Help Accounting 1 assignment

[abomination69]

Please help po sa assignment namin sa accounting 1, di ko kasi gets pano gagawin. ty po

 

[jshdljn]

Alright, let's break down the transactions for Al Padilla:

1. July 2: Began his business with equipment valued at P40,000 and place P400,000 in the business checking account.
- Cash: +P400,000
- Equipment: +P40,000
- AP, capital: +P440,000 (owner's equity)

2. Purchased a used truck costing P250,000. ρáíd P50,000 cash and signed a note for the balance.
- Truck: +P250,000
- Cash: -P50,000
- Notes payable: +P200,000 (liability for the balance)

3. Purchased supplies on account, P12,000.
- Painting supplies: +P12,000
- Accounts payable: +P12,000

4. Completed painting a two-storey house and billed the customer, P25,000.
- Accounts Receivable: +P25,000
- Painting fees earned: +P25,000

5. Received cash for painting jobs completed, P18,500.
- Cash: +P18,500
- Painting fees earned: +P18,500

6. Purchased supplies for cash, P3,000.
- Painting supplies: +P3,000
- Cash: -P3,000

7. Received a check for P15,000 from the customer previously billed.
- Cash: +P15,000
- Accounts Receivable: -P15,000

8. ρáíd one year insurance ρrémíùm, P4,000.
- Prepaid insurance: +P4,000
- Cash: -P4,000

9. Rendered painting jobs to customers on account P22,000.
- Accounts Receivable: +P22,000
- Painting fees earned: +P22,000

10. ρáíd assistant who helped in his painting jobs, P5,000.
- Wages expense: +P5,000
- Cash: -P5,000

11. Issued check in payment for the supplies purchased on July 4.
- Cash: -P12,000
- Accounts payable: -P12,000

12. Purchased a ladder (equipment) for P5,630 and supplies, P2,170 on account.
- Equipment: +P5,630
- Painting supplies: +P2,170
- Accounts payable: +P7,800

13. Received a telephone bill to be ρáíd next month, P6,395.
- Utilities expense: +P6,395
- Accounts payable: +P6,395

14. Received payment from customers on account, P12,500.
- Cash: +P12,500
- Accounts Receivable: -P12,500

15. Al Padilla withdrew P6,000 cash for personal use.
- Cash: -P6,000
- AP, drawing: -P6,000

16. Received cash for painting a new apartment, P47,000.
- Cash: +P47,000
- Painting fees earned: +P47,000

17. ρáíd assistant’s salary, P5,000.
- Wages expense: +P5,000
- Cash: -P5,000

Now, you'll need to create:
1. A tabular analysis using the above breakdown.
2. Income Statement, Capital Statement, and Balance Sheet using the accounts provided and the changes from the transactions.

Would you like a detailed tabular analysis next or do you have any other questions?

 

[abomination69]

Alright, let's break down the transactions for Al Padilla:

1. July 2: Began his business with equipment valued at P40,000 and place P400,000 in the business checking account.
- Cash: +P400,000
- Equipment: +P40,000
- AP, capital: +P440,000 (owner's equity)

2. Purchased a used truck costing P250,000. ρáíd P50,000 cash and signed a note for the balance.
- Truck: +P250,000
- Cash: -P50,000
- Notes payable: +P200,000 (liability for the balance)

3. Purchased supplies on account, P12,000.
- Painting supplies: +P12,000
- Accounts payable: +P12,000

4. Completed painting a two-storey house and billed the customer, P25,000.
- Accounts Receivable: +P25,000
- Painting fees earned: +P25,000

5. Received cash for painting jobs completed, P18,500.
- Cash: +P18,500
- Painting fees earned: +P18,500

6. Purchased supplies for cash, P3,000.
- Painting supplies: +P3,000
- Cash: -P3,000

7. Received a check for P15,000 from the customer previously billed.
- Cash: +P15,000
- Accounts Receivable: -P15,000

8. ρáíd one year insurance ρrémíùm, P4,000.
- Prepaid insurance: +P4,000
- Cash: -P4,000

9. Rendered painting jobs to customers on account P22,000.
- Accounts Receivable: +P22,000
- Painting fees earned: +P22,000

10. ρáíd assistant who helped in his painting jobs, P5,000.
- Wages expense: +P5,000
- Cash: -P5,000

11. Issued check in payment for the supplies purchased on July 4.
- Cash: -P12,000
- Accounts payable: -P12,000

12. Purchased a ladder (equipment) for P5,630 and supplies, P2,170 on account.
- Equipment: +P5,630
- Painting supplies: +P2,170
- Accounts payable: +P7,800

13. Received a telephone bill to be ρáíd next month, P6,395.
- Utilities expense: +P6,395
- Accounts payable: +P6,395

14. Received payment from customers on account, P12,500.
- Cash: +P12,500
- Accounts Receivable: -P12,500

15. Al Padilla withdrew P6,000 cash for personal use.
- Cash: -P6,000
- AP, drawing: -P6,000

16. Received cash for painting a new apartment, P47,000.
- Cash: +P47,000
- Painting fees earned: +P47,000

17. ρáíd assistant’s salary, P5,000.
- Wages expense: +P5,000
- Cash: -P5,000

Now, you'll need to create:
1. A tabular analysis using the above breakdown.
2. Income Statement, Capital Statement, and Balance Sheet using the accounts provided and the changes from the transactions.

