Name:Date:Grade/Section:Score:Activity 5: Problem SolvingDirections: Make a trial balance of Nagaget Computer Repairs as of June30, 2020, using the following transactions. Place your answer in a three-column columnar sheet.June 14, 2020 -Mr. Peter Nagaget invested Php200,000 into his NagagetComputer Repair business.June 15, 2020 -Purchased one computer unit from XY Computer Store to be usedfor his business. He issued a check amounting to Php25,000.June 16, 2020 -Peter hired Juan Nalaing, an experienced secretary.June 17, 2020 -Repaired the computer of Jean and collected Php10,000.June 18, 2020 -Repaired the computer of Mike; however, Mike will pay PHP15,000only on July 18, 2020.June 19, 2020-Peter purchased Office Supplies from MM Merchandise amountingto Php5,000 on the account. Peter will pay this on July 30, 2020.June 25, 2020-Paid the salary of Juan amounting to Php4,000.June 30, 2020 -Withdraw two reams of bond paper for personal used amounting toPhp500.PARENTS/GUARDIAN SIGNITURE OVER PRINTED NAME2022.04.02 10:14

Answered: Activity 5: Problem Solving Directions:…

Activity 5: Problem Solving Directions: Make a trial balance of Nagaget Computer Repairs as of June 30, 2020, using the following transactions. Place your answer in a three- column columnar sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

