(a) Analyze the transactions in an accounting equation similar to the Clearcopy demonstration format. Include money columns for Cash, Supplies, Land, Building, Equipment, Furniture and Fixtures, Accounts Payable, Loans Payable, Valdez, Capital (b) Prepare Statement of Financial Position 2020.11.20 C
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- Pita purchased a small roadside inn in April with inheritance money he received from his wealthy aunt. Help him prepare his T accounts for his first month of operations using the information provided. a. Pita invested P5,000,000 cash in the inn.Cash Owners’ Equityb. Pita purchased a P50,000 point of sale (POS) system with P5,000 cash and P45,000 notes payable.Cash POS system Notes Payablec. Pita generated P75,000 in revenues with P52,000 cash and P23,000 accounts receivable.Cash Accounts Receivable Revenuesd. Pita paid utilities of P750 in cash.Cash Utilities ExpenseKim invested Php 500,000.00 cash and equipinent amounting to She bought tables and chairs from Maginhawa Furnitures and worksheet indicated on the next page. Write your answers on a Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction separate sheet of paper. Kim invested Php 500,000.00 cash and equipinent amountinS June 1 Php100,000.00 to open Chinita Girl Spa. 2 She borrowved Php 50,000.00 cash from Bamba Bank to be used for her business. She bought tables and chairs from Maginhawa Furnitures 7 paid Php 20,000.00 cash. Various equipment were purchased on account from Beauty Shoppy for Php 50,000.00. 15 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…Journal Entry for this 12 Applied for a P2,500,000 business loan from a bank by mortgaging his farm. He plan to use this to construct a clinic. 15 The loan was approved, and the money deposited in the name of the business which Deither opened on the same date. 30 A two-story clinic was constructed on a vacant lot which he owns. The lot is worth P300,000. The construction cost was P1,500,000. Both registration papers are in the name of the clinic.
- Allan borrowed $5600 from his father to buy a car. He repaid him after 6 months with interest of 9% per year. Find the total amount he repaid. Select one: a.$5810.00 b.$6104.00 c.$5852.00 d.$252.00You are to refer to Kate Minimart operation below: Kate operates a minimart store located in a private estate. She invested $20,000 of her own funds and took an additional $10,000 bank loan to pay 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: (0) Select an accounting principle and explain how it can be applied to Kate Minimart 3On 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.
- On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the following transactions related to the business: July 1: Arabi transferred cash from his personal account and invested it for business use, $23500. July 10: Purchased a truck for $14900, paying $7200 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2570. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4220. July 20: Completed services on account and billed the customer, $7310 July 25: Received cash from customers on account, $3520. July 31: Paid salaries expense of $460 and utilities expense of $300. (a) Journalize the above transactions for the month of July (b) Prepare ledger accounts in running balance format (c) Prepare trial balance at 31 July 2020Problem III. The following transactions were entered into by Dr. Daisy Goose for the month of June: Dr. Goose opened "Duck Spa" by investing PI.500,000 cash and half of a lot inherited by Dr. Goose and her sister Ann worth P500,000. Interviewed a nurse and a business graduate to work for her for a salary of P15,000 Dr. Goose bought for cash P900,000 worth of equipment and P15,000 worth of supplies Bought furniture & fixtures from a friend at a cost of P150,000 promising to pay after 7 days. Only P80,000 of this was placed in the clinic. The remaining P70,000 furniture and fixtures were placed in her condominium unit. 04 07 08 10On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,772 cash. The new company, Blossom Sales and Service, has the following transactions during January. 1. 2. 3. 4. 5. Pays $9,000 in advance for 3 months' rent of office, showroom, and repair space. Purchases 43 personal computers at a cost of $1,688 each, 9 graphics computers at a cost of $2,688 each, and 28 printers at a cost of $488 each, paying cash upon delivery. Sales, repair, and office employees earn $14,372 in salaries and wages during January, of which $4,772 was still payable at the end of January. Sells 33 personal computers at $2,738 each, 7 graphics computers for $3,788 each, and 18 printers for $688 each; $76,772 is received in cash in January, and $52,482 is sold on a deferred payment basis. Other operating expenses of $10,172 are incurred and paid for during January; $3,772 of incurred expenses are payable at January 31.
- p. On April 5, Timothy established an interior decorating business, Tim's Design, with a cash investment of P200,000. Timothy completed the following transactions for April: 6 Paid rent for the month, P8,000. Purchased from Delta Co Office equipment, P55,000, using his credit card. Purchased a used car for P180,000, paying PS0,000 cash and taking a bank loan For the remainder. 10 Purchased supplies and materials for cash, P11.315. Received cash from Miss Laura for a job completed in her condo, P57,500. Supplies were used amounting to PS,250. Purchased materials and supplies on credit, P15,000 12 20 23 Recorded job completed for Mr. Ferrer. Tem: on account 10 days, P14,950. Supplies were used up amounting to P3,500. Received an invoice for repairs on the car and paid P4,500. Paid utilities expense, P1,750. Paid P20,000 on the bank loan. Received cash from Mr. Ferrer, P10,000. 24 25 26 27 28 Paid Salary of worker, P5,000. Paid Delta a portion of the amount owed for equipment, P5,000.…A Family certifies it has or owns the following items: 10,000 in a foreign bank savings account Two classic paintings worth $20,000 total, that were handed down to the family as heirlooms. A brand - new speed boat valued at $15,000. A checking account with a six-month average balance of $1, 287 Based on the above, what is the total cash value of the family's assets? A. 10,000 B30,000 C. 45,000 D. 41,287 Ε. 11, 2871. Nita and Bona entrepreneurs, agreed to invest cash to put up a business selling signature bags. They agreed to share profits based on the legal provision. The following are the ledger postings for 2019: Bona, Capital Jan.2 300,000 Mar.1 200,000 Nina, Capital Jan. 2 500,000 Nina, Drawing Bona, Drawing 30,000| Dec.31 ? 30,000 Oct.1 30,000 Dec. 31 ? Oct.1 Nov.1 30,000 Nov.1 Dec.1 ? Dec.1 ? Loan Payable, Nina Dec.15 Income Summary 50,000 Dec.31 ? Dec. 31 200,000