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    Quiz 1

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    geraldabubopadua
    Elisa Diaz started a wedding planning business called Wedding "R" Us in 2023, investing ₱250,000 and taking out a ₱210,000 loan. Throughout 2023, Diaz completed various transactions for her new business such as renting office space, hiring employees, purchasing equipment and supplies, coordinating weddings, and paying bills. Financial records including a journal and statement of cash flows were required to be prepared for the business transactions.

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    Quiz 1

    Uploaded by

    geraldabubopadua
    42 views1 page
    Elisa Diaz started a wedding planning business called Wedding "R" Us in 2023, investing ₱250,000 and taking out a ₱210,000 loan. Throughout 2023, Diaz completed various transactions for her new business such as renting office space, hiring employees, purchasing equipment and supplies, coordinating weddings, and paying bills. Financial records including a journal and statement of cash flows were required to be prepared for the business transactions.

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    quiz 1

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    Elisa Diaz started a wedding planning business called Wedding "R" Us in 2023, investing ₱250,000 and taking out a ₱210,000 loan. Throughout 2023, Diaz completed various transactions for her new business such as renting office space, hiring employees, purchasing equipment and supplies, coordinating weddings, and paying bills. Financial records including a journal and statement of cash flows were required to be prepared for the business transactions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    42 views1 page

    Quiz 1

    Uploaded by

    geraldabubopadua
    Elisa Diaz started a wedding planning business called Wedding "R" Us in 2023, investing ₱250,000 and taking out a ₱210,000 loan. Throughout 2023, Diaz completed various transactions for her new business such as renting office space, hiring employees, purchasing equipment and supplies, coordinating weddings, and paying bills. Financial records including a journal and statement of cash flows were required to be prepared for the business transactions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Elisa Diaz is a social entrepreneur from the south. She is into a lot of interesting causes.

    Her fine Elisa Diaz is a social entrepreneur from the south. She is into a lot of interesting causes. Her fine
    taste is preeminent such that she is considered an authority in planning weddings, so she decided taste is preeminent such that she is considered an authority in planning weddings, so she decided
    to established a business (Wedding “R” Us). During 2023, the following transactions were to established a business (Wedding “R” Us). During 2023, the following transactions were
    completed: completed:

    a. Diaz decided to organize her wedding consultancy. She invested P250,000 into this entity. a. Diaz decided to organize her wedding consultancy. She invested P250,000 into this entity.
    b. Rented office space and paid two months’ rent in advance, P80,000. b. Rented office space and paid two months’ rent in advance, P80,000.
    c. Diaz issued a promissory note for a P210,000 loan from Chinabank. The note carries a 20% c. Diaz issued a promissory note for a P210,000 loan from Chinabank. The note carries a 20%
    interest per annum and both interest and principal are payable in full in one year. interest per annum and both interest and principal are payable in full in one year.
    d. Hired office assistant and an account executive each with a P7,800 monthly salary or each d. Hired office assistant and an account executive each with a P7,800 monthly salary or each
    is to receive a P300 per day for the 26 – day work month. is to receive a P300 per day for the 26 – day work month.
    e. Acquired service vehicle for P420,000 e. Acquired service vehicle for P420,000
    f. Paid Global Dominion P14,400 for a one – year comprehensive insurance coverage on the f. Paid Global Dominion P14,400 for a one – year comprehensive insurance coverage on the
    service vehicle. service vehicle.
    g. Acquired office equipment from SnJ Marketing for P60,000; paying P15,000 in cash and g. Acquired office equipment from SnJ Marketing for P60,000; paying P15,000 in cash and
    the balance next month. the balance next month.
    h. Purchased supplies on credit for P18,000 from Handyman. h. Purchased supplies on credit for P18,000 from Handyman.
    i. Paid Handyman P10,000 of the amount owed. i. Paid Handyman P10,000 of the amount owed.
    j. Coordinated and finalized simple bridal arrangements for three couples and collected fees j. Coordinated and finalized simple bridal arrangements for three couples and collected fees
    of P8,800 per couple. of P8,800 per couple.
    k. Paid salaries, P6,600. k. Paid salaries, P6,600.
    l. The entity is earning additional revenues by referring consulting clients to friendly hotels, l. The entity is earning additional revenues by referring consulting clients to friendly hotels,
    caterers, printers, and couturiers. Received P10,000 advance fees for three clients caterers, printers, and couturiers. Received P10,000 advance fees for three clients
    referred. referred.
    m. Coordinated and finalized elaborate bridal arrangements for three couples and billed fees m. Coordinated and finalized elaborate bridal arrangements for three couples and billed fees
    of P12,000 per couple. of P12,000 per couple.
    n. Diaz withdrew P14,000 for personal expenses. n. Diaz withdrew P14,000 for personal expenses.
    o. Paid salaries, P7,200. o. Paid salaries, P7,200.
    p. Received the Converge internet bill, P1,400. p. Received the Converge internet bill, P1,400.
    q. Received P24,000 from two clients for services billed. q. Received P24,000 from two clients for services billed.
    r. Settled the electricity bill of P3,000 for one month. r. Settled the electricity bill of P3,000 for one month.

    Required: Required:

     Journalized the transactions  Journalized the transactions


     Prepare a Statement of Cash Flow  Prepare a Statement of Cash Flow

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