Ricardo Aninang established business on April 1,2017 and invested P5,000 cash and a building valued at P100,000. A summary of transactions for April as follows; 1. Collected rent for the month,P10,000. 2. Paid insurance premium on building,P1,500. 3. Paid MERALCO,P500. 4. Paid salaries,P1,500. 6. Borrowed P20,000 from Far East Bank. 7. Paid P300 interest on bank loan. 8. Withdrew P600 for personal use. 9. Paid P10,000 bank loan 5. Bought supplies,P400 10. Received P500 from the services rendered. REQUIRED: State the effects of the above transactions on the ASSETS, LIABILITIES, O.E., REVENUES AND EXPENSES.
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- Mr Alex opened furniture shop called Alex Furniture Shop and completed the following transactions in the month of January: Jan Borrowed RM100,000 cash and signed a 12-month, RM100,000 note. Interest is in addition to the face value, at the rate of 15%. 1 2 Bought a factory for RM200,000, paying RM80,000 in cash and the balance is on account. 3 Sold RM104,000 of furniture and billed customers. 5 Bought goods from Bob Shop with purchase invoice amounted to RM10,500. Terms of purchase is 5/10, n30. 14 Make payment to Bob Shop for the balance due by cash. 20 Received a 50% deposit in cash from a customer on a RM20,000 order to be filled next month. 25 Mr. Alex took RM2,000 cash to buy washing machine for his wife. 28 Paid utility bill for the current period in the amount of RM1,200 using cash. 31 Made the end-of-year adjusting entry to accrue interest expense on a 12-month, RM100,000 note. Required: a) Journalise the above transactions b) Prepare cash account and show the cash balance as…19 Dec. Borrowed $28,000 from the bank for personal use. The loan carried an interest rate of 6% a year and the first payment was due on 19 January. Williamson signed a note payable to the bank in the name of the business. How would this be journaled, put on an income statment, balance sheet, and cash flow statment for december 31st?On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 7 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? (For all requirements, round your answers to the nearest dollar amount.) а. Int est income b. Receivables C. d. Interest income e. Cash f. g. Interest earned
- Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amountOn May 1, Year 1, Benz’s Sandwich Shop loaned $14,000 to Mark Henry for one year at 8 percent interest. Requireda. What is Benz’s interest income for Year 1?b. What is Benz’s total amount of receivables at December 31, Year 1?c. How will the loan and interest be reported on Benz’s Year 1 statement of cash flows?d. What is Benz’s interest income for Year 2?e. What is the total amount of cash that Benz’s will collect in Year 2 from Mark Henry?f. How will the loan and interest be reported on Benz’s Year 2 statement of cash flows?g. What is the total amount of interest that Benz’s earned on the loan to Mark Henry?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…
- on april 1, 2021, nels ferrer organized a business called friendly trucking. during april, the company entered into the following transactions. apr 1 nels ferrer deposited php500,000 cash in a bank account in the name of the business. apr 1 purchased for php250,000 a transportation equipment to be use in the business. nels paid 50% as down payment while the balance will be paid on may 15, 2016 apr 1 paid rental for the month of april, php 5,000 apr 5 earned and collected trucking income from ryan, php8,000 earned trucking income from jesper, php 30,000 on account. jesper will pay on may 8, 2016 apr 8 apr 10 paid salaries of drivers, php10,000 rented the vehicle to joshua for php35,000, joshua paid php20,000 on that date and the balance on april 20 apr 15 apr 18 paid electric bills for the month, php2,000 apr 20 collected from joshua the balance of his april 15 account apr 25 purchased office supplies, php2,300 apr 29 earned and collected trucking income from jay, php 18,000…Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…Ms. Ang put up an accounting firm on Nov. 1, 2021. The registered name of the business is "Ang Accounting Firm." The following were the transactions during the months of November and December, 2021. 1. The owner provided ₱300,000 cash as initial investment to the business on December 1, 2021. 2. Obtained a 12%, one year, bank loan for ₱50,000 on November 1, 2021. Principal and interest are due at maturity date. 3. On December 1, 2021, She purchased office supplies worth ₱60,000 for cash during the period. (the firm uses asset method). 4. The business acquired computer equipment for ₱150,000 cash on November 1, 2021, which has a useful life of 5 years with a residual value of ₱30,000. 5. On December 1, 2021, the business took one year insurance for ₱42,000 covering the months of December, 2021 to February, 2022. The business uses expense method in recording this transaction. 6. As of December 31, 2021, rendered services billed to clients are worth ₱280,000 for cash and ₱200,000 on…
- The following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $65,000 to an employee of the company and received back a one-year, 10 percent note. b. Dec. 31 Accrued interest on the note. 2018 c. July 1 Received interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the receipt of a note on July 1, 2017 for a $65,000 loan to an employee. Note: Enter debits before credits. Date General Journal Debit Credit Jul 01, 2017On June 30, Year 3, Munoz Company's total current assets were $499,500 and its total current liabilities were $272.000. On July 1, Year 3, Munoz issued a long-term note to a bank for $38.200 cash. Required a. Compute Munoz's working capital before and after issuing the note. b. Compute Munoz's current ratio before and after issuing the note. (Round your answers to 1 decimal place.) Belore the transaction After the transaction Working capital Current ratioOn May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 9 percent interest. Required: a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? Note: For all requirements, round your answers to the nearest dollar amount. a. b. ذان C. e f. f. g. × Answer is not complete. Interest income Receivables Cash used in investing activities Interest income Cash Cash provided by operating activities Cash provided by investing activities Interest earned P ✔ >>