Journal entry activity 3 16
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This document contains journal entries for a dry cleaning business from June 1 to June 30, 2013. It records initial investments by the owner, purchases of equipment and supplies, borrowing of cash, additional investments, income from services rendered, expenses for rent, salaries and utilities, and withdrawals by the owner.
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The document outlines the steps in the accounting cycle which include analyzing transactions, journalizing transactions, posting to ledgers, preparing a trial balance, adjusting entries, preparing financial statements, and closing entries. It also provides details on journalizing, including columns for date, account titles, debit/credit amounts, and posting references. The recording process involves analyzing source documents, writing details in the journal columns, and providing explanations.Measuring and reporting financial performance 06182013
Measuring and reporting financial performance 06182013kennethcrisostomo
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The income statement reports revenue and expenses for a specific period of time, with revenue listed first followed by expenses. It can take the natural form, with expenses classified by nature, or the functional form, with expenses classified by function. The document also discusses accounting concepts like the revenue recognition principle, matching principle, accrual basis of accounting, consistency, conservatism, and disclosure principle which govern how transactions and financial performance are measured and reported.T1 ay13 14 actbas1 individual business case
T1 ay13 14 actbas1 individual business casekennethcrisostomo
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The document provides the statements of financial position for Galaxy Corporation and Universal Corporation as of July 31, 2012. Galaxy has total assets of P6,020,000 consisting mainly of cash, accounts receivable, land, and building. Its total liabilities are P1,100,000 and owner's equity is P4,920,000. Universal has total assets of P9,120,000 consisting mainly of cash, accounts receivable, land, building, and equipment. Its total liabilities are P3,280,000 and owner's equity is P5,840,000. The document asks you to assume the role of a banker considering a 90-day loan of P600,000 to each company and whichT1 ay13 14 acctba1 individual business case
T1 ay13 14 acctba1 individual business casekennethcrisostomo
Ìý
This document presents the statements of financial position for Galaxy Corporation and Universal Corporation as of July 31, 2012. Galaxy has total assets of P6,020,000 consisting mainly of cash, accounts receivable, land, and building. Its total liabilities are P1,100,000 and owner's equity is P4,920,000. Universal has total assets of P9,120,000 consisting mainly of cash, accounts receivable, land, building, and equipment. Its total liabilities are P3,280,000 and owner's equity is P5,840,000. The document instructs to assume being a banker considering a 90-day loan of P600,000 for each company and which would beIntroduction to accounting acctba1 part 1 05282013
Introduction to accounting acctba1 part 1 05282013kennethcrisostomo
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Accounting identifies, records, and communicates the economic events of a business to internal and external users. It recognizes business transactions by assigning monetary values and prepares financial statements such as the income statement, balance sheet, and statement of cash flows. Accounting provides important information to managers in areas like marketing, finance, and real estate for decision making.Accounting equation and account classification 06052013
Accounting equation and account classification 06052013kennethcrisostomo
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The document discusses the basic accounting equation of Assets = Liabilities + Owner's Equity. It defines key accounting concepts such as assets, liabilities, owner's equity, and how transactions affect accounts. Assets are resources owned, liabilities are amounts owed, and owner's equity is the residual claim. The accounting equation is expanded to track increases and decreases in owner's equity from revenues, expenses, investments, and withdrawals. Transactions are analyzed to show their dual effects on at least two accounts.Introduction to financial statements 06052013
Introduction to financial statements 06052013kennethcrisostomo
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The document provides information on key financial statements: the income statement, statement of changes in equity, balance sheet, and statement of cash flows. It describes the purpose and basic components of each statement. The income statement reports revenues and expenses over a period of time. The balance sheet presents assets, liabilities, and equity at a point in time. The statement of changes in equity shows changes in owner's equity from investments, profits/losses, and withdrawals. The statement of cash flows provides details on cash inflows and outflows.Introduction to accounting acctba1 part 2 06032013
Introduction to accounting acctba1 part 2 06032013kennethcrisostomo
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This document outlines key assumptions and principles of accounting. It discusses concepts like the economic entity assumption, monetary unit assumption, and historical cost principle. It also covers principles such as objectivity, going concern assumption, materiality, disclosure, consistency, and conservatism. The assumptions and principles establish guidelines for properly recording and reporting financial information.Exercise 2 11 06062013
Exercise 2 11 06062013kennethcrisostomo
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This document presents the statement of financial position for Mary de Jesus Tailoring Shop as of September 30, 2011. It lists the shop's current assets of $115,000 including cash, investments, receivables, and prepaid expenses. Non-current assets include property, plant and equipment of $157,500. Current liabilities are $24,650 and non-current liabilities are $64,000. Total assets are $272,500, which equals total liabilities of $88,650 and owner's equity of $183,850. Notes provide details on receivables, prepaid expenses, property and equipment, and payables.Journal entry activity 3 16
- 1. Debit Credit 2013 JUN 1 Cash 250,000 Dry Cleaning Equipment 400,000 Accounts Payable 100,000 MJ Flores, Capital 550,000 Initial investment of owner 2 Dry Cleaning Supplies 22,100 Accounts Payable 22,100 Purchased dry cleaning supplies 3 Office Equipment 45,800 Cash 13,740 Accounts Payable 32,060 Purchased cash register 7 Cash 25,250 Service Income 25,250 Rendered dry cleaning services 8 Cash 150,000 Notes Payable 150,000 Borrowed cash from Banco de Oro 10 Furnitures and Fixtures 12,100 MJ Flores, Capital 12,100 Additional investment by owner 14 Cash 25,200 Accounts Receivable 20,000 Service Income 45,200 Rendered dry cleaning services 17 Accounts Payable 16,030 Cash 16,030 Settled account balance with Carter Equipment 20 MJ Flores, Drawing 12,500 Cash 12,500 Paid personal liability of owner GENERAL JOURNAL Date Account Description
- 2. 22 Accounts Payable 22,100 Cash 22,100 Settled liability with Wilson Cleaners 23 MJ Flores, Drawing 300 Office Supplies 300 Owner's withdrawal of supplies 25 Accounts Receivable 50,000 Service Income 50,000 Rendered dry cleaning services 28 Rent Expense 12,000 Cash 12,000 Paid rent for the month 29 Salaries Expense 7,500 Cash 7,500 Paid wages for the workers 30 Utilities Expense 33,200 Utilities Payable 33,200 Received electricity from Meralco