PROBLEM: MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from his personal savings. He deposited the money in a bank account he want a build a business "Tea Tan's" MAY 3 Mondie boughts a blender machine, refregirator and other necessary equipment from E.Nena Inc., at a cost of P 50,000 E. Nena INC., agreed to allow 60 days for the firm to pay the bill. MAY 5 Mondie placed an order for electric etc. and other supplies that had a total cost of P 10,000. the entity that sold the items, Cagayan Supplies Inc., requires cash payment form a businesses that are under seven month old. MAY 9 Mondie decided to pay P20,000 to E. Nena Inc. to reduce the firms debt to that business. MAY 13 Tea Tan's earned P 60,000 of revenue from charge account clients. These clients are allowed 30 days to pay.
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- JECAF Convenience Store: Sole Proprietorship John Emmanuel is the owner of JECAF Convenience Store. The store was established on January 2, 20Z1. John Emmanuel deposited P50,000 to a bank account in the name of JECAF Convenience Store. HE made four more deposits of P3,000 each during the year from his personal account. The store generated net income of P63,435 in 20Z1. John Emmanuel regularly withdraws P1,000 per month from the store’s bank account for his personal use. Requirements: 1. Determine the 20Z1 year-end balance of the John Emmanuel, Drawings account. 2. Prepare a Statement of Changes in Equity for the year ended December 31, 20Z1.need asap Given: FABM Company, a service firm rendering computerizedaccounting services has the following transactions for themonth of June 2018:June 1Owner invested his savings worth P10, 000, 000 intothe business.June 3He bought P1.5 M worth of equipmentJune 5He also invested furniture and fixtures with 250,000June 7Rendered services to clients worth 150, 000 andreceived cash payment immediatelyJune 10Rendered services to clients worth 250, 000 onaccountJune 12Purchased computer supplies amounting to 30,000and issued a promissory noteJune 14Rendered services to clients worth 650, 000 withterms 50% down, balance on accountJune 15Paid salaries of employees worth 45,000June 18Collected half of the amount due last June 10June 20Paid the total amount due for utilities amounting to55, 000June 22Cash receipts amounting to 75,000 from cash salesservicesJune 24Paid the whole amount due on the noteJune 26Paid Philhealth contribution of the employeesamounting to 5,000June 28Borrowed P150,000…* 100 ll 2 p E:YA 2_54180033916640... Sonia opens a plastic bag shop in Kangar. She rent shop lots, purchases an initial stock of plastics bag, and begins operations. Complete are the general journal entries for the first month Date Account name and explanation debit credit 01/03/2010 A/C 10,000 A/C- 10,0000 Owner contributes $10,000 in cash to start the business 05/03/2010 A/C- 4000 AC- 4000 Purchased $4000 plastic bags on account, payable in 30 days. 05/03/2010 A/C- 1000 AC 1000 Paid shop rental of $1000. 09/03/2010 A/C -? 500 AC- 500 Customer buy goods for cash.
- 01 On 1 April, the owner decided to start a laundry business. He withdrew R200 000 from personal savings account and deposited it directly into HI-Lo traders bank account 03 HI-Lo Traders obtained a loan of R30 000 with a repayment period of 12 months from invest Bank account 05 Hi-Lo Traders bought equipment from Blue Furnishers for R16 000. Hi-Lo made a payment of 16 000 directly into Hi-Lo bank account 09 A Cash sale amounting to R45 000 was made, the good were originally purchased at a cost of 35 000 13 Hl-Lo traders bought equipment on credit from Risk Furniture for R9000 15 HI-Lo Traders made a direct payment into the bank account of Risk Furnisher to pay their amount of 9000 18 The owner withdrew 1200 from the business to buy his daughter a birthday present 19 Hl-Lo Traders offered a service worth R5000 to Mr Bogus on credit 27 Hl-Lo Traders placed an advertisement in a local newspaper for R350 Payment was only due in…2. 14 1= <- 2 - 2 -32 You are to refer to Kate Minimart operation below: Kate operates animart store located in a private estate. She invested $20,000 of her own funds and took an additional $10,000 bank loan to pay I for the renovation and store fittings totaled $22,000, balance funds to use for operation needs. Kate paid a monthly rent of $5,000 for the store. The minimart sells a variety of goods estimated a total worth of $10,000. All sales are on cash basis amounting to about $12,000 to $14,000 each month. Kate is at a loss how to prepare the accounts for her business. You will perform the following: Select an accounting principle and explain how it can be applied to Kate Minimartfter researching the different forms of business organization. Lily Koebel decides to operate "Cookie Creations" as a proprietorship. he then starts the process of getting the business running. In November 2021, the following activities take place. Nov. 8 8 11 13 14 (a) 16 17 20 25 30 Lily cashes her U.S. Savings Bonds and receives $540, which she deposits in her personal bank account. She opens a bank account under the name "Cookie Creations" and transfers $520 from her personal account to the new account. Lily pays $70 for advertising. She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $130 cash. (Hint: Use Supplies account.) Lily starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top- of-the-line food processor and mixer that originally cost her $780. Lily decides to start using it only in her new business. She estimates that the equipment is currently worth $310. She invests the equipment in…