GENERAL INSTRUCTIONS: Read, understand, and provide answers on the following questions. DO NOT FORGET to write your FULL NAME, GRADE/SECTION. LESSON 8: REVIEW OF JOURNAL ENTRIES, T-ACCOUNTS, GENERAL LEDGER, AND TRIAL BALANCE ACTIVITY I. Below are transactions of Lea Beauty Salon for the month of July 2020. 2020 July 5 Lea invested Php 120,000 cash and an equipment in the amount of Php 80,000. 7 Purchased salon equipment on account, Php 7,500. 8 Received Php 25,500 from various customers as salon income. 12 Purchased salon supplies paying Php 3,000 on cash. 25 Received Php 500 bill from Maynilad 30 Paid painter's salary for the month Php 4,500. LEA BEAUTY SALON CHART OF ACCOUNTS Owner's Equity 301 Lea, Capital 302 Lea, Drawing Assets 101 Cash 102 Accounts Receivable Prepaid Rent Supplies Equipment Liabilities 103 104 Income 105 401 Service Income Accounts Payable Notes Payable Utilities Payable Expenses 501 Salaries Expense Utilities Expense 201 202 203 502 204 Unearned Service Fees…
Every entry should have narration please Problem 1 November 19, 2020, BG Ltd purchased a mini excavator from an equipment supplier. The cost of the excavator was 560,000, with $6,000 paid in cash, and a note for $54.000 with interest on the note at 4% all due on November 18, 2021. BG Ltd. has a year end of December 31. Prepare all of the entries required for the note in 2020 and 2021.
Journalize the transactions for July 2020 in a two-column journal (general journal) page1. Just omit the explanations in making your journal entries. Juan de la Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions. July 1. Owner invested Php 500,000 cash along with computer equipment that had a market value of Php 120,000 two years ago but was now worth Php 100,000 only.July 2. Paid Php 15,000 cash for the rent of office space for the month.July 4. Purchased Php 12,000 of office furniture on credit (due within 30 days).July 8. Completed a work for a client and immediately collected the Php 32,000 cash.July 10. Completed work for a client and sent a bill for Php 27,000 to be paid within 30 days.July 12. Purchased supplies for Php 4,000 in cash.July 15. Paid an assistant Php 6,200 cash as salaries for 15 days.July 18. Collected Php 15,000 on the amount owed by the…
EVALUATION (100%) Make a video of yourself while answering /discussing in detail the following question. Upload this video clip to a designated folder in Google classroom: Lesson 6: On July 1, 2021, Emilia Clarke opened a small paint shop called "Emilia Clarke Paint Shop." The following were the transactions during the month: Date Transactions 1 3 Invested P100,000 cash in the business Obtained a P30, 000 loan from a bank. Purchased equipment for P20,000 cash. 5 7 10 Purchased goods for P20,000 cash. (Use perpetual inventory system) Sold goods for P10,000 cash. The cost of the goods sold was of P7,000. Withdrew cash P5,000 15 25 Paid utilities expense amounting to P3,000 Paid P5,000 salaries. 31 Requirements: a. Record the transactions in the journal. b. Post the transaction in the ledger. c. Prepare the unadjusted trial balance on July 31, 2021
Record any 5 accounting transactions of your own choice for furniture business for the year 2019, starting from the owner investment of $100,000. Post them in general journal,make ledger and trial balance for those entries.
Directions: .Journalize the following transactions of Jenbert’s Hair Salon for the month of October 2020, then post the transaction in T- Account. Prepare T-Posting. October 2 Jenbert withdrew Php 500,000 from her personal account in Union Bank and deposited the account to BPI under the account of Jenbert’s Hair Salon. 5 PurchasedSalon Equipment amounting Php 400,000 from Ceneta’s Electronics, Based on agreed transaction Php 100,000 will be paid on credit account. 7 Bought Salon Supplies from Landmark Php 10,000 on account. 8 Purchased Office Supplies Php 2,500. 9 Purchased Furniture from Wilcon Depot Php 15,000. 10 Initial Payment to Ceneta’s Electronics Php 20,000. 12 Rendered salon services to Beauty Essentials on account Php 70,000. 14 Received cash from customer Php 2,000. 17 Salon service rendered for cash to client Adeline Php 3,000 20 Collection of account from Beauty Essentials. 25 Paid worker’s salaries Php 15,000. 26 Jenbert withdraw Php 2,000 for personal use. 28 Paid…
The homework problems for Chapter 12 will use Larry's Landscaping. To refresh your knowledge of Larry's Landscaping, see the heading "Larry's Landscaping, Inc. Starts Business" on Pg 155. The following are the Balance Sheets for Larry's Landscaping as of March 31, 2021 (the end of last period) and April 30, 2021 (the end of this period) April 30, 2021 March 31, 2021 Assets $ 17,500 $ 21,000 1,500 3,300 25,800 40,000 100,000 (1,000) (2,000) 20.000 Total Property, Plant & Equipment 157,000 Total Assets $182.800 Cash Supplies Prepaid Insurance Total Current Assets Equipment Building Accumulated Depreciation Equipment Accumulated Depreciation Building Land 17,500 40,000 100,000 (500) (1,000) 20,000 158,500 $176.000 Liabilities Interest Payable 550 550 110,000 110,550 $24 Total Current Liabilities Note Payable Long-Term 110,000 110,000 Total Liabilities Owners' Equity 6,000 54,000 12,250 72,250 Total Liabilities and Equity $182.800 6,000 54,000 6,000 66,000 $176.000 Common Stock Paid-in…
Comprehensive Problem – Journalizing, Posting. Trial Balance Ulysses Dela Cruz established an enterprise he registered with the DTI under the name: The Storm Decorators, on May 1, 2020. During the month he completed the following transactions: 01 - Mr. Ulysses Dela Cruz transferred cash from a personal bank account to an account to be used for the business, P31,000. 02 - Purchased supplies for cash, P750. 02 - Paid P1,230 worth of local government taxes and business permits. 02 - Purchased tools on account from Tonyo General Merchandise, P4,600. 03 - Purchased a second-hand van from Bagyo Used Cars Inc. for P48,000, paying P8,00 cash and giving a note payable in 3 months for the remainder. 05 - Paid rent of the office space for the month, P2,250. 06 – Received cash for a job completed, P8,600. 08 – Purchased supplies on account from Tonyo General Merchandise, P2,450. 10 - Paid premiums on property insurance, P2,440. 12 - Paid in full creditor for the tools purchased on May 2. 14 - Paid…
Prepare the journal entry required for each transaction: Oct. 01, 2022: Mr. Alberto invested P500,000 cash in the computer rental shop Oct. 02, 2022: Mr Alberto bought 10 units of computer at P30,000 each for the shop. The computers were delivered the next day with Mr Alberto fully paying the supplier in cash. Oct. 05, 2022: Some tables and chairs were purchased from Deluxe Furniture Co. for P10,000 to be paid on the following terms: 50% within 10 days and the balance within 30 days. Oct. 12, 2022: Mr Alberto borrowed from P300,000 from a bank, which he promised to pay by December 2022. Oct. 15, 2022: A payment of P5,000 representing 50% of the liability to Deluxe Furniture Co. was made in accordance with the terms of credit. Oct. 20, 2022: Mr Alberto bought 2 laser printers worth P50,000 for use in his computer rental shop. He paid for these printers in cash. Oct. 23, 2022: Mr Alberto bought 10 toner cartridges worth P15,000 as supplies for his printers. Oct. 25, 2022: Mr…
Required Journal Entry Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 1.Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 2.Bought grocery supplies on account ₱10,700. 4.Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment. 6.Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20. 7.Paid ₱1,600 delivery charge for January 6 transactions. 8.Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000. 11.Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30. 12.Paid ₱1,200 freight for January 11 transactions. 14.Returned defective merchandise to Puregold amounting to ₱4,500.…
Your activity: Posting to the ledger The following journal entries were found in the books of Lagumang Pagsusulit Photocopying Services in the month of January 2019: January 2019 Cash on Hand Php 30,000.00 Machines 450,000.00 Building Granfon, Capital 500,000.00 Php 980,000.00 3 Permits and Licenses 7,500.00 Cash on Hand 7,500.00 4 Cash on hand 5,500.00 Service Revenue 5,500.00 5 Cash on Hand 4,650.00 2,300.00 Accounts Receivable Service Revenue 6,950.00 6 12,000.00 Prepaid Insurance Cash on hand 12,000.00 9 Supplies 10,000.00 Accounts Payable 10,000.00 13 Cash on Hand 15,500.00 Service Revenue 15,500.00 15 Accounts Receivable 8,000.00 Service Revenue 8,000.00 Salaries Expense Cash on Hand 16 3,000.00 3,000.00
T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…