Prepare a journal entries for the following transaction
Q: Cash Mortgage Payable Advertising Expense Capital Stock Equipment Notes Payable Wages Expense Notes…
A: A trial balance is a statement that contains ledger balances. The sum of debit and credit of the…
Q: White Corporation provided you with the following summary of total assets and liabilities at January…
A: Issue of shares at premium will increase share premium balance by amount received in addition to par…
Q: Merle Company pays $1,000 for this month’s rent in cash. The effect to Assets would be: Merle…
A: Accounting equation is based on the double entry system which shows the effect of transactions on…
Q: Given Sales P 1,800,000; Purchases P 684,000, Ending Inventory P 168,000, Operating expenses P…
A: Solution: Cost of sales is computed as = Sales - Gross profit Net income = Gross profit - Operating…
Q: I need answers numbers for this. Merle Company pays $3,000 towards the amount due to the equipment…
A: a) When Equipment purchase on account then it means Assets increase and liabilities increase But…
Q: Required information [The following information applies to the questions displayed below.] Sandra…
A: Solution Tax rate is the rate at which an individual and corporation given tax.Us use progressive…
Q: The Vermillion Inc. wants to raise its working capital. The Company decides to issue 6,000 shares of…
A: A warrant is a type of financial instrument that businesses would offer in return for a cost or…
Q: Roath plc has a large finance function. In two different sections of the finance function, the cash…
A: Answer:- Finance function meaning:- The activities designed to secure and oversee all the financial…
Q: P 3-4 LO3 LO4 Journal Entries from Ledger Analysis T-accounts for JCB Industries, Inc., are shown…
A: The T-accounts are prepared by posting the transactions of business from Journal Book. The…
Q: Answer the following questions. (1) What are the source documents for direct materials, direct…
A: 1. Source documents for Direct material = Material requisition slips For Direct labor = Time tickets…
Q: Integrity CORP uses job order costing. At Jan 31, only Job 101 was the only job in process with…
A: As per question We have to calculate the adjusted Cost of good sold where over - under applied…
Q: The Converting Department of Tender Soft Tissue Company uses the average cost method and had 2,100…
A: EQUIVALENT UNITS OF PRODUCTION Equivalent Units Production is the Cost Accounting Technique on…
Q: followed by one payment of $45,000 at the end of two years, which option would you recommend? The…
A: Present value is calculated by discounting the present cash flow of the projects by interest rate…
Q: On January 1, 2020, Green Corporation granted share options to its employees with a fair value of…
A: Employee Stock Option Plan (ESOP): ESOP is the right given to the employee to buy a certain number…
Q: The following information is made available by Purple Farms in relating to its dairy livestock…
A: Biological assets is one of the important component of assets in the business. It includes living…
Q: Forman of a construction company is responsible for a construction crew comprised of many unskilled…
A: Segregation of duties is key internal control to prevent frauds. According to principle of…
Q: For 2022, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest…
A: Interest expense refers to the cost which is non-operating in nature that is shown in the income…
Q: in the conceptual framework for financial reporting what provides "the why" —the goals and purposes…
A: Financial statements can be defined as the year end documents which states the current position of…
Q: benefit-risk analysis
A: A Break-even point is where the company is in a position to make no profits and no loss. The…
Q: Costs incurred during the year were as follows: January 1 - P400,000 April 1 - 500,000 August 1 -…
A: 10 % Specific Loan for 2 years for building = P800,000 Earned temporary interet = P12,000 General…
Q: The costs of providing useful information do not include 1. disclosure to competitors 2. users…
A: To ensure that all departments are adhering to a specified system of documenting transactions, an…
Q: Madison Makeup reported the following on its most recent financial statements (in $ millions). Fill…
A: A cash flow statement is a report showing the total inflows and outflows of an organization over a…
Q: Which of the following are service businesses? Choose all answers that are c car dealership clothing…
A: Service busines means A service business is an organisation made up of a professional or team of…
