Required: • Statement of Equity • Statement of Performance • Statement of financial position
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- Required Journal Entry Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2021, 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 ₱4,500.…JOURNAL ENTRY and LEDGER 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…Jay Mercado Photocopying Center July 31,2015 July 1- Mr. Mercado invested cash of P30,000 in the business to be known as JM Photocopying Center. July 1- Mr. Mercado invested a photocopying machine amounting to P30,000 with sales invoice) in his business. July 1- Mr. Mercado invested the following in his business: Cash – P30,000 and Photocopying Equipment P30,000 (with sales invoice). In addition, his Loan Payable of P50,000 would be assumed by the business. July 2 – JM Photocopying Center paid P10,000 for the purchase of bond papers (with sales invoice) July 3 - JM Photocopying Center paid for business permits and licenses amounting to P2,000 (with official receipt). July 10 – Mr. Mercado hired one personnel with a weekly salary of P1,000 to look after the business (with employment contract). July 16 – JM Photocopying Center received P8 ko,000 cash for services rendered (with official receipt). July 17, 24, 31 - JM Photocopying Center paid for the weekly salary for the personnel (with…
- Instructions.1. Prepare the general journal entriesDATE TRANSACTIONS1/2/16 Invested PHP500,000 to his business. The trade name of the business was “MR.LABANDERO”1/3/16 Hired Allan and Allie who will manage his business1/4/16 Collections from various customers for the day - PHP3,0001/5/16 Purchase store supplies from Labada Store - PHP10,0001/7/16 Collections from various customers for the day - PHP8,0001/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business willdo all the laundry of the hotel.1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment willbe made on January 20, 2016.1/10/16 Collections from various customers for the day - PHP12,0001/12/16 Purchase a washing machine amounting to PHP50,0001/15/16 Collections from various customers for the day - PHP20,0001/19/16 Paid electricity bill for the month amounting to PHP18,0001/20/16 Received payment from Sikat Hotel amounting to PHP15,0001/21/16 Paid salaries of…Problem 1 Yuhom had the following transactions in its September 2020 operation: Parah Yuhom started a beauty saloon business by depositing Php600,000 into her business 'Yuhom Palangga'. Sept. 1 Sept. 2 Paid Php8,000 to cover her first months rent. Sept. 2 Ordered beauty saloon equipment worth Php150,000. Sept. 5 Purchased beauty supplies Php10,000 on account. Sept. 7 Saloon equipment is receive paying Php50,000 cash, and the balance in two equal monthly installment. A full time worker is hired. The employee will work 40 hours per week starting Sept. 8 at a rate of Php80 per hour. Sept. 7 Sept. 15 Paid employee Php6,400 for a week of work. Sept. 20 Finished jobs for the week earning Php30,000, receiving Php17,000 cash and the balance to be billed. Sept. 22 Received Php18,000 down payment for a wedding job in October 2020 Sept. 29 Received cash Php10,000 from customers billed on Sept. 20. Sept. 30 Makeup and hairstyling job finished receiving cash of Php40,000. Sept. 30 Received water…Prepare the general journal entries for the following transactions. Mr. Laban Deyro opened his laundry business in Iloilo City on January 2, 2016. The following transactions occurred during the month of January 2016: DATE TRANSACTIONS 1/2/16 Invested PHP500,000 to his business. The trade name 1/3/16 Hired Allan and Allie who will manage his business 1/4/16 Collections from various customers for the day- PHP3,000 1/5/16 of the business was "MR. LABANDERO" Purchase store supplies from Labada Store - PHP10,000 1/7/16 Collections from various customers for the day - PHP8,000 1/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business will do all the laundry of the hotel. 1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment will be made on January 20, 2016. 1/10/16 Collections from various customers for the day- PHP12,000 1/12/16 Purchase a washing machine amounting to PHP50,000 1/15/16 Collections from various customers…
