Procedures: 1. Analyze the following business transactions below. For the month of December 2022, Mr. Mira Shikigami had the following transactions: Dec. Mr. Mira Shikigami invested P1,200,000 to start the business, Shikigami Accounting Firm 1 1 The firm obtained a note from Solar Bank amounting to P300,000. The note bears a 6% annual interest payable every June 1 of the following year. The principal is payable in two (2) equal annual installments. 1 The firm paid P15,000 for the necessary permits and licenses for its operation. 1 The firm paid P180,000 for the annual rent of the office space. The lease contract will expire on June 1 of the following year and will be renewed yearly. 3 The firm rendered service to Kyubi Realties, Inc. worth P250,000 on credit. 3 The firm purchased supplies worth P50,000. 9 The firm purchased a laptop in cash, P50,000. The laptop has an estimated useful life of three (3) years with no residual value. The company treats purchases during the first half of the month as purchases at the start of the month. 14 Kyuubi Realties, Inc. paid the firm. 17 Somi Catering Shop billed the Shikigami Accounting Firm P40,000 for the services 21 24 Mr. Mira Shikigami withdrew P80,000 for personal use. rendered to the firm's holiday luncheon for all its clients and staff. Received P75,000 cash in advance from Lacay Incorporated for the services that will be rendered next year. 25 Rendered services to Mendoza Ventures Corporation on credit, P120,000. 03 Laboratory Exercise1 *Property of STI
Procedures: 1. Analyze the following business transactions below. For the month of December 2022, Mr. Mira Shikigami had the following transactions: Dec. Mr. Mira Shikigami invested P1,200,000 to start the business, Shikigami Accounting Firm 1 1 The firm obtained a note from Solar Bank amounting to P300,000. The note bears a 6% annual interest payable every June 1 of the following year. The principal is payable in two (2) equal annual installments. 1 The firm paid P15,000 for the necessary permits and licenses for its operation. 1 The firm paid P180,000 for the annual rent of the office space. The lease contract will expire on June 1 of the following year and will be renewed yearly. 3 The firm rendered service to Kyubi Realties, Inc. worth P250,000 on credit. 3 The firm purchased supplies worth P50,000. 9 The firm purchased a laptop in cash, P50,000. The laptop has an estimated useful life of three (3) years with no residual value. The company treats purchases during the first half of the month as purchases at the start of the month. 14 Kyuubi Realties, Inc. paid the firm. 17 Somi Catering Shop billed the Shikigami Accounting Firm P40,000 for the services 21 24 Mr. Mira Shikigami withdrew P80,000 for personal use. rendered to the firm's holiday luncheon for all its clients and staff. Received P75,000 cash in advance from Lacay Incorporated for the services that will be rendered next year. 25 Rendered services to Mendoza Ventures Corporation on credit, P120,000. 03 Laboratory Exercise1 *Property of STI
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Procedures:
1. Analyze the following business transactions below.
For the month of December 2022, Mr. Mira Shikigami had the following transactions:
Dec.
Mr. Mira Shikigami invested P1,200,000 to start the business, Shikigami Accounting Firm
1
1
The firm obtained a note from Solar Bank amounting to P300,000. The note bears a 6%
annual interest payable every June 1 of the following year. The principal is payable in two
(2) equal annual installments.
1
The firm paid P15,000 for the necessary permits and licenses for its operation.
1
The firm paid P180,000 for the annual rent of the office space. The lease contract will
expire on June 1 of the following year and will be renewed yearly.
3
The firm rendered service to Kyubi Realties, Inc. worth P250,000 on credit.
3
The firm purchased supplies worth P50,000.
9
The firm purchased a laptop in cash, P50,000. The laptop has an estimated useful life of
three (3) years with no residual value. The company treats purchases during the first half
of the month as purchases at the start of the month.
14
Kyuubi Realties, Inc. paid the firm.
17
Somi Catering Shop billed the Shikigami Accounting Firm P40,000 for the services
21
24
Mr. Mira Shikigami withdrew P80,000 for personal use.
rendered to the firm's holiday luncheon for all its clients and staff.
Received P75,000 cash in advance from Lacay Incorporated for the services that will be
rendered next year.
25
Rendered services to Mendoza Ventures Corporation on credit, P120,000.
03 Laboratory Exercise1
*Property of STI
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education