Q: The following seven transactions produced the account balances shown above. a. Y. Min invested…
A: Cash T-account is the ledger account in which all the entries relating to cash are posted to…
Q: Orange Corp.’s accounts payable at December 31, 2021, totaled P800,000 before any necessary year-end…
A: Accounts payable is the obligation that an entity has to pay off within a year or less. It is…
Q: A plant produces refrigerators at the rate of P units per day. The variable costs per refrigerator…
A: Variable Cost (Per Refrigerator) = $47.73 + 0.1P1.2 Daily Fixed Charges = $1750 Other Expenses =…
Q: Integrity Company uses standard costing for each specialized product. The following information is…
A: The variance is the difference between the actual data and standard output of the production. The…
Q: A statement of realization and liquidation has been prepared for the RESTLESS Corporation. The…
A: Liabilities not liquidated refer to those business obligations that remain unpaid at the time of the…
Q: Required information [The following information applies to the questions displayed below.] Assume…
A: Depreciation is charged to reduce the value of the assets and this will be on the basis of the…
Q: Madison Makeup reported the following on its most recent financial statements (in $ millions). Fill…
A: Cash flow statement is the one of the most important financial statement. It includes cash flow from…
Q: The plant manager of Integrity Products Co. gathered production statistics for October as follows:…
A: According to the given question, we are required to determine the EUP conversion using the average…
Q: Integrity Company’s Job 1088 manufactured 13,750 units that were completed in February at unit costs…
A: According to the given question, we need to compute the selling price per unit for job 1088.…
Q: Company X reported the following: Beginning work in process inventory Ending work in process…
A:
Q: ASAP. Use 2 decimal places for the final answer 2. The Liam and Vince cargo company is providing…
A:
Q: Exercise 4-10 (Algo) Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2…
A: Journal entry is recording and classifying the business transactions into books of accounts…
Q: he following information relates to the pension plan of Brown company. Defined benefit…
A: Retirement benefit expense is one of the important expense which is reported in income statement. It…
Q: 3 On December 31, the end of the current fiscal year, a US company completed the sale of one…
A: Income statement is a financial statement that records all the income and expenses of the company…
Q: Pizza Hut is an American multinational restaurant chain and international franchise founded in 1958.…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Write CL if the item is normally reported as a current liabilities, NCL if non-current. If not a…
A: Current Liabilities are those form of liabilities which needs to be paid or settled in short period…
Q: The following information is available for a custom manufacturer Inventories Raw materials,…
A: when overhead applied than the actual overhead that means overapplied overhead and when the overhead…
Q: Compute the amount to be paid for each of the four separate invoices assuming that all invoices are…
A: Discount - Purchase Discount is given as 2/10, n/30. Means If the payment made with in 10 days the…
Q: Required: 1. Reconcile the number of physical units to find the missing amounts. 2. Calculate the…
A: Materials is the direct cost incurred on the making of the goods whereas conversion cost includes…
Q: d k t nces [The following information applies to the questions displayed below.] Kubin Company's…
A: Variable Cost :— It is the cost which is changes with change in units. It is constant in per unit…
Q: Barnes Company reports the following for its product for its first year of operations. Direct…
A: Contribution. Margin: "Contribution margin tells you the aggregate amount of revenue available after…
Q: Closing Entries with Net Loss Summit Services Co. offers its services to individuals desiring to…
A: Journal Entry :— It is an act of recording transaction in books of account when it is occurred.…
Q: On January 1, 2021, Red Company leased equipment by signing a four-year lease. Annual rentals of…
A: Right-of-use equipment shall be measured at cost upon its initial recognition. And its Cost includes…
Q: Mayfield’s is a restaurant chain that currently has 8 locations in Chicago. Mayfield’s is a…
A: Financial Accounting Standards Codification 720 states that start up/organization costs should be…
Q: The Home Office in Manila shipped merchandise costing P30,000 to Baguio Branch and paid for the…
A: Home office is the head office which controls and direct the activities of the branch. Largely, the…
Q: Integrity Company uses standard costing for each specialized product. The following information is…
A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…
Q: nse 790 Sales discounts 15,200 Insurance expense 1,240 Sales returns and allowances…
A: Income statement refers to the form of a financial statement which reflects the revenue generated by…
Step by step
Solved in 2 steps with 1 images
- Arnina established a service business to be known as Arnina Photography on July 1, 2021. During the first month, the following transactions occurred: July 1: Arnina transferred cash of P300,000 from her personal bank account to an account to be used for her business. She also invested the following: digital camera, P45,000; manual camera, P25,000; desktop computer, P28,000; photo papers and ink, P14,000. July 4: paid six-month advance rent to Cyrene Commercial Complex, P30,000 July 6: Received a statement of account from Brian News for advertising this month, P5,500. July 8: Bought photo enhancing and editing equipment from Mirzi Outlet for P40,000. Arnina paid 30% down payment and the balances on account. July 12: Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16, 2014. July 13: Photography services rendered totaled P180,000. Terms 25% cash and the balance settled on account. July 14: Purchased office sofa set from Renzo…On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $30,000 from personal funds. b. Purchased office supplies on account, $3,010. c. Paid creditor on account, $1,900. d. Earned sales commissions, receiving cash, $30,690.On May 1, 2018, Ma Concepcion Manalo established the Manalo Rehab Clinic. Transactions completed during the month of July follow: a. Manalo deposited P150,000 in a bank account in the name of the business. b. Paid office rent for the month P11,000. c. Bought supplies for cash , P2,750. d. Bought professional equipment on account from J. Perez Equipment, P142,000. e. Bought office equipment from S. Lacorte Computers, P18,700, paying P8,700 in cash and the remaining balance on account. f. Performed professional services for cash, P32,800. g. Paid accounts to S. Lacorte Computers, P5,000 h. Received and paid the bill for the utilities, P2,830 i. Paid salaries of the part-time assistants, P10,000 j. Performed professional services for cash, P37,250 k. Manalo withdrew cash for personal use, P16,000 Record the transactions for the month of July 2018 using a financial transaction worksheet. Use the following accounts: cash, account receivable, professional equipment, office equipment,…
- S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…AaaArnina established a service business to be known as Arnina Photography on July 1, 2021. During the first month, the following transactions occurred: July 1: Arnina transferred cash of P300,000 from her personal bank account to an account to be used for her business. She also invested the following: digital camera, P45,000; manual camera, P25,000; desktop computer, P28,000; photo papers and ink, P14,000. July 4: paid six-month advance rent to Cyrene Commercial Complex, P30,000 July 6: Received a statement of account from Brian News for advertising this month, P5,500. July 8: Bought photo enhancing and editing equipment from Mirzi Outlet for P40,000. Arnina paid 30% down payment and the balances on account. July 12: Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16, 2014. July 13: Photography services rendered totaled P180,000. Terms 25% cash and the balance settled on account. July 14: Purchased office sofa set from Renzo…
- Dyle Lagomo, Attorney-at-Law, opened his office on September 1, 2019. The following transactions were completed during the month:a. Deposited P210,000 in the bank in the name of the business.b. Bought office equipment on account from Daraga Corp., P147,000.c. Invested his personal law library into the business, P57,000.d. Paid office rent for the month, P7,600.e. Bought office supplies for cash, P8,850.f. Paid the premium for a one-year fire insurance policy on the equipment and the library, P1,860.g. Received professional fees for services rendered, P24,600.h. Received and paid bill for the use of a landline, P2,280.i. Paid salaries of two part-time legal researchers, P9,600.j. Paid car rental expense, P2,880.k. Received professional fees for services rendered, P21,200.l. Paid Daraga Corp. a portion of the amount owed for the acquisition of the office equipment recorded earlier, P15,000.m. Lagomo withdrew cash for personal use, P20,750.Required: Record the transactions for the month…aaArnina established a service