Required: A. On the transaction summary table, indicate the effect of each transaction on each account. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account. B. Construct T-accounts for the account titles used with the normal balances. C. Prepare the journal entries of Kaizen Consultancy Services for the month of March, 2019.
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Required:
A. On the transaction summary table, indicate the effect of each transaction on each account. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account.
B. Construct T-accounts for the account titles used with the normal balances.
C. Prepare the
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- Transaction Analysis Transaction: a. Received P260,000 cash from clients for service rendered. b. Paid P480,000 salaries of employees.' c. Collected P120,000 from clients on account. d. The owner, Winston Apalisoc, withdrew P80,000 cash for personal use. e. Purchased P140,000 supplies on account. f. Billed clients P180,000 for services rendered. g. Paid P100,000 to suppliers on account. For each transactions from Winston ApalisOR Company, a sole proprietorship, fill in the spaces to answer the following questions: 1. What are the two accounts affected by the transaction? 2. What type of account is affected – asset, liability, owner's capital, owner's withdrawal, income or expense account? 3. Should the account be increased or decreased? 4. Should the account be debited or credited? Trans. Accounts Affected Type of Account Increase or Decrease Increase Increase Debit or Credit a. 1.Cash Asset Debit 2.Service Revenue Income Credit b. 1. 2. C. 1. 2. 1. d. 2. 1. 2. e. f. 1. 2. 1. 2. g.MARCH 1 Caleb invested ₱50,000 cash and ₱20,000 equipment to his Kaizen Consultancy Services. 3 Bought ₱15,000 equipment from Triple M Co., on credit. 6 Consultancy services rendered on account, ₱12,000. 6 Paid Triple M Co., ₱5,000 as partial payment of account. 7 Consultancy services rendered for cash, ₱8,000. 8 Collected ₱3,000 from a customer. 10 Received electric bill from Meralco, ₱2,800. 12 Returned ₱1,500 defective equipment to Triple M Co. 13 Caleb withdrew ₱9,000 from the company’s bank account and deposited it to his own account. 14 Paid electric bill to Meralco. 15 Caleb withdrew ₱40,000 for his vacation. 23 Paid Triple M Co., in full. 24 Caleb deposited ₱14,000 to the company’s bank account. 28 Paid telephone bill for the month, ₱9,600. This bill includes ₱6,000 of Caleb’s personal plan.need asap Given: FABM Company, a service firm rendering computerizedaccounting services has the following transactions for themonth of June 2018:June 1Owner invested his savings worth P10, 000, 000 intothe business.June 3He bought P1.5 M worth of equipmentJune 5He also invested furniture and fixtures with 250,000June 7Rendered services to clients worth 150, 000 andreceived cash payment immediatelyJune 10Rendered services to clients worth 250, 000 onaccountJune 12Purchased computer supplies amounting to 30,000and issued a promissory noteJune 14Rendered services to clients worth 650, 000 withterms 50% down, balance on accountJune 15Paid salaries of employees worth 45,000June 18Collected half of the amount due last June 10June 20Paid the total amount due for utilities amounting to55, 000June 22Cash receipts amounting to 75,000 from cash salesservicesJune 24Paid the whole amount due on the noteJune 26Paid Philhealth contribution of the employeesamounting to 5,000June 28Borrowed P150,000…
- PROBLEM 1. Transaction Analysis Transactions: a. Received Php260,000 cash from clients for services rendered b. Paid Php480,000 of salaries to employees c. Collected Php120,000 from clients on account d. The owner, Kay Ganda, withdrew Php80,000 cash for personal use e. Purchased Php140,000 of supplies on account f. Billed clients Php180,000 for services rendered g. Paid Php100,000 to suppliers on account For each of the transactions for Kay Ganda, a sole proprietor, fill in the spaces to answer the following questions: 1. What are the two accounts affected by the transaction? 2. What type of account is affected - asset, liability, owner's capital, owner's withdrawal, income or expense account? 3. Should the account be increased or decreased? 4. Should the account be debited or credited? Debit or Credit Аccounts Туре of Account Increase or Trans Affected Decrease a 1 2 b d e 1 f 1 2 2Find out value of account receivable from following Cash P48,000 accounts payable P33,000 office equipment P21,000 owner equity P77,000? a. P110,000 b. P15,000 c. P41,000 d. P21,000V1801 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).
- TB 02-79 Your company buys a $2 million warehouse pay... Your company buys a $2 million warehouse paying $300,000 in cash and issuing $1.7 million in promissory notes. This will be posted as: Multiple Choice O $2 million credited and $300,000 debited to assets; $1.7 million debited to liabilities. $2 million debited and $300,000 credited to assets; $1.7 million credited to liabilities. O $2 million credited to assets and $2 million debited to liabilities. $2 million debited to assets and $2 million credited to liabilities.01 On 1 April, the owner decided to start a laundry business. He withdrew R200 000 from personal savings account and deposited it directly into HI-Lo traders bank account 03 HI-Lo Traders obtained a loan of R30 000 with a repayment period of 12 months from invest Bank account 05 Hi-Lo Traders bought equipment from Blue Furnishers for R16 000. Hi-Lo made a payment of 16 000 directly into Hi-Lo bank account 09 A Cash sale amounting to R45 000 was made, the good were originally purchased at a cost of 35 000 13 Hl-Lo traders bought equipment on credit from Risk Furniture for R9000 15 HI-Lo Traders made a direct payment into the bank account of Risk Furnisher to pay their amount of 9000 18 The owner withdrew 1200 from the business to buy his daughter a birthday present 19 Hl-Lo Traders offered a service worth R5000 to Mr Bogus on credit 27 Hl-Lo Traders placed an advertisement in a local newspaper for R350 Payment was only due in…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.
- QUESTION 2: ALPHA Company assign $4,000,000 of its accounts receivables as collateral for a $3,000,000, 6%, loan with DELTA Bank. The company also pays a finance charge of 3% of the account receivable. What would be the debit to cash in the journal entry to record this transaction by ALPHA Company? a. $2,850,000. b. $2,880,000. c. $2,940,000. d. $2,700,000.5. 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…Activity 4: Recording Transactions in a Financial Transaction Worksheet Emerita Modesto established her own business called Modesto's Self Storage. The account headings are presented below. Transaction completed during the month follows. Total Assets Assets + Prepaid Insurance + Office Equipment Cash + Accounts Receivable Write your answer here aligned with the column of each respective accounts. Tatal Liabs OE Liabilities Accounts Payable Owner's Equity Modesto, Capital + Revenue - Expenses Note: Tatal Assets must be equal with Total Liabs & OE Write your answer here aligned with the column of each respective accounts.