Would you like a detailed tabular analysis next or do you have any other questions?

detailed tabular analysis po ty

pa help po dito sa dalawa, ty po

Now, you'll need to create:
1. A tabular analysis using the above breakdown.
2. Income Statement, Capital Statement, and Balance Sheet using the accounts provided and the changes from the transactions.

 

[jshdljn]

detailed tabular analysis po ty

pa help po dito sa dalawa, ty po

Now, you'll need to create:
1. A tabular analysis using the above breakdown.
2. Income Statement, Capital Statement, and Balance Sheet using the accounts provided and the changes from the transactions.

Certainly! Let's start with the tabular analysis. I'll lay out each account and adjust it according to the transactions.

Tabular Analysis:

| Date | Cash | Accts Receivable | Painting Supplies | Prepaid Insurance | Equipment | Truck | Accts Payable | Notes Payable | AP, Capital | AP, Drawing | Painting Fees Earned | Wages Expense | Utilities Expense |
|------|------|------------------|-------------------|------------------|----------|------|--------------|--------------|------------|------------|---------------------|--------------|-----------------|
| July 2 | +400,000 | | | | +40,000 | | | | +440,000 | | | | |
| Purchase Truck | -50,000 | | | | | +250,000 | | +200,000 | | | | | |
| Purchase Supplies | | | +12,000 | | | | +12,000 | | | | | | |
| Service Rendered | | +25,000 | | | | | | | | | +25,000 | | |
| Cash for Jobs | +18,500 | | | | | | | | | | +18,500 | | |
| Purchase Supplies | -3,000 | | +3,000 | | | | | | | | | | |
| Received Check | +15,000 | -15,000 | | | | | | | | | | | |
| Insurance | -4,000 | | | +4,000 | | | | | | | | | |
| Service Rendered | | +22,000 | | | | | | | | | +22,000 | | |
| Wages | -5,000 | | | | | | | | | | | +5,000 | |
| Supplies Payment | -12,000 | | | | | | -12,000 | | | | | | |
| Purchase Equipment & Supplies | | | +2,170 | | +5,630 | | +7,800 | | | | | | |
| Telephone Bill | | | | | | | +6,395 | | | | | | +6,395 |
| Received Payment | +12,500 | -12,500 | | | | | | | | | | | |
| Personal wí†hdráwal | -6,000 | | | | | | | | | -6,000 | | | |
| New Apartment Job | +47,000 | | | | | | | | | | +47,000 | | |
| Assistant Salary | -5,000 | | | | | | | | | | | +5,000 | |

Next:

Income Statement:

1. Revenues:
- Painting Fees Earned: P112,500
2. Expenses:
- Wages Expense: P10,000
- Utilities Expense: P6,395

Net Income: P96,105

Capital Statement:

• Beginning Capital: P440,000 (from initial investment)
• Add: Net Income: P96,105
• Less: wí†hdráwals: P6,000

Ending Capital: P530,105

Balance Sheet:

- Assets:
- Cash: P402,500 (from tabular analysis)
- Accounts Receivable: P19,500
- Painting Supplies: P17,170
- Prepaid Insurance: P4,000
- Equipment: P45,630
- Truck: P250,000

Total Assets: P738,800

- Liabilities:
- Accounts Payable: P14,195
- Notes Payable: P200,000

Total Liabilities: P214,195

- Owner’s Equity:
- AP, Capital: P530,105 (from Capital Statement)

Total Equity: P530,105

Total Liabilities and Equity: P744,300

The balance sheet totals may not tally due to

 

[abomination69]

Certainly! Let's start with the tabular analysis. I'll lay out each account and adjust it according to the transactions.

