Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of anuary 2017 and POST IT TO THE LEDGER.
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- On December 12, 2016, Pace Electronics received $24,000 from a customer toward a cash sale of $240,000 of diodes to be completed on January 16, 2017. What journal entries should Pace record on December 12 and January 16?You opened a novelty store called "The Awesome Shop" on January 2, 2018. The following were the transactions during the year: 1. Provided P100,000 cash as initial investment. 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash. 4. Acquired inventory on account for P60,000. 5. Sold goods on cash basis for P200,000. The cost of sales is P20,000. 6. Sold goods on account for P300,000. The cost of sales is P30,000. 7. Paid supplies expense for P20,00o cash. 8. Paid rent expense of P180,00o. 9. Paid utilities expense of P40,000. 10. Collected P240,000 accounts receivable. 11. Paid P30,000 accounts payable. 12. Made total drawings of P25,000. REQUIREMENTS: a. Record the transactions in the journal. b. Post the transactions in the ledger. c. Prepare the unadjusted trial balance on December 31, 2018.Julius Ceasar organized Eternal Images, a photography and portrait studio, on Oct. 1, 2020. The studio completed the following transactions during the month: Oct. 1 Deposited P350,000 in a bank account in the name of the business Oct. 3 Paid two month's rent in advance, P30,000 Oct. 5 Acquired photography equipment valued at P129,000. Oct.12 Purchased photography supplies on credit, P21,000. Oct.13 Received cash for previously unbilled portraits, P11,400. Oct.17 Billed customers for portraits, P22,500. Oct.19 Paid fifty percent of the supplies purchased on Oct. 12, P10,500. Oct.25 Paid electricity bill for Oct., P3,600 Oct.26 Paid the telephone bill for Oct., P2,100. Oct.28 Received payments from the customers billed on Oct. 17, P7500. Oct.29 Paid salaries to personnel, P12,000. Oct.30 Received an advance payment from a customer, P1,500. Oct.31 Withdrew P16,000 from the business for a personal…
- Mr. Sojo opened up a merchandising business on October 1, 2019 with a cash investment of P50,000. The following activities were given: Cash received from customers 205,000.00 Cash borrowed from the bank 150,000.00 Utilities, salaries, supplies and rent paid 115,000.00 Cash paid to the bank 50,000.00 Cash purchase for equipment 100,000.00 Cash purchase for furniture 25,000.00 Equipment bought on credit 150,000.00 Additional investment 200,000.00 Withdrawal 40,000.00 Additional information;1. Supplies amounted to 20% of the…Junebug's Workshop started their operations in March 2017. Prepare journal entries for the following transactions for the month of March A) Paid $84,000 cash for rent for the following 6 months B) Purchased $300,000 of inventory on credit. C) Sold and invoiced goods to a client for $95,400. The cost of the goods sold was $48,000. D) Paid $90,000 in cash for an advertising campaign that will run over the next two months E) Paid $24,000 in cash for supplies to have on hand F) Collected $60,000 from accounts receivable. At the end of March, the following information is available - adjust some of the previous entries based off of this information G) At the end of March, $19,200 supplies remained on hand. H) Rent paid for transaction A is for a lease that began on March 1. I) At the end of March, 1/3 of the advertising campaign from transaction D was completedPrepare the general journal entries for the following transactions. Mr. Laban Deyro opened his laundry business in Iloilo City on January 2, 2016. The following transactions occurred during the month of January 2016: DATE TRANSACTIONS 1/2/16 Invested PHP500,000 to his business. The trade name 1/3/16 Hired Allan and Allie who will manage his business 1/4/16 Collections from various customers for the day- PHP3,000 1/5/16 of the business was "MR. LABANDERO" Purchase store supplies from Labada Store - PHP10,000 1/7/16 Collections from various customers for the day - PHP8,000 1/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business will do all the laundry of the hotel. 1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment will be made on January 20, 2016. 1/10/16 Collections from various customers for the day- PHP12,000 1/12/16 Purchase a washing machine amounting to PHP50,000 1/15/16 Collections from various customers…