business to be known as Arnina Photography on July 1, 2021. During the first month, the following transactions occurred: July 1: Arnina transferred cash of P300,000 from her personal bank account to an account to be used for her business. She also invested the following: digital camera, P45,000; manual camera, P25,000; desktop computer, P28,000; photo papers and ink, P14,000. July 4: paid six-month advance rent to Cyrene Commercial Complex, P30,000 July 6: Received a statement of account from Brian News for advertising this month, P5,500. July 8: Bought photo enhancing and editing equipment from Mirzi Outlet for P40,000. Arnina paid 30% down payment and the balances on account. July 12: Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16, 2014. July 13: Photography services rendered totaled P180,000. Terms 25% cash and the balance settled on account. July 14: Purchased office sofa set from Renzo…Carmelita Budoy, a dentist, established Budoy Clinic. The following transactions occurred during June of this year: Budoy deposited P280,000 in a bank account in the name of the business. Bought a 3-in-1 office equipment from E. Alcantara Equipment for P4,950, paying P1,000 in cash and the balance on account. Bought waiting room chairs and a table, paying cash, P12,300. Bought office intercom on account from Marikina Office Supply, P2,750. Received and paid the telephone bill, P1,080. Performed professional services on account, P12,940. Received and paid the electric bill, P1,850. Received and paid the bill for the Regional Dental Convention, P3,500. Performed professional services for cash, P17,650. Partially settled accounts with Marikina Office Supply, P1,000. Paid rent for the month, P8,400. Paid salaries of the part-time receptionist, P3,500. Budoy withdrew cash for personal use, P8,500. Received P5,500 on account from patients who were previously billed. Required: Prepare…
- On Dec. 1, 2021, Ludivinia Victorino opened a videotape rental store, Cavite Video, by investing P250,000 cash from her personal savings account. During the month of December, the following transactions took place: Dec. 1 4 58 11 16 17 23 24 30 Acquired supplies on account, P67,000. Acquired videotapes costing P235,000, on account. Paid P85,000 to creditors.. Received P78,000 cash from ACA Video for rental fees. Billed Video City for video rentals, P105,000. Paid salaries, P65,000. Collected P77,000 from Video City. Victorino withdrew P47,000 from the business. Paid rent for the month, P41,500. Paid utilities bill for the month, P17,500. Required: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; Videotapes; Accounts Payable; and Victorino, Capital.Alice Angle is an architect who set up her own on 1 March 2021. She supplied the following information about transactions for the first month ended 31 March 2021: 2021 Transaction March 1 eg. Alice deposited capital R70 000 into the business bank account. 1 Paid R5 000 as rent for March 2021. 2. Alice contributed equipment valued at R75 000 that she was using at home. The equipment was fully paid for personally by Alice. Additional equipment was purchased for R35 000 and paid through Alice's personal bank account. 6 The business obtained a loan of R150 000 from Kind Bank and deposited into the _business bank account. The loan is repayable in 3 equal annual instalments. The first instalment is payable on 31 March 2023. Interest is payable monthly at 7% per year beginning on 1 April 2021. 10 Purchased a vehicle for business purposes from Fast Cars Ltd for R220 000. Paid a deposit equal to 20% of the purchases price by making an electronic finds payment (EFT). The balance will be paid in…Mr. Manalo opened a mini grocery store with Business name Manalo Trading. Operations began on April 1, 2021, and the following transactions were completed during the month: 1 Mr. Manalo withdrew P100,000 from a personal savings account and used it to open a new account in the name of Manalo Trading. 2 Acquired an office equipment costing P76,000. A payment of P25,000 cash was made and a note payable given for the P51,000 remainder payable for 6 equal monthly installment. 4 Purchased merchandise from Spendmore Hypermart P49,500, terms 5/10, 3/20, n/30. 5 Paid P1,600 delivery charge for April transactions. 7 Bought office supplies on account P10,700. 8 Paid for three months of advertising and recorded Prepaid Advertising in the amount of P6,000. 10 Returned defective merchandise to Spendmore Hypermart amounting to P4,500. 12 Sold merchandise on account P42,000 with 40% mark-up from the inventory cost of P30,000, term 2/10, n/30. 13 Paid P1,200 freight for April 12 transactions. 15 Paid…