O ll ZAIN IQKOREK2_534175717372...On 3/4/2015, AI Diyar Car Maintenance Company was established with a capital of $ 140,000 in cash.On 5/3 / a workshop (machines) was purchased for an amount of $ 50,000, half of its price was paid in cash andthe rest on the account is assigned after two monthsOn 3/7 / Purchase of a car for the amount of ($ 6000) on the account from AH-Amer CompanyOn 3/8, I paid an advertisement in the newspaper ($ 500) in cash10/3 / Purchase devices for $ 3000, paying half of its price in cash and the rest on the account from theequipment company.20/3 / The company has paid half of the debt to AI-Amer Company in cash.22/3 / The company received maintenance services revenue ($ 10,000 in cash)25/3 / The company provided maintenance services to Al-Kamal Company, at a value of $ 2000, and it has notyet been received27/3 / The debt has been paid to the equipment company.31/3 /I paid the workers' wages ($ 1000).The required /1- to conduct the journal entries and migrate them to the professor's record.2- Preparing the trial balance3- Preparing the income statement and the budget

Identify transactions Record Journal entries Post them in their respective ledgers Prepare…

Answered: The required / 1- to conduct the…

The required / 1- to conduct the journal entries and migrate them to the professor's record. 2- Preparing the trial balance 3- Preparing the income statement and the budget

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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: 2 Mr. Lopez invested equipment for the business worth ₱30,000. 3 Bought supplies on account for ₱12,600. 4 Acquired 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. 5 Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8 Paid ₱1,200 delivery charge for December 5 purchase. 10 Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11 Paid ₱700 freight for December 10 transaction. 13 Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15 Paid salaries, ₱12,300 16 Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17 Received returned merchandise from customers on December 10, ₱4,000. 18 Paid…
On June 1, C invested 800,000,000 VND cash in the company and received from the supplier some spare equipment worth 10,000,000 VND as a gift. The company rents a building that focuses on evaluating the operation as well as a warehouse for 350,000,000 VND per month, and the company prepaid it in cash. (1) On June 2, KCt spends 2,600,000 VND to purchase stationary equipment and paid in cash. The company provides consulting services of 28,000,000 VND and rents its test facilities for 200,000,000 VND to a podiatric services center. (3) KCt company purchased wood, paint from a supplier for 28,000,000 VND on July 3 on credit terms from PenFur Supply Company. (3) On June 4, KCt has used the housing cleaning service of Housing Services Company to clean and decorate the office for 70,000,000 VND. By prearrangement, KCt company delayed the payment in two installments, one June 12 and on June 18. (4) KCt Company purchased furniture from Furniture Company for 27,000,000 vnd on June 5 under Credit…
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?
On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
Rosie Flower's business has a capital balance of £76600 on 1 June 20X3. During the month of June the following transactions take place. Inventories purchased on credit for £3000 Sale of goods for cash of £3600. The goods had cost £2100. Receipt of bill for petrol for the month of June of £1200 Cash received from credit customers of £1500 Rosie takes goods which had cost £670 out of the business for her own use Payment of credit suppliers of £2600 What is the balance on the business's capital account at 30 June 20X3?
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…
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…
XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of operations. The accounts for the financial year ending 30 June 2021 are as follows: Sales 100,000 Accounts receivable 80,000 Drawings 20,000 Building 20,000 Bank loan, due 30 June 2030 100,000 Cost of sales 50,000 Accumulated depreciation - Building 10,000 Cash 60,000 Wages 15,000 Opening retained profit 0 Electricity 500 Capital 50,000 Property, plant and equipment 20,000 Depreciation 12,000 Accounts payable 30,000 Accumulated depreciation - Property, plant and equipment 2,000 Accrued expenses 500 Interest expense 5,000 Insurance expense 10,000 Closing retained profit ??? Required: Prepare an income statement in the Excel template in the 'Income Statement' tab on the LMS, upload your worksheet. Ignore GST and taxes.
XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of operations. The accounts for the financial year ending 30 June 2021 are as follows: Sales 100,000 Accounts receivable 80,000 Drawings 20,000 Building 20,000 Bank loan, due 30 June 2030 100,000 Cost of sales 50,000 Accumulated depreciation - Building 10,000 Cash 60,000 Wages 15,000 Opening retained profit 0 Electricity 500 Capital 50,000 Property, plant and equipment 20,000 Depreciation 12,000 Accounts payable 30,000 Accumulated depreciation - Property, plant and equipment 2,000 Accrued expenses 500 Interest expense 5,000 Insurance expense 10,000 Closing retained profit ??? Required: Prepare a balance sheet in the Excel template in the 'Balance Sheet' tab on the LMS, upload your worksheet. Ignore GST and taxes.