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    Accounting

    Uploaded by

    Ruffa Mae Cabangunay
    The document contains journal entries for Hashim Khan Photography for August 2016. It records various cash receipts and payments as well as investments in photography equipment. The net income for the period is ₱10,000. Total assets are ₱191,000 consisting of cash, accounts receivable, and photography equipment. Total liabilities are ₱91,000 consisting of accounts payable and notes payable. Owner's equity increased to ₱100,000 due to the initial investment and net income for the period.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Accounting

    Uploaded by

    Ruffa Mae Cabangunay
    314 views10 pages
    The document contains journal entries for Hashim Khan Photography for August 2016. It records various cash receipts and payments as well as investments in photography equipment. The net income for the period is ₱10,000. Total assets are ₱191,000 consisting of cash, accounts receivable, and photography equipment. Total liabilities are ₱91,000 consisting of accounts payable and notes payable. Owner's equity increased to ₱100,000 due to the initial investment and net income for the period.

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    The document contains journal entries for Hashim Khan Photography for August 2016. It records various cash receipts and payments as well as investments in photography equipment. The net income for the period is ₱10,000. Total assets are ₱191,000 consisting of cash, accounts receivable, and photography equipment. Total liabilities are ₱91,000 consisting of accounts payable and notes payable. Owner's equity increased to ₱100,000 due to the initial investment and net income for the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    314 views10 pages

    Accounting

    Uploaded by

    Ruffa Mae Cabangunay
    The document contains journal entries for Hashim Khan Photography for August 2016. It records various cash receipts and payments as well as investments in photography equipment. The net income for the period is ₱10,000. Total assets are ₱191,000 consisting of cash, accounts receivable, and photography equipment. Total liabilities are ₱91,000 consisting of accounts payable and notes payable. Owner's equity increased to ₱100,000 due to the initial investment and net income for the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 10

    Journal Entry

    Date Account Title Ref Debit Credit


    Aug. 1 Cash ₱ 57,500
    Photography Equipment 32,500
    Hashim Khan, Capital ₱ 90,000

    Aug. 4 Prepaid Insurance 3,000


    Cash 3,000

    Aug. 7 Account Receivable 10,000


    Photographic Services 10,000

    Aug. 13 Office Supplies 1,400


    Cash 400
    Account Payable 1,000

    Aug. 20 Cash 2,000


    Account Receivable 2,000

    Aug. 24 Cash 15,000


    Unearned Revenue 15,000

    Aug. 29 Photography Equipment 100,000


    Cash 25,000
    Notes Payable 75,000

    Total ₱ 221,400 ₱ 221,400

    Ledger Account

    Cash
    Aug. 1 ₱ 57,500 ₱ 3,000
    Aug. 19 2,000 400
    Aug. 23 15,000 25,000
    ₱ 74,500 ₱ 28,400
    Total ₱ 46,100

    Hashim Khan, Capital


    ₱ 90,000 Aug. 1

    Photographic Services
    ₱ 10,000 Aug. 7
    Unearned Revenue
    ₱ 15,000 Aug. 24

    Hashim Khan Photography


    Trial Balance
    For the Month Ended Aug. 30, 20

    Account Title
    Cash
    Account Receivable
    Office Supplies
    Prepaid Insurance
    Photography Equipment
    Account Payable
    Notes Payable
    Unearned Revenue
    Hashim Khan, Capital
    Photographic Services

    Total

    Hashim Khan Photography


    Income Statement
    For the Month Ended Aug. 30, 20

    Photographic Services
    Less: Expenses
    No expenses record
    Profit

    Hashim Khan Photography


    Statement of Changes in Equ
    For the Month Ended Aug. 30,

    Hashim Khan, Capital, Aug. 1, 2016


    Add: Additional Investment
    Profit
    Total
    Less: Withdrawals
    Hashim Khan, Capital, Aug. 30, 2016

    Hashim Khan Photography


    Balance Sheet
    For the Month Ended Aug. 30

    Assets
    Current Assets
    Cash
    Account Receivable
    Office Supplies
    Prepaid Insurance
    Total Current Assets

    Non-current Assets
    Photography Equipment
    Total Non-current Assets

    Total Assets

    Liabilities
    Current Liabilities
    Account Payable
    Notes Payable
    Unearned Revenue
    Total Liabilities

    Owner's Equity
    Hashim Khan, Capital, Aug. 30, 2016

    Total Liabilities and Owner's Equity

    Hashim Khan Photog


    Statement of Cash
    For the Month Ended Au

    Cash Flow from Operating Activities:


    Cash receives from customers
    Payment to insurance policy
    Payment for office supplies
    Payment to suppliers of goods and service
    Net cash provided by Operating Activities

    Cash Flow from Investing Activities:


    Payment to acquire photography equipment
    Net cash flow used in Investing Activites

    Cash Flow from Financing Activities:


    Cash received as investment by the owner
    Issuance of notes payable
    Net cash provided by Financing Activities
    Net Increase in Cash
    Cash balance at the beginning of the period
    Cash balance at the end of the period
    Photography Equipment
    Aug. 4 Aug. 1 ₱ 32,500
    Aug. 13 Aug. 29 100,000
    Aug. 29
    ₱ 132,500

    Prepaid Insurance Account Receivable


    Aug.4 ₱ 3,000 Aug. 7 ₱ 10,000
    ₱ 8,000

    Office Supplies Account Payable


    Aug. 13 ₱ 1,400
    Notes Payable
    ₱ 75,000 Aug. 29

    Hashim Khan Photography


    Trial Balance
    the Month Ended Aug. 30, 2016

    ₱ 46,100
    8,000
    1,400
    3,000
    132,500
    ₱ 1,000
    75,000
    15,000
    90,000
    10,000

    ₱ 191,000 ₱ 191,000

    Hashim Khan Photography


    Income Statement
    the Month Ended Aug. 30, 2016

    ₱ 10,000

    0
    ₱ 10,000

    Hashim Khan Photography


    Statement of Changes in Equity
    or the Month Ended Aug. 30, 2016

    ₱ 90,000
    ₱ -
    10,000 10,000
    ₱ 100,000
    0
    ₱ 100,000

    Hashim Khan Photography


    Balance Sheet
    For the Month Ended Aug. 30, 2016

    Assets

    ₱ 46,100
    8,000
    1,400
    3,000
    ₱ 58,500

    ₱ 132,500
    ₱ 132,500

    ₱ 191,000

    Liabilities

    ₱ 1,000
    75,000
    15,000
    ₱ 91,000

    Owner's Equity
    ₱ 100,000

    ₱ 191,000

    Hashim Khan Photography


    Statement of Cash Flow
    For the Month Ended Aug. 30, 2016
    ₱ 27,000
    -3,000
    -400
    and service -10000
    ₱ 13,600

    hy equipment -₱ 132,500
    -₱ 132,500

    y the owner ₱ 90,000


    75,000
    ₱ 165,000
    ₱ 46,100
    0
    ₱ 46,100
    count Receivable
    ₱ 2,000 Aug. 20

    Account Payable
    ₱ 1,000 Aug. 13

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