Journals. Various equipment were purchased for the business amountingMr. Cabiling invested Php 1, 000.000.00 cash for his businessAugust1 -2-to Php 100,000.004 -Cabiling Housekeeping Services was hired by a customer andthey received a payment of Php 5, 000.00.5-Cabiling paid Php 3,000.00 for the salary of the employees.Another customer hired the service of Cabiling Housckeeping. Abill was issued to them for Php 10,000.00 of which 90% wascollected.7-13 -Cabiling paid Php 2.000.00 for the telephone bill.21 -Cabiling invested again the amount of Php 50,000 in thebusiness.25 -The account on August 7 was finally collected im full.The De Guzman family hired Cabiling Housekeeping Services toclean their mansion amounting to Php 20.000.00. The familypaid the amount of Php 5,000.00 and the balance will be paidon August 30.28 -30 -Cabiling collected the balance from De Guzman family

Various equipment were purchased for the business amounting Mr. Cabiling invested Php 1, 000,000.00 cash for his business August1 - Various equipment were purchased for the business amounti, to Php 100,000.00 2-

Various equipment were purchased for the business amounting Mr. Cabiling invested Php 1, 000,000.00 cash for his business August1 - Various equipment were purchased for the business amounti, to Php 100,000.00 2-

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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For each of the following situations write the principle, assumption, or concept that justifies or explains what occurred. A. A landscaper received a customers order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. The owner should record the revenue from the customer order in March of next year, not in December of this year. B. A company divides its income statements into four quarters for the year. C. Land is purchased for $205,000 cash; the land is reported on the balance sheet of the purchaser at $205,000. D. Brandys Flower Shop is forecasting its balance sheet for the next five years. E. When preparing financials for a company, the owner makes sure that the expense transactions are kept separate from expenses of the other company that he owns. F. A company records the expenses incurred to generate the revenues reported.
George Hoskin started his own business, Hoskin Hauling. The following transactions occurred in the first two weeks: A. George Hoskin contributed cash of $12,000 and a truck worth $10,000 to start the business. He received Common Stock in return. B. Paid two months rent in advance, $800. C. Agreed to do a hauling job for a price of $1,200. D. Performed the hauling job discussed in C. We will get paid later. E. Received payment of $600 on the hauling job done in D. F. Purchased gasoline on credit, $50. G. Performed another hauling job. Earned $750, was paid cash. Record the following transactions in T-accounts. Label each entry with the appropriate letter. Total the T-accounts when you are done.
Jerome Garcia started a new business and completed these transactions during August: Aug. 1 Garcia invested PHP48,000 cash in the business. 1 Rented office space and paid PHP800 cash for the August rent. 3 Purchased exploration equipment for PHP22,000 by paying PHP12,000 cash and agreeing to pay the balance in 3 months. 5 Purchased office supplies by paying PHP1,500 cash. 6 Completed exploration work and immediately collected PHP420 cash for the work. 8 Purchased PHP1,350 of office equipment on credit. 15 Completed exploration work on credit in the amount ofPHP8,000. 18 Purchased PHP700 of office supplies on credit. 20 Paid cash for the office equipment purchased on August 8. 24 Billed a client PHP2,400 for work completed; the balance is due in 30 days. 28 Received PHP5,000 cash for the work completed on August 15. 30 Paid the assistant’s salary of PHP1,100 cash for this month. 30 Paid PHP340 cash for this month’s utility bill. 30 Garcia withdrew PHP1,050 cash from the business for…
Jerome Garcia started a new business and completed these transactions during August: Aug. 1 Garcia invested PHP48,000 cash in the business. 1 Rented office space and paid PHP800 cash for the August rent. 3 Purchased exploration equipment for PHP22,000 by paying PHP12,000 cash and agreeing to pay the balance in 3 months. 5 Purchased office supplies by paying PHP1,500 cash. 6 Completed exploration work and immediately collected PHP420 cash for the work. 8 Purchased PHP1,350 of office equipment on credit. 15 Completed exploration work on credit in the amount of PHP8,000. 18 Purchased PHP700 of office supplies on credit. 20 Paid cash for the office equipment purchased on August 8. 24 Billed a client PHP2,400 for work completed; the balance is due in 30 days. 28 Received PHP5,000 cash for the work completed on August 15. 30 Paid the assistant’s salary of PHP1,100 cash for this month. 30 Paid PHP340 cash for this month’s utility bill. 30 Garcia withdrew PHP1,050 cash from the…
Journalized the following transactions. 1. Received a lot worth Php 300,000.00 from Mr. Mat. Tiaga as his initial investment in a Photo Shop. 2. Paid the license fee of Php 2,000.00 to the municipal treasurer. 3. Bought 3 units of camera for Php 25,000.00 each from SM payable in 3 months 4. Photo services was rendered to cash customers Php 15,500.00 5. Paid the utilities for the month -Php 5,000.00 6. Billed a customer Mr. Santos for Php 20,000.00 7. Signed a contract to St, Thomas Academy with a monthly payment of Php 3,000.00 for one year for Photo services 8. Paid SM Marketing for Php 60,000.00 only and issued a 30-day promissory note for the balance 9. Collected the payment of Mr. Santos 10. Received the first month fee from General Hospital