- 12:14 Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 01 Mr. Lopez withdrew PHP 150,000.00 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 02 Bought grocery supplies on account PHP 10,700.00. Acquired a service vehicle costing PHP 76,000.00. A payment of PHP 25,000.00 Cash was 04 made and a note payable was given for the PHP 51,000.00 remainder payable for 6 equal monthly installments. Document (36) 06 Purchased merchandise from Puregold PHP 49,500.00, terms 5/10, 3/20. 07 Paid PHP 1,600.00 delivery charge for January 04 transactions. 08 Paid for three months of advertising and recorded Prepaid Advertising in the amount of PHP 6,000.00 11 Sold merchandise on account PHP 42,000.00 with 40% mark-up from the inventory cost of PHP 30,000.00, term 2/10, n/30. 12 Paid PHP 1,200.00 freight for January 11…24 The following transactions occurred during June 2020 for Rashid Est. June 1: Invested BD64,000 cash in the business. June 8 Purchased supplies for BD3,250 from Nader Est on credit. June 16: Performed services to customer Salem for BD9,200 on account. June 20: Paid balance due to creditor Nader Est. June 23: Received BD4,200 from customer Salem. June 27: Paid BD1,700 cash for electricity. June 30: Rashid withdrew BD2,400 cash for personal use. Required: Prepare the Journal entry for June 30 transactions, like this example: Dr: ….……………………‒‒‒‒ BD Cr: ‒‒‒‒‒‒‒‒‒‒‒‒ ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ BDProblem 1: On Febuary 14, 2018, Floating Restaurant Company established a sales agency in Loboc. Upon establishment of the sales agency, the home office sent samples costing ₱8,000 and a working fund of ₱8,000 to be maintained on the imprest baisis. During the six months period, the sales agency reported to the home office sales orders. These were billed at ₱70,000 of which of ₱40,000 was collected) the sales agency paid expenses of ₱5,800 but was reimbursed by the home office. On August 15, 2018, the sales agency samples was valued at ₱2,000. It was estimated that the gross profit on goods shipped to fill sales order averaged 40% of cost. Required: Show the solution. 1.) The cost of sales of the sales agency for the six months period is 2.) The net income of the sales agency for the six months period is Problem 2: JCO KREMES Company had an agency in SM Cebu and a working fund for ₱20,000 is established on the imprest basis. The first payment from the fund is ₱3,000 for rent. This…
- Proceeds from sale of copyrights Proceeds from sales of trademarks Written Work #2: Inquire from your family members and relatives how credit card transactions generate cash to the seller Why would seller resort to selling through credit cards? Rubrics. Question is rated from 1-10, with 10 being the highest rating, and 1 as the lowest rating. Performance Task #1: Application and Creation. Below are the cash transactions of Algeria Co. for December 31,2015. (25,000) 50,000 (5,000) 25,000 115,000 100,000 Cash payment to suppliers of goods and services Cash receipts from rendering of services Payment to owners Proceeds from bank loans Proceeds from cash investment of owners Payment for acquisition of equipment Cash at the beginning of the year 1,000,000 Instructions. Prepare the statement of cash flows using the direct method. After which, answer the following questions. 1. How much is cash flow from operating activities? 2. How much is cash flow from investing activities? 3 How much is…PROBLEMOn January 1, 20X1, Ms. Yama Ha opened a guitar repair shop called “Guitar Doc”. Thefollowing were the transactions during the year:1. Ms. Yama invested Php 100,000 cash to the business.2. The business purchased supplies worth Php 60,000. Guitar Doc uses the expensemethod.3. Total service fees billed to clients, on account, amounted to Php 400,000.4. Total collections on accounts receivable amounted to Php 270,000.5. Ms. Yama took Php 60,000 cash from the business.6. Total salaries paid amounted to Php 180,000.Additional information:a. Billy Sheehan, one of the debtors, is undergoing financial difficulties. Of the total Php50,000 accounts receivable from Billy Sheehan, only Php 40,000 is sure of collection;Php 10,000 is doubtful.b. Unused supplies at the end of the period amounted to Php 20,000.c. Unpaid employee salaries amounted to Php 30,000.Requirements:a. Provide the journal entries.b. Post the entries to the ledger.c. Prepare the unadjusted trial balance.d. Provide the…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.