- BUSINESS BACKGROUND Outlanders Enterprise is a sole proprietorship owns by Encik Nazrullah which is located at Taman Melawati 53100 Ulu Klang, Selangor. The main activity is selling and supplying variety of phone accessories. The business opens from 8.00 am to 5.00 pm every day except on Friday and public holiday. Encik Nazrullah started his business on 1 July 2020 with his own money of RM100,000 cash in hand. He also brought into his business an office equipment (laptop) valued at RM5,000. He hired 3 workers; Anwar, Azman and Annisa to help him. They will be paid RM2,000 per month each. INSTRUCTIONS FOR THE COMPREHENSIVE PROJECT Read and analyze the business background, accounting policy and procedures. Journalize all the daily transactions in chronological order into the general journals. Note: Narrations are not required for all respective transactions. Post all business transactions from the journals to the appropriate ledgers. Transfer the balances (debit or credit) from the…ACCOUNTS FURNITURES ACCOUNTS UTILIITES OWNER'S TRANSACTION CASH RECEIVABLES & FIXTURES PAYABLE PAYABLE EQUITY 1. Mr. Chu invested P65,000 2. Mr. Chu bought furnitures for his business worth P9,675 3. Mr. Chu borrowed P47,000 from Ms. Chi to add to his business 4. Mr. Chu sold #31,850 worth of products on account 5. Mr. Chu paid the water, electricity and internet bill worth, P900, P3200 and P1999, respectively 6. Mr.Chu delivered orders and received payment of P18,950 for the products 7. Mr. Chu paid Ms. Chi P32,000 8. Mr. Chu invested another P16,200 9. Mr. Chu Paid Ms. Chi P43,000 Total Assets: Total Liabilities: Total Owner's Equity:profile-image Time remaining: 00 : 09 : 42 Accounting Part II : Nick had a general purpose truck (“Old Truck”) that he used in his sole proprietorship. Nick originally acquired the Old Truck in 2018 by paying $23,790 in cash, performing consulting services for the seller worth $5,600, and financing the remainder of the purchase price with a $7,100 loan. During 2021, Nick traded in the Old Truck to a car dealership while purchasing a used general purpose truck (“Used Truck”). Nick and the car dealership are unrelated to each other. As part of the exchange, the dealership gave Nick a trade-in allowance of $8,300 for the Old Truck (i.e., credited $8,300 against the total purchase price for the Used Truck) and assumed the remaining $2,700 outstanding balance of his liability (i.e., the unpaid balance of the $7,100 loan that Nick took out when he acquired the Old Truck in 2018). Nick properly took $28,083 of depreciation on the Old Truck. Finally, Nick had to pay the government a $45 fee to…
- journal entry Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2022, and the following transactions were completed during the month: 1 Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 2 Bought grocery supplies on account ₱10,700. 4 Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment. 6 Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20. 7 Paid ₱1,600 delivery charge for January 6 transactions. 8 Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000. 11 Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30. 12 Paid ₱1,200 freight for January 11 transactions. 14 Returned defective merchandise to Puregold amounting to…Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction worksheet indicated on the next page. Write your answers on a separate sheet of paper. June 1 Kim investedPhp 500,000.00 cash and equipment amounting to Php100,000.00 to open Chinita Girl Spa. 2 She borrowed Php 50,000.00 cash from Bamba Bank to be used for her business. 7 She bought tables and chairs from Maginhawa Furnitures and paid Php 20,000.00 cash. 15 Various equipment were purchased on account from Beauty Shoppy for Php 50,000.00. 18 She made a withdrawal of Php 10,000.00 for her personal use. 20 The account due to Beauty Shoppy was paid in cash. 21 Chinita Girl Spa Services was hired. The cash of Php 10,000.00 was received from the customer. 22 Gas and oil worth Php 1,000.00 and equipment repairs worth Php 1,000.00 were paid in a…Create journal entries for sage 50. ? 1.The owner Jasmine, had the bank transfer (by the bank memo) $20000 from the personal savings account to the business bank account to start the business. 2. Negotiated a 5-year bank loan of $40000 at an annual interest rate of 9.50% with Loyal Bank. The money was deposited in the bank account today. 3.Received invoice 402 for $1200 plus HST from Captain Insurance, for a one-year business Insurance Policy, commencing Aug 1, 2018. Issued cheque #1001 to pay this invoice.