Financial Accounting Project:1. The owner, Josef Miguel, invested Php250,000 cash in the business. He registered the business with the following expenditures:a. Mayor’s permit, Php5,000b. DTI registration, Php600c. BIR/TIN Registration, Php500d. Transportation during the processing of registration, Php3002. After the business permit was taken, he started the business with the following cash expenditures:a. Paid in cash rent of office space, Php24,000b. Paid insurance, Php60,000c. Purchased supplies, Php3,000d. Purchased of second-hand delivery truck, Php150,0003. Total delivery income for the month, Php300,000 of which 40% are on account.4. Received cash advance amounting to Php180,000 for delivery services to be rendered in 18 months.5. Billed customers for services rendered, Php45,000.6. Expenses paid / incurred during the month were as follows:a. Salaries, Php40,000b. Utilities, Php2,000c. Transportation, Php3,000d. Telephone, Php6,0007. Collected 50% of transaction no. 38. Withdrew…
Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that keeps and restores the customers’ cars to good operating condition. Tired of being an employee, he decided to put up Express Repair Shop. During the month of January 2020, Menorca completed the following transactions: Started his business by transferring Php 90,000 of his personal money to the business bank account; Paid rent for the month, Php 12,000; Purchased several equipment for Php 40,000; made a down payment of Php 20,000 and arranged to pay the balance the following month; Bought supplies for cash amounting to Php 6,000; Performed services amounting to Php 70,000 of which Php 40,000 was received in cash; Paid the following cash expenses: wages, Php 20,000; utilities, Php 6,000. REQUIRED: Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; D. Menorca, Capital; Service Revenue; Wages Expense; Rent Expense; Utilities Expense Record the…
Analyze and balance thefollowing transaction of Mr. Mallari Jan 1 - The owner invested cash of PHP 1,000,000. Jan 4 - Purchased equipment at PHP 100,000 for cash. Jan 8 - The owner withdrew cash of PHP 50,000. Jan 12 - The company purchased supplies worth PHP 12,000 on account. Jan 18 - The business incurred PHP15,000 expenses and paid in cash. Jan 20 - Paid liabilities worth PHP 7,000. Jan 23 - The business used supplies worth PHP8,000. Jan 25 - Paid liabilities worth PHP 3,000 in cash. Jan 28 - The business earned PHP 80,000 cash from providing services. Jan 31 - The business incurred PHP 15,000 for car repair expenses and paid in cash.
Frontier Park was started on April 1 by C. J. Mendez. The following selected events andtransactions occurred during April. April 1 Mendez invested Tk. 40000 cash in the business. April 4 Purchased land costing Tk. 20000 for cash. April 8 incurred advertising expense of Tk. 1900 on account. April 11 Paid salaries to employees Tk. 3000 April 12 Hired park manager at a salary of Tk. 4000 per month, effective May 1. April 13 Paid Tk. 1500 cash for a one-year policy. April 17 Withdrew Tk. 1100 cash for personal use. April 25 Sold 100 coupon books for Tk. 25 each. April 30 Received Tk. 8500 in cash admission fees. April 30 Paid Tk. 900 on account for advertising incurred on April 8. Requirement: Journalize the April transactions.
Aracel Engineering completed the following transactions in the month of June.J. a) Aracel, the owner, invested $205,000 cash, office equipment with a value of $8,800, and $63,000 of drafting equipment to launch the company in exchange for common stock. b) The company purchased land worth $56,000 for an office by paying $9,600 cash and signing a note payable for $46,400. c) The company purchased a portable building with $57,000 cash and moved it onto the land acquired in b. d) The company paid $5,000 cash for the premium on an 18-month insurance policy. e)The company provided services to a client and collected $7,900 cash. f) The company purchased $33,000 of additional drafting equipment by paying $9,900 cash and signing a note payable for $23,100. g) The company completed $19,000 of services for a client. This amount is to be received in 30 days. h) The company purchased $1,950 of additional office equipment on credit. i) The company completed $27,000 of services for a customer on…
1. The business is a trading business. For the period it purchased goods for sale valued of Php 100,000. The goods were all sold for a total price of Php 120,000. For the sale only 10% was received as down payment at the end of the year 30% are still collection. How much is the business income? 2. The business was put up from a cash of Php 200,000 the initial capital of the owner. Then, Php 40,000 of the cash was used to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of Php 20,000. How much are the total assets of the business.
Financial Accounting Project:1. The owner, Josef Miguel, invested Php250,000 cash in the business. He registered thebusiness with the following expenditures:a. Mayor’s permit, Php5,000b. DTI registration, Php600c. BIR/TIN Registration, Php500d. Transportation during the processing of registration, Php3002. After the business permit was taken, he started the business with the following cashexpenditures:a. Paid in cash rent of office space, Php24,000b. Paid insurance, Php60,000c. Purchased supplies, Php3,000d. Purchased of second-hand delivery truck, Php150,0003. Total delivery income for the month, Php300,000 of which 40% are on account.4. Received cash advance amounting to Php180,000 for delivery services to be rendered in18 months.5. Billed customers for services rendered, Php45,000.6. Expenses paid / incurred during the month were as follows:a. Salaries, Php40,000b. Utilities, Php2,000c. Transportation, Php3,000d. Telephone, Php6,0007. Collected 50% of transaction no. 38. Withdrew…