Activity 1. Listed below are seven business transactions of EMF Company during its first month of operations. What elements of the accounting equation is/are affected by the following transactions? Fill in the amount in the proper elements column. Keep in mind the accounting equation. Number 1 was already done for you. 1. XYZ Company purchased inventory on credit P 20,000 2. Deposited cash worth P 5000 which it has kept in its locker to local bank. 3. Received interest from its deposit in the bank. The interest amounts to P 200 A fire broke in the warehouse of XYZ Company. Only P2,000 worth of inventory was 4. affected 5. XYZ Company sold merchandise worth P 4,000. 6. Paid income taxes worth P 5,000 7. Paid P 40.000 to advertise its product to the public

Activity 1. Listed below are seven business transactions of EMF Company during its first month of operations. What elements of the accounting equation is/are affected by the following transactions? Fill in the amount in the proper elements column. Keep in mind the accounting equation. Number 1 was already done for you. 1. XYZ Company purchased inventory on credit P 20,000 2. Deposited cash worth P 5000 which it has kept in its locker to local bank. 3. Received interest from its deposit in the bank. The interest amounts to P 200 A fire broke in the warehouse of XYZ Company. Only P2,000 worth of inventory was 4. affected 5. XYZ Company sold merchandise worth P 4,000. 6. Paid income taxes worth P 5,000 7. Paid P 40.000 to advertise its product to the public

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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Activity 1. Listed below are seven business transactions of EMF Company during its first month of operations. What elements of the accounting equation islare affected by the following transactions? Fill in the amount in the proper elements column. Keep in mind the accounting equation. Number 1 was already done for you. 1. XYZ Company purchased inventory on credit P 20,000 2. Deposited cash worth P 5000 which it has kept in its locker to local bank. 3. Received interest from its deposit in the bank. The interest amounts to P200 4. A fire broke in the warehouse of XYz Company. Only P2,000 worth of inventory was affected 5. XYZ Company sold merchandise worth P 4.00. 6. Paid income taxes worth P 5,000 7. Paid P40.000 to advertise its product to the public. Assets Liabisties Equity 20,000 20,000 2. 3. 4. 5. 7.
Assume that a relatively new company you and you group members are involved wilth has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and bocks as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 96 Bottles fuel injector cleaner 48 Boxes Spark Plug 36 Boxes Brake Shoe $720.00 per box $200.00 per bottle $300.00 per box $580.00 per box $400.00 per box e 24 Boxes Disc Pads x 5 Aug Provided services for cash less 10% discount 12 small motorbike engines 6 large motorbike engines (ful service) 8 medium size motorbike engines (full service) $350.00 per engine $950.00 per engine $a00.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque…
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe…
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box…
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.oo per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines $350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service) $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by…
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe…
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box…
Posting Transactions to T-accountsDuring the year, the Decker Company experienced the following accounting transactions: 1. Issued common stock in the amount of $150,0002. Paid a $30,000 cash dividend3. Borrowed $25,000 from a bank4. Made a principal payment of $3,500 on an outstanding bank loan5. Made an interest payment of $1,200 on an outstanding bank loan Prepare journal entries and post your transaction analysis to the appropriate T-accounts. When posting the journal entries to the T-accounts, enter them in order. For expenses, and dividends - select "Retained earnings" as the account. General Journal Ref. Description Debit Credit 1. Answer Answer Answer Answer Answer Answer 2. Answer Answer Answer Answer Answer Answer 3. Answer Answer Answer Answer Answer Answer 4. Answer Answer Answer Answer Answer Answer 5. Answer Answer Answer Answer Answer Answer Cash Answer Answer Answer Answer Answer Answer…
Complete this question by entering your answers in the tabs below. Assessment Tool iFrame Prepare the income statement for Year 1. Required information Skip to question [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: Issued $12,000 of common stock for cash. Recognized $67,000 of service revenue earned on account. Collected $59,600 from accounts receivable. Paid operating expenses of $35, 300. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: Recognized $74,500 of service revenue on account. Collected $67,600 from accounts receivable. Determined that $940 of the accounts receivable were uncollectible and wrote them off. Collected $200 of an account that…
Given the ledger accounts of Devrij Company as of January 31, 2020: Cash $26,400 Accounts Payable $9,000 Supplies Share Capital-Ordinary 15,600 6,600 Rent Expense 16,800 Accounts Receivable 13,200 Notes Payable 7,200 Service Revenue 31,200 Required: 1. Compute the total of the debit side of the trial balance. (show your computation). 2. Compute the total of the credit side of the trial balance. (show your computation)
Scenario: Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe…
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021from the books of the business. This company operates one bank account to reflect all cash and cheque transactions.You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.oo per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines$350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service)$800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque…