total Debit/Credit transaction? Cesar, a sole proprietor, started a business. During January 2022, the first month...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
total Debit/Credit transaction? Cesar, a sole proprietor, started a business. During January 2022, the first month of operations, the following transactions occurred: January a. b. C. d. c. f. 3- Hired a worker to assist him in the business for a salary of P5,000 per month. 10- Bought office furniture on account, P30,000. 10- Bought an equipment worth P60,000. The company made 60% cash down payment and the balance on open account. g. h. What is the of the 15- Invested additional cash in the business, P5,000. 15- Bought another equipment worth P80,000. The company made 50% cash down payment and issued a promissory note for the balance. 18- Withdrew P2,000 for personal use. i. j. 1- Invested cash in the business, P100,000. 2- Bought various office supplies for cash, P20,000. 3-Loaned P50,000 from a bank for additional funds. k. 20-Paid P10,000 of the amount due in transaction (e). 25-Settled the promissory note in transaction (h) using the owner's own cash. total Debit/Credit transaction? Cesar, a sole proprietor, started a business. During January 2022, the first month of operations, the following transactions occurred: January a. b. C. d. c. f. 3- Hired a worker to assist him in the business for a salary of P5,000 per month. 10- Bought office furniture on account, P30,000. 10- Bought an equipment worth P60,000. The company made 60% cash down payment and the balance on open account. g. h. What is the of the 15- Invested additional cash in the business, P5,000. 15- Bought another equipment worth P80,000. The company made 50% cash down payment and issued a promissory note for the balance. 18- Withdrew P2,000 for personal use. i. j. 1- Invested cash in the business, P100,000. 2- Bought various office supplies for cash, P20,000. 3-Loaned P50,000 from a bank for additional funds. k. 20-Paid P10,000 of the amount due in transaction (e). 25-Settled the promissory note in transaction (h) using the owner's own cash.
Expert Answer:
Answer rating: 100% (QA)
Lets calculate the total debit and credit of the transactions For each transaction we will identify ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
In June 2016, Carolyn Davis opened a photography studio that provides services to public and private schools. Her firms financial activities for the first month of operations and the chart of...
-
During the first month of operations (January 2014), Music Services Ltd. Completed the following selected transactions: a. The business has cash of $10,000 and a building valued at $50,000. The...
-
Followings are the transactions related to HCD for catering services company on November 1,2018. During the first month of operations the following transactions occurred: Nov. 1 Invested $150,000...
-
Hussein Hage has just approached a venture capitalist for financing for his new restaurant, Bistro Sally. The lender is willing to loan Bistro Sally Inc. $240,000 at a high-risk interest rate of 9%....
-
Velcro Saddles is contemplating the acquisition of Pogo Ski Sticks, Inc. The values of the two companies as separate entities are $20 million and $10 million, respectively. Velcro Saddles estimates...
-
Which of the following is not true of the sequential method of support department cost allocation? a. The sequential method is more complex than the direct method. b. The sequence used for allocating...
-
Using only the factor formulas given in Table 2.6, derive Equation 7.6 starting with Equation 7.3. TABLE 2.6 Summary of Discrete Compounding Interest Factors. To Find Given Factor Symbol Name P F...
-
FUN Inc. has a fully automated production facility in which almost 97 percent of overhead costs are driven by machine hours. As the companys cost accountant, you have computed the following overhead...
-
A square insulating plate, 2 meters by 2 meters, lies flat on the floor. A total charge Q = 8 10-8 C is distributed uniformly on the sheet. A pith ball (a small non-conducting ball made of a light...
-
You have sent confirmations to 40 customers of Berg Shovick Express, a long-time audit client experiencing some financial difficulty. The company sells specialized high-technology goods. You have...
-
Christopher Corp., a multinational technology firm, is working on an expansion plan to increase its market share. To understand its position, the company undertakes a SWOT analysis. Meanwhile, the...
-
Prepare a physical unit flow reconciliation with the following information. Blending Process Units of Product Beginning work in process inventory 168,000 Units started this period 355,000 Units...
-
What is the value of 'm'? int x=1; int y = 2; int z=3; int m = x+y+z; if (x
-
2. Write a program that implements the following arithmetic expression: EAX = -val2 + 7 val3 + vall - Use the following data definitions: vall SDWORD 8 va12 SDWORD -15 va13 SDWORD 20 In comments next...
-
Baskin-Robbins is one of the worlds largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso n Cream. Assume that a local...
-
We ran hundreds of different applications and generated the following table: Instruction Type ALU Load Store Branch Frequency of use (%) Cycles to Execute 50% 1 30% 4 10% 10% 3 10 A chief designer...
-
A company has taxable income of $55,000. The corporate tax rates are: Taxable Income Tax Rate $0 to $20,000 15% $20,001 to $40,000 20% $40,001 to $60,000 25% What is the firms average tax rate?
-
What are conversion costs? What are prime costs?
-
How are qualified dividends taxed in 2012? Please give the two rates of tax which apply to qualified dividends, and specify when each of these rates applies._________________________...
-
Carl and Jenny adopt a Russian orphan. The adoption takes 2 years and two trips to Russia and is final in 2012. They pay $6,000 in 2011 and $7,500 in 2012 of qualified adoption expenses, and have AGI...
-
For each of the following situations, indicate whether the taxpayer(s) is (are) required to file a tax return for 2012. Explain your answer. a. Helen is a single taxpayer with interest income in 2012...
-
Are there any potential problems with devoting most compensation dollars to rewarding top performers, even if this means neglecting investments to improve the welfare of all employees (such as day...
-
In examples of profit-sharing with employees, once the total pool is established, the business needs to develop a methodology for providing individual rewards that are clear, logical, and fair. If...
-
Class is divided into two groups. One group must defend and support the awarding of bonuses on the basis of annual financial targets. The second group needs to support a more complex range of goals,...
Study smarter with the SolutionInn App