Tabular Analysis:

| Date | Cash | Accts Receivable | Painting Supplies | Prepaid Insurance | Equipment | Truck | Accts Payable | Notes Payable | AP, Capital | AP, Drawing | Painting Fees Earned | Wages Expense | Utilities Expense |
|------|------|------------------|-------------------|------------------|----------|------|--------------|--------------|------------|------------|---------------------|--------------|-----------------|
| July 2 | +400,000 | | | | +40,000 | | | | +440,000 | | | | |
| Purchase Truck | -50,000 | | | | | +250,000 | | +200,000 | | | | | |
| Purchase Supplies | | | +12,000 | | | | +12,000 | | | | | | |
| Service Rendered | | +25,000 | | | | | | | | | +25,000 | | |
| Cash for Jobs | +18,500 | | | | | | | | | | +18,500 | | |
| Purchase Supplies | -3,000 | | +3,000 | | | | | | | | | | |
| Received Check | +15,000 | -15,000 | | | | | | | | | | | |
| Insurance | -4,000 | | | +4,000 | | | | | | | | | |
| Service Rendered | | +22,000 | | | | | | | | | +22,000 | | |
| Wages | -5,000 | | | | | | | | | | | +5,000 | |
| Supplies Payment | -12,000 | | | | | | -12,000 | | | | | | |
| Purchase Equipment & Supplies | | | +2,170 | | +5,630 | | +7,800 | | | | | | |
| Telephone Bill | | | | | | | +6,395 | | | | | | +6,395 |
| Received Payment | +12,500 | -12,500 | | | | | | | | | | | |
| Personal wí†hdráwal | -6,000 | | | | | | | | | -6,000 | | | |
| New Apartment Job | +47,000 | | | | | | | | | | +47,000 | | |
| Assistant Salary | -5,000 | | | | | | | | | | | +5,000 | |

Next:

Income Statement:

1. Revenues:
- Painting Fees Earned: P112,500
2. Expenses:
- Wages Expense: P10,000
- Utilities Expense: P6,395

Net Income: P96,105

Capital Statement:

• Beginning Capital: P440,000 (from initial investment)
• Add: Net Income: P96,105
• Less: wí†hdráwals: P6,000

Ending Capital: P530,105

Balance Sheet:

- Assets:
- Cash: P402,500 (from tabular analysis)
- Accounts Receivable: P19,500
- Painting Supplies: P17,170
- Prepaid Insurance: P4,000
- Equipment: P45,630
- Truck: P250,000

Total Assets: P738,800

- Liabilities:
- Accounts Payable: P14,195
- Notes Payable: P200,000

Total Liabilities: P214,195

- Owner’s Equity:
- AP, Capital: P530,105 (from Capital Statement)

Total Equity: P530,105

Total Liabilities and Equity: P744,300

The balance sheet totals may not tally due to

The balance sheet totals may not tally due to ano po?
medyo nabitin po hehe, ty

Certainly! Let's start with the tabular analysis. I'll lay out each account and adjust it according to the transactions.

Tabular Analysis:

| Date | Cash | Accts Receivable | Painting Supplies | Prepaid Insurance | Equipment | Truck | Accts Payable | Notes Payable | AP, Capital | AP, Drawing | Painting Fees Earned | Wages Expense | Utilities Expense |
|------|------|------------------|-------------------|------------------|----------|------|--------------|--------------|------------|------------|---------------------|--------------|-----------------|
| July 2 | +400,000 | | | | +40,000 | | | | +440,000 | | | | |
| Purchase Truck | -50,000 | | | | | +250,000 | | +200,000 | | | | | |
| Purchase Supplies | | | +12,000 | | | | +12,000 | | | | | | |
| Service Rendered | | +25,000 | | | | | | | | | +25,000 | | |
| Cash for Jobs | +18,500 | | | | | | | | | | +18,500 | | |
| Purchase Supplies | -3,000 | | +3,000 | | | | | | | | | | |
| Received Check | +15,000 | -15,000 | | | | | | | | | | | |
| Insurance | -4,000 | | | +4,000 | | | | | | | | | |
| Service Rendered | | +22,000 | | | | | | | | | +22,000 | | |
| Wages | -5,000 | | | | | | | | | | | +5,000 | |
| Supplies Payment | -12,000 | | | | | | -12,000 | | | | | | |
| Purchase Equipment & Supplies | | | +2,170 | | +5,630 | | +7,800 | | | | | | |
| Telephone Bill | | | | | | | +6,395 | | | | | | +6,395 |
| Received Payment | +12,500 | -12,500 | | | | | | | | | | | |
| Personal wí†hdráwal | -6,000 | | | | | | | | | -6,000 | | | |
| New Apartment Job | +47,000 | | | | | | | | | | +47,000 | | |
| Assistant Salary | -5,000 | | | | | | | | | | | +5,000 | |

Next:

Income Statement:

1. Revenues:
- Painting Fees Earned: P112,500
2. Expenses:
- Wages Expense: P10,000
- Utilities Expense: P6,395

Net Income: P96,105

Capital Statement:

