FINANCIAL ACCT(HARDBK)+MYACCTGLAB>ICB<
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ISBN: 9780136615583
Author: REIMERS
Publisher: PEARSON C
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Chapter 3, Problem 63PA
1 and 2
To determine
Prepare the
3.
To determine
Prepare the financial statements.
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[The following information applies to the questions displayed below.]Following are the transactions of a new company called Pose-for-Pics.
August 1
M. Harris, the owner, invested $5,750 cash and $24,725 of photography equipment in the company in exchange for common stock.
August 2
The company paid $3,200 cash for an insurance policy covering the next 24 months.
August 5
The company purchased supplies for $1,093 cash.
August 20
The company received $3,900 cash from taking photos for customers.
August 31
The company paid $878 cash for August utilities.
Open a ledger account for Cash in balance column format. Post general journal entries that impact cash from above transactions to the ledger account for cash.
Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P Accounting Firm.” The following were the transactions during the months of November and December 2011:
The owner provided P30,000 cash as initial investment to the business on November 1, 2011.
Obtained a 12%, one year, bank loan for P50,000 on November 1, 2011. Principal and interest are due at maturity date.
Purchased office supplies worth P60,000 for cash during the period.
Rendered services worth P280,000 for cash during the period.
Paid utilities expense of P4,000.
The owner withdrew a total of P100,000 cash from the business during the period.
Additional information:
a. Unused office supplies on December 31, 2011 amounted to P5,000
With the given information:
1. Prepare the closing the entries.
2. Prepare the balance sheet and income statement.
Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P Accounting Firm.” The following were the transactions during the months of November and December 2011:
The owner provided P30,000 cash as initial investment to the business on November 1, 2011.
Obtained a 12%, one year, bank loan for P50,000 on November 1, 2011. Principal and interest are due at maturity date.
Purchased office supplies worth P60,000 for cash during the period.
Rendered services worth P280,000 for cash during the period.
Paid utilities expense of P4,000.
The owner withdrew a total of P100,000 cash from the business during the period.
Additional information:
Unused office supplies on December 31, 2011 amounted to P5,000.
With the given information:
Prepare the unadjusted trial balance.
Provide the adjusting entries.
Complete the worksheet [unadjusted trial balance, adjustments, adjusted trial balance, balance sheet and income statement]
Chapter 3 Solutions
FINANCIAL ACCT(HARDBK)+MYACCTGLAB>ICB<
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