Hayley Williams is the owner of Good Dye Young. On Jan. 1, 2021, the assets, liabilities...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Hayley Williams is the owner of Good Dye Young. On Jan. 1, 2021, the assets, liabilities and proprietor's capital of the business were: Cash, P25,000; Accounts Receivable, P4,000; Supplies, P5,000; Equipment, P60,000; Accounts Payable, P9,000; Williams, Capital, P85,000. The transactions for the month of January were as follows: a. Paid P3,000 of the outstanding accounts payable. b. Received P1,000 on account (part payment) from customers. c. Purchased P2,500 worth of supplies on account (on credit). d. Returned a defective piece of equipment that was purchased last month and received a cash refund of P12,000. e. Borrowed P10,000 from a supplier, to repay the loan in 30 days. f. Paid creditor P2,000 on account (part payment). g. Purchased Equipment for P10,000, giving P2,000 cash and promising to pay the balance in 60 days. h. Bought supplies, paying P1,650 cash. i. Received a P2,500 check from customer on account. Required: Record the transactions using a financial transaction worksheet Hayley Williams is the owner of Good Dye Young. On Jan. 1, 2021, the assets, liabilities and proprietor's capital of the business were: Cash, P25,000; Accounts Receivable, P4,000; Supplies, P5,000; Equipment, P60,000; Accounts Payable, P9,000; Williams, Capital, P85,000. The transactions for the month of January were as follows: a. Paid P3,000 of the outstanding accounts payable. b. Received P1,000 on account (part payment) from customers. c. Purchased P2,500 worth of supplies on account (on credit). d. Returned a defective piece of equipment that was purchased last month and received a cash refund of P12,000. e. Borrowed P10,000 from a supplier, to repay the loan in 30 days. f. Paid creditor P2,000 on account (part payment). g. Purchased Equipment for P10,000, giving P2,000 cash and promising to pay the balance in 60 days. h. Bought supplies, paying P1,650 cash. i. Received a P2,500 check from customer on account. Required: Record the transactions using a financial transaction worksheet
Expert Answer:
Answer rating: 100% (QA)
To record the transactions using a financial transaction worksheet we will create a table with colum... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
Students also viewed these accounting questions
-
1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...
-
Consider 3 different cellular systems that have the following characteristics. For System A, the frequency bands are 825 to 830 MHz for uplink transmission and 870 to 875 MHz for downlink...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
What are the institutional features that appear to have delayed the implementation of IFRS in India?
-
In Exercise 9-2, find the boundary of the critical region if the type I error probability is specified to be.
-
A study was conducted to determine if a certain metal treatment has any effect on the amount of metal removed in a pickling operation. A random sample of 100 pieces was immersed in a bath for 24...
-
What the general requirements are for all pleadings?
-
Collins Corporation purchased office equipment at the beginning of 2009 and capitalized a cost of $2,000,000. This cost figure included the following expenditures: The company estimated an eight-year...
-
1. Many criminal justice professionals (judges,prosecutors,police officers, etc...)have thecommon the ability to use discretion in the administration of the law. Why is the duty to enforce the law is...
-
Three employees of the Horizon Distributing Company will receive annual pension payments from the company when they retire. The employees will receive their annual payments for as long as they live....
-
Financial statements 2020 Net operating revenues $ 33.8 28.9 Operating expenses Operating income Non-operating items: Interest expense Other Net income Total assets Total shareholders' equity 4.9...
-
Watsons Bay Co. is considering a contract to manufacture didgeridoos. Producing didgeridoos will require an investment in equipment of $100,000 and operating costs of $15 per didgeridoo produced. The...
-
Eastern Educational Services is considering the following proposal to sell its teaching machine and purchase a new, improved machine. The following data are presented by the department head:...
-
Two types of machine tools are available for performing a particular job in Apex Corporation. Tool A has an initial investment of $52,000, with operating costs of $26,000 per year, an economic...
-
U.S. Pump is a multidivisional firm that manufactures and installs chemical piping and pump systems. The valve division makes a single standardized valve. The valve division and the installation...
-
a. Scottie Corporation has been offered a contract to produce 100 castings a year for five years at a price of $200 per casting. Producing the castings will require an investment in the plant of...
-
The contractual formation process and the elements necessary to create a legally enforceable contract. Consider a time you entered into a contract. This can be an instant contract, such as buying an...
-
Differentiate. y = ln(3x + 1) ln(5x + 1)
-
Kandon Enterprises, Inc., has two operating divisions; one manufactures machinery and the other breeds and sells horses. Both divisions are considered separate components as defined by generally...
-
John has an investment opportunity that promises to pay him $16,000 in four years. He could earn a 6% annual return investing his money elsewhere. What is the maximum amount he would be willing to...
-
On two previous occasions, the management of Dennison and Company, Inc., repurchased some of its common shares. Between buyback transactions, the corporation issued common shares under its management...
-
Explain two different approaches to account for an investment tax credit for a capital asset.
-
What kinds of differences cause a company to report taxes at a rate different than the statutory rate?
-
Toker & have used me a State Masiname or ended 3 December 2010 They asked one of the audit staff to draft the audit report and he produced this: A roost semnation on a teer be to the amount and does...
Study smarter with the SolutionInn App