• Beginning Capital: P440,000 (from initial investment)
• Add: Net Income: P96,105
• Less: wí†hdráwals: P6,000

Ending Capital: P530,105

Balance Sheet:

- Assets:
- Cash: P402,500 (from tabular analysis)
- Accounts Receivable: P19,500
- Painting Supplies: P17,170
- Prepaid Insurance: P4,000
- Equipment: P45,630
- Truck: P250,000

Total Assets: P738,800

- Liabilities:
- Accounts Payable: P14,195
- Notes Payable: P200,000

Total Liabilities: P214,195

- Owner’s Equity:
- AP, Capital: P530,105 (from Capital Statement)

Total Equity: P530,105

Total Liabilities and Equity: P744,300

The balance sheet totals may not tally due to

pa help po sa ganyan format ty, then tama po ba ito ginawa ko base po dun sa bigay mo po

 

[jshdljn]

The balance sheet totals may not tally due to ano po?
medyo nabitin po hehe, ty


pa help po sa ganyan format ty, then tama po ba ito ginawa ko base po dun sa bigay mo po

Ganyan rin yun sa reply ko kaso gawa ng site di nya supported

 

[abomination69]

Ganyan rin yun sa reply ko kaso gawa ng site di nya supported

eto po gawa ko base dun sa share mo po, tama po ba yan?

 

[jshdljn]

eto po gawa ko base dun sa share mo po, tama po ba yan?



View attachment 2803715

Tama yan kasi ayan nilabas ni chatgpt

 

[abomination69]

ty po master, mark ko nalang

 

[Maabjabbour]

Certainly! Let's start with the tabular analysis. I'll lay out each account and adjust it according to the transactions.

Tabular Analysis:

| Date | Cash | Accts Receivable | Painting Supplies | Prepaid Insurance | Equipment | Truck | Accts Payable | Notes Payable | AP, Capital | AP, Drawing | Painting Fees Earned | Wages Expense | Utilities Expense |
|------|------|------------------|-------------------|------------------|----------|------|--------------|--------------|------------|------------|---------------------|--------------|-----------------|
| July 2 | +400,000 | | | | +40,000 | | | | +440,000 | | | | |
| Purchase Truck | -50,000 | | | | | +250,000 | | +200,000 | | | | | |
| Purchase Supplies | | | +12,000 | | | | +12,000 | | | | | | |
| Service Rendered | | +25,000 | | | | | | | | | +25,000 | | |
| Cash for Jobs | +18,500 | | | | | | | | | | +18,500 | | |
| Purchase Supplies | -3,000 | | +3,000 | | | | | | | | | | |
| Received Check | +15,000 | -15,000 | | | | | | | | | | | |
| Insurance | -4,000 | | | +4,000 | | | | | | | | | |
| Service Rendered | | +22,000 | | | | | | | | | +22,000 | | |
| Wages | -5,000 | | | | | | | | | | | +5,000 | |
| Supplies Payment | -12,000 | | | | | | -12,000 | | | | | | |
| Purchase Equipment & Supplies | | | +2,170 | | +5,630 | | +7,800 | | | | | | |
| Telephone Bill | | | | | | | +6,395 | | | | | | +6,395 |
| Received Payment | +12,500 | -12,500 | | | | | | | | | | | |
| Personal wí†hdráwal | -6,000 | | | | | | | | | -6,000 | | | |
| New Apartment Job | +47,000 | | | | | | | | | | +47,000 | | |
| Assistant Salary | -5,000 | | | | | | | | | | | +5,000 | |

Next:

Income Statement:

1. Revenues:
- Painting Fees Earned: P112,500
2. Expenses:
- Wages Expense: P10,000
- Utilities Expense: P6,395

Net Income: P96,105

Capital Statement:

• Beginning Capital: P440,000 (from initial investment)
• Add: Net Income: P96,105
• Less: wí†hdráwals: P6,000

Ending Capital: P530,105

Balance Sheet:

- Assets:
- Cash: P402,500 (from tabular analysis)
- Accounts Receivable: P19,500
- Painting Supplies: P17,170
- Prepaid Insurance: P4,000
- Equipment: P45,630
- Truck: P250,000

Total Assets: P738,800

- Liabilities:
- Accounts Payable: P14,195
- Notes Payable: P200,000

Total Liabilities: P214,195

- Owner’s Equity:
- AP, Capital: P530,105 (from Capital Statement)

Total Equity: P530,105

Total Liabilities and Equity: P744,300

The balance sheet totals may not tally due to

Bakit hindi po balance

 

[Maabjabbour]

ty po master, mark ko nalang

Ganyan din assignment namin now.Bakit hindi naging balance?