Financial Accounting
5th Edition
ISBN: 9781618531650
Author: Thomas Dyckman
Publisher: Cambridge Business Publishers
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Chapter 3, Problem 40P
a.
To determine
Prepare T-accounts from the given accounts.
b.
To determine
Record transaction using financial statement effects template and in the form of journal entry
c.
To determine
Prepare an unadjusted trial balance.
d.
To determine
Prepare adjusting entries using financial statement effects template and in the form of journal entry.
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Hyun Bin opened his computer repair services shop on November 30, 2018. The followingtransactions happened during the operations of the business since the opening of the shop. Thebusiness uses a calendar accounting period.Dec 1  Hyun Bin deposited P500,000 to the account of the business as initial investmentDec 2  Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms.Dec 3   Bought office supplies for 25,000. Expense method is used.Dec 5  Billed various customers for services rendered, P80,000.Dec 8  Paid rent for three months at P15,000 per month. Asset method is used.Dec 10  Paid taxes and licenses, P8,000.Dec 14  Received partial payment of billing on December 5, P50,000.Dec 15  Paid half month salary of the staff receiving P36,000 on a monthly basis.Dec 18.  Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000.Dec 20   Paid advertising expenses for 6…
Prepare journal entries for the transactions for Gordon Co for the month of July 2021.
7/2
Barry Gordon invested 30,000 to start the business
Paid 1,100 for the current month's renf
Purchased 1,500 of supplies on account.
Purchased advertising from Evening Journal at a cost of 1,250 payable in 15 days.
7/15 Provided 2,000 of service to H Co. collected 500 cash and balance on account
7/3
7/5
7/9
7/19 Paid for advertising purchased from the Evening Journal on 7/9
7/21 Purchased equipment from T Co. for 6,500, paid cash 1,500 and balance on account
7/24 Hired assistant at a salary of 750 per week
7/28 Received 1,000 cash advance for service to be provided in August
7/29 Received utility bill for 225
7/30 Collected accounts receivable from H Co.
Gordon withdrew 2,000 cash for personal use
Paid assistant 750 salary for the week.
7/31
7/31
Question
Hyun Bin opened his computer repair services shop on November 30, 2018. The followingtransactions happened during the operations of the business since the opening of the shop. Thebusiness uses a calendar accounting period.Dec 1  Hyun Bin deposited P500,000 to the account of the business as initial investmentDec 2  Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms.Dec 3   Bought office supplies for 25,000. Expense method is used.Dec 5  Billed various customers for services rendered, P80,000.Dec 8  Paid rent for three months at P15,000 per month. Asset method is used.Dec 10  Paid taxes and licenses, P8,000.Dec 14  Received partial payment of billing on December 5, P50,000.Dec 15  Paid half month salary of the staff receiving P36,000 on a monthly basis.Dec 18.  Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000.Dec 20   Paid advertising expenses for 6…
Chapter 3 Solutions
Financial Accounting
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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