- Home Office put up a branch with initial investment of cash 400,000; and equipment180,000, and furniture & fixtures, 100,000, both to be booked in the branch. Requirements:a. Prepare the journal entries for both the Home Office and Branch books based on theabove transactions.The following select financial statement information from Candid Photography. Compute the accounts receivable turnover ratios and the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Candid Photography if industry average for accounts receivable turnover ratio is 3 times and days sales in receivables ratio is 150 days?I Analyze and make journal entries for the following transactions of Dada's Mart owned and operated by Diana . 2020 1 Cash purchases from Macro, P75,000 plus 12% VAT. 5 Purchased goods from Yssa's Fruit Farm for P 67,200, VAT included.Terms: 2/10, n/30. 8 Returned defective goods to Yssa's Fruit Farm, P 5,000, VAT excluded. 10 Bought equipment for office use from Jhamas Marketing, P 35,000 plus VAT. Term: n/60. 15 Paid in full the account to Yssa's Fruit Farms. 20 Purchased goods from Colette Grocery, P33,600, VAT included. Term: 2/10, n/30. 24 Returned defective goods to Colette Grocery, P 5,600, VAT included. 30 Made a full payment to Colette Grocery Jan
- Sep 1 Purchased five units of copiers on account from Machina Corp at a cost of PHP8,000 per unit. Payment is due 30 days after Borrowed from Nation Bank, PHP50,000 at 10% interest per annum due in three months . Canto issued a promissory note for this borrowing. Paid one -year insurance covering the period Sept 1, 2016 – August 31, 2017 for PHP24,000 Sep 2 Purchased 10 units of facsimile machines on cash from Tiktac Corp for a total price of PHP20,000 Sep 7 Sold three units of copiers to Jane Nay on account for a total amount PHP45,000. The terms of the sale is 2/10, n 30. Paid PHP5,600 for office supplies Sep 10 Sep 14 Sep 15 Sep 20 Collected from Jane Nay the full amount relating to September 7 sales Paid PHP10,000 salaries of office staff Sold on cash, two units of facsimile machines to Juan for PHP5,000 Sep 30 Purchased delivery truck worth PHP300,000 with an estimated useful life of 10 years with no residual value. Canto paid PHP200,000 cash and balance payable 30 days after.…Make a Ledger in this problem Assume that on December 2, 2020. Mr. David Started DB Accounting Firm in Tagbina with the following assets as initial investments: PARTICULARS Cash 15,000 Computers 40,000 Furniture 50,000 Supplies 10,000 December 02 The business was registered with DTI, BIR, and Mayor’s permit spending P300, P500, and P1,200, respectively. 05 Acquired printer amounting to P10,000 for cash 15 Received electricity bill used by the business, P600. 15 Acquired computer chairs and tables on account, P10,000 payable within five days 20 Issued 3 months promissory note amounting to 10,000 to settle the obligation for acquiring computer chairs 21 Mr. David withdrew P1,000 for personal use. 23 Used supplies amounting to 8,000 26 Collected P50,000 for audit service to client 28 Billed P80,000 to the client for tax consultancy performed. 29 Transportation expense incurred and paid, P2,000 30 Provided 10% allowance for depreciation for the use of office equipment and…The company Young Furniture" has the following business transactions in the year 01. Always assume the standard VAT rate of 19% The business year is the same as the calendar year. Form the posting records for the following business transactions. 1. The company buys a company car worth € 65.000 (net) on credit. 2 The company pays its outstanding invoice of € 2.380 by bank transfer. 3 The company buys raw material with the value of € 11.900 (gross amount). Payment is made directly by bank. 4 The company returns unusable merchandise due to defects to the supplier and receives a price reduction of € 500 (net). The purchase of the merchandise on credit was already booked. 5. The company buys merchandise with a value of 30.000 € (net) on credit and receives a rebate by the supplier of 15%.