Accounting Create T Accounts for the following transactions: A. Paid salaries expense, $900 B. Brad paid personal utilities bill from the company checkbook, $98 C. Advertising bill received but unpaid, $150 D. Received cash from photography fees, $850 E. Paid supplies expense, $600 F. Brad donated additional furniture for the business, $2,000 G. Billed customer for photography services rendered, $1,200 H. Received one-half the balance from transaction G I. Bought Furniture on account, $425

Accounting Create T Accounts for the following transactions: A. Paid salaries expense, $900 B. Brad paid personal utilities bill from the company checkbook, $98 C. Advertising bill received but unpaid, $150 D. Received cash from photography fees, $850 E. Paid supplies expense, $600 F. Brad donated additional furniture for the business, $2,000 G. Billed customer for photography services rendered, $1,200 H. Received one-half the balance from transaction G I. Bought Furniture on account, $425

Name: AccountingCreate T Accounts for the following transactions:A. Paid sal
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Description: AccountingCreate T Accounts for the following transactions:A. Paid salaries expense, $900B. Brad paid personal utilities bill from the company checkbook, $98C. Advertising bill received but unpaid, $150D. Received cash from photography fees, $850E. P

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 33P

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The following transactions relate to the business of Jacob’s Coffee Shop for the month of February 2022: 01/02/22: Owner deposited N$10,000 as capital contribution. 02/02/22: Bought a coffee machine paid by EFT – N$2,500. 04/02/22: Cash purchases paid by cheque – N$1,500. 10/02/22: Credit sales to Mrs. Hamutenya N$1,500. 15/02/22: Rendered catering services at EN Dorado for N$2,000. Received payment via EFT. 25/02/22: Purchased sugar and tea from Sweeteners cc on Credit N$500. How much is the balance transferred to the profit and loss from the Purchases Ledger account? a. N$2,000 b. N$6,500 c. N$4,500 d. N$1,500
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Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
Prepare all the required Journal entries? 25 Paid utilities expense, P1,750. 26 Paid P20,000 on the bank loan. 27 Received cash from Ms. Ferrer, P10,000. 28 Paid salary of worker, P5,000 29 Paid Delta a portion of the amount owed for equipment, P5,000. 30 Withdrew cash for personal use, P3,500.
What is the journal entry for this transaction: Jethro bought an SUV at a value of $50,000 for his business, paid 11% down payment, and finances the remainder with a note. Debit SUV, $50,000, credit cash $5,500, credit accounts payable $44,500 Debit SUV, $50,000, credit cash $5,500, credit accounts receivable $44,500 Debit SUV, $50,000, credit cash $5,500, credit notes payable $44,500 Debit SUV, $50,000, credit cash $50,000
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A service provider had the following income during the month: Fees, paid in cash and checks Fees, paid in notes Advances by clients for future services Reimbursement for out-of-pocket expenses Reimbursement for client expenses 80,000 150,000 20,000 40,000 20.000 330.000 P the yer ba Total P. Combnre tpe 000 sad Compute the amount subject to business tax. P 350,000 b. P 250,000 с. Р 160,000 d. P 140,000 a. boheg
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5. Collected customer in payment of her P150.00 from This transaction involves_ therefore, it is recorded in, _journal. account 6. Received P500.00 cash payment This from customer for 20 pcs of involves, therefore, it is recorded in, transaction _journal. accessories. 7. Paid utilities expense of the This transaction involves_ store. therefore, it is recorded in, journal. involves. 8. Paid salary of store staff, P6,000. therefore, it is recorded in This transaction _journal. Although this transaction involves purchase on from account, it does not qualify to be recorded 9. Acquired Woodcrafts Shop costing P5,000 purchase journal since the item purchased is not and issued a promissory note. furniture a merchandise; therefore, it is recorded in general journal. 15 Although this transaction involves does not qualify to be recorded -- it 10. You sold old store cabinet of Kikay Kit Store to a friend since the item is not a merchandise; amounting she therefore, P2,000.00, it is recorded in…
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Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.