Transaction analysis for each letter A.February 14, 2018 -Jian dela Cruz invested PHP200,000 into hisMinesgate Computer Repair business.Following the three simple steps, our onolysis shali be:It is a business transaction since it afferis the accountingequalion.1.2.The major accounts afferiled are assets and owner's equity. More specifically,the account lillas affected are Cash (increcase through a dehit) and dela Cruz,capital (increase throueh credit).5.iire armourt. io ve vebiieu is P200,0oior Casin (actuuriis winnondi deonbalances are increased through a debit) and the amount to be credited isP200,000 for deia Cruz, Cepitaijaccounts with nermai credit baiances ereincreased through a credit).B.February 15, 2018-Juan dela Cruz purchased one computer unit from OctogonComputer Store to be used for his business. He issued acheck number 001amounting to PHP25,000.February 16, 2018 - Juan dela Cruz hired Perla S'langan, anexperienced secretary.C.

Transaction Analysis Transaction analysis which describes as detailed analysis of the transactions…

Answered: Transaction analysis for each letter

Business

Accounting

Transaction analysis for each letter

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...

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Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.
A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?
The following transactions relate to Xolani Spark’s new electrical business, Xolani Electrical, for the month of February 2013: On 1 st February, Xolani Spark deposited RS 30 000 cash into a bank account in the name of the business as part of his capital contribution. Xolani transferred a vehicle, with a book value of RS 90 000, into the name of the business as the second part of his capital contribution (on 1st February). Two days later he took out a loan with Beep Bank to the value of RS 5 000. The funds/ proceeds from the loan were received the same day. On 5th February he bought tools to the value of RS 10 000 and a stepladder for RS 2 000. These items, to be used as his electrical equipment, were paid for in cash. On 7th February he repaired an air-conditioning system for a customer and received RS 8 000 cash in exchange for his services. Gamma Ltd requested Xolani to install a security lighting system to the value of RS 22 000 for which they paid him RS 12 000 upfront on the…
The following transactions relate to Xolani Spark’s new electrical business, Xolani Electrical, for the month of February 2013: On 1 st February, Xolani Spark deposited RS 30 000 cash into a bank account in the name of the business as part of his capital contribution. Xolani transferred a vehicle, with a book value of RS 90 000, into the name of the business as the second part of his capital contribution (on 1st February). Two days later he took out a loan with Beep Bank to the value of RS 5 000. The funds/ proceeds from the loan were received the same day. On 5th February he bought tools to the value of RS 10 000 and a stepladder for RS 2 000. These items, to be used as his electrical equipment, were paid for in cash. On 7th February he repaired an air-conditioning system for a customer and received RS 8 000 cash in exchange for his services. Gamma Ltd requested Xolani to install a security lighting system to the value of RS 22 000 for which they paid him RS 12 000 upfront on the…
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.
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On 1 January 2020, Mrs. Marissa established Faster Enterprise in providing courier services for the Jitra Valley. The following transactions had taken place during the first month of its operation. January 1 RJ had invested RM100,000 cash and RM35,000 office equipment to the business as a means of capital. 6 Purchased office supplies RM10,000 on credit. 8 Purchased a second-hand van for RM35,000 in cash. 17 Completed services to customers for RM40,000 in cash. 20 Paid creditors RM5,000 for the office supplies purchased on 6 January. 25 Completed services for customer amounting RM25,000 and billed to the account. 29 Paid RM5,000 for employee salaries. 29 Paid electric and miscellaneous expenses for the month RM2,000 and RM2,500 respectively. 29 RJ withdrew cash RM10,000 for personal use. 30 Customer paid his bill in full amount for the services rendered on 25 January. REQUIRED: (a) Journalise the…
Below are the transaction for Sintokish Enterprise as October 2020: Oct 1 Contributed RM30,000 of cash and RM20,000 of equipment to start the business. Oct 3 Borrowed RM80,000 from the bank by signing a notes payable. Oct 15 Purchased a van by paying cash for RM75,000. Oct 17 Paid January rent of RM1,500 for the office space by credit. Oct 22 Performed services for customers and received cash immediately for RM20,000. Oct 23 Purchased RM600 in supplies on account. Oct 25 Performed services for customers and will collect next month of RM123,000 Oct 26 Withdrew of cash RM700 and equipment RM300. Oct 28 Paid RM1000 to the bank for notes payable. Oct 30 Paid half of amount for Oct 23 transaction. REQUIRED: Prepare the relevant journal entries to record the above transactions. Omit the explanations.
The following are the business transactions of Flora Florist for the month of October 2020: Oct 1 Started a business with capital of RM10,000.00. The money is deposited into the business bank account. 4 Bought a furniture and fittings for RM1,800.00, paid by cheque. 6 Bought an office equipment for RM2,500.00 on account. 8 Sold 5 bouquets of flowers amounting RM750.00 and received cash. 11 Obtained a loan of RM3,500.00 from a friend, Tina Richards. Deposited the money into the business bank account. 15 Sold 95 bouquets of flowers amounting RM3,325.00 to Sekolah Kebangsaan Proton City for a Year 6 Graduation. The school promised to pay at a later date. 18 Drawings RM250.00 by cheque. 23 Sold 15 bouquets of flowers amounting RM825.00 and received cash. 28 Paid wages RM500.00 and rent RM400.00 by cheques respectively. Required: Determine the effect of each transaction on the accounting equation.
David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. The Schedule is complete, however, I'm struggling with the journal entries. I attached images of the completed schedule to assist with the journal entries. 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). 1 Record the sale…
David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.) Cash Equipment Accum. deprec. Equipment Accounts Pay. Notes Pay. David Wallace, Capital Olena Dunn, Capital Danny Lin, Capital Account balance, December 31, 2020 $40,300 $191,000 $102,000 $8,300 $25,000 $44,000…
David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.)