, P300. 8. Partial payment of account with Villena’s Beauty Center,P3,000. 9. Receipts for the week,P5,000.