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8. On 15 January, Anthony paid the salaries of his employees for one month in the amount of P35 000. 1000

8. On 15 January, Anthony paid the salaries of his employees for one month in the amount of P35 000. 1000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare balance sheet and income statement in typewritten form
1. On 3 January, Mr. Anthony Angbait put in P250 000 in capital to start his business Budel Payt Eatery. tesni, cash 250,000 inli 750,000 .er.Capital 2. On 7 January, he paid permits and licenses in the amount of P7 300. 3. Anthony paid three months advance in rental. The monthly rent is P15 000. 4. On 8 January, Anthony went to Divisoria to purchase restaurant supplies such as plates, silverware, pots and pans, and other cooking equipment in the amount of P55 000. He paid cash for everything. GEBR 5. On 10 January, he hired a cook (chef) and five servers. 6. On 11 January, he conducted an orientation of the personnel he hired on 10 January. He spent P500 worth of supplies and P1 500 in food. All expenses were charged to the business. 7. Anthony and the lead cook went to the local wet market and the supermarket on 12 January and purchased kitchen supplies (food items) in the amount of P30 000. 8. On 15 January, Anthony paid the salaries of his employees for one month in the amount of P35 000. 9. Budel Payt Eatery officially opened on 15 January 2018. The business incurred advertising and promotion expenses in the amount of P3 000. It looks like it paid off because total cash sales that day was P27 000.
Transcribed Image Text:1. On 3 January, Mr. Anthony Angbait put in P250 000 in capital to start his business Budel Payt Eatery. tesni, cash 250,000 inli 750,000 .er.Capital 2. On 7 January, he paid permits and licenses in the amount of P7 300. 3. Anthony paid three months advance in rental. The monthly rent is P15 000. 4. On 8 January, Anthony went to Divisoria to purchase restaurant supplies such as plates, silverware, pots and pans, and other cooking equipment in the amount of P55 000. He paid cash for everything. GEBR 5. On 10 January, he hired a cook (chef) and five servers. 6. On 11 January, he conducted an orientation of the personnel he hired on 10 January. He spent P500 worth of supplies and P1 500 in food. All expenses were charged to the business. 7. Anthony and the lead cook went to the local wet market and the supermarket on 12 January and purchased kitchen supplies (food items) in the amount of P30 000. 8. On 15 January, Anthony paid the salaries of his employees for one month in the amount of P35 000. 9. Budel Payt Eatery officially opened on 15 January 2018. The business incurred advertising and promotion expenses in the amount of P3 000. It looks like it paid off because total cash sales that day was P27 000.
10. On 20 January, the Mayor's Office ordered food in the amount of P6 700. It was on credit. The business incurred a P200 delivery expense. Total sales that day was P33 000. The rest was cash sales. 11. Meat Galore, supplier of different types of meat, delivered supplies of meat amounting to P41 000 on 23 January. Half of it was on credit. The other half was paid for in cash. 12. Paid the other half of the salaries on 30 January. 13. Anthony withdrew P10 000 from his personal account on 31 January. NR Note: For dates when no business transaction took place, just put the date and then add "NR." 000 20
Transcribed Image Text:10. On 20 January, the Mayor's Office ordered food in the amount of P6 700. It was on credit. The business incurred a P200 delivery expense. Total sales that day was P33 000. The rest was cash sales. 11. Meat Galore, supplier of different types of meat, delivered supplies of meat amounting to P41 000 on 23 January. Half of it was on credit. The other half was paid for in cash. 12. Paid the other half of the salaries on 30 January. 13. Anthony withdrew P10 000 from his personal account on 31 January. NR Note: For dates when no business transaction took place, just put the date and then add "NR." 000 20
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