29- Collected P1, 000 from R. Hernandez as partial settlement of his account. 30- Paid the attendant's salary, P4, 000.
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- Assume that a lawyer bills her clients $15000 on June 30, for services rendered during June. The lawyer collects $8500 of the billings during July and the remainder in August. Under the accrual basis of accounting, when would the lawyer record the revenue for the fees? A. June, $15,000; July, $0; and August, $0 B. June, $0; July, $6,500; and August, $8,500 C. June, $8,500; July, $6,500; and August, $0 D. June, $0; July, $8,500; and August, $6,500One of the partners of the company withdrew € 5,000 from the current account in exchange for his future remuneration which is the journal entry?Heing's, a limited liability company, receives rent for subletting part of its office premises to a number of tenants. In the year ended 31 December 20X4 B received cash of $320,800 from its tenants. Details of rent in advance and in arrears at the beginning and end of 20X4 are as follows: 31 December 20X4 20X3 $ $ Rent received in advance 29,600 28,800 Rent owing by tenants 19,500 17,900 All rent owing was subsequently received What figure for rental income should be included in the statement of profit or loss of Heing's for 20X4?
- The transactions below needs to be journalized. Two accrual transactions and two deferral transactions. I need help with this please and thank you. Please include an explanation of what was done. Accrual Transactions - May 1st, 2021 Paid rent on my office space and paid the landscaping company (revenue: $15,000 expenses: $2,000) Bonuses paid out for my employees (revenue: $15,000 expenses: $800) Deferral Transactions - January 1st 2021 Paid $600 for a year of insurance Equipment Depreciates by $150 every monthG. Venda, owner of Venda Services, withdrew $25,000 from the business during the current year. The entry to close the withdrawals account at the end of the year is:On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the following transactions related to the business: July 1: Arabi transferred cash from his personal account and invested it for business use, $23000. July 10: Purchased a truck for $14400, paying $7400 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2570. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4510. July 20: Completed services on account and billed the customer, $7780 July 25: Received cash from customers on account, $2640. July 31: Paid salaries expense of $400 and utilities expense of $320. (a) Journalize the above transactions for the month of July (b) Prepare ledger accounts in running balance format (c) Prepare trial balance at 31 July 2020
- J Blane commenced business on 1 January 20X6 and prepares her financial statements to 31December every year. For the year ended 31 December 20X6, bad debts written off amounted to£1,400. It was also found necessary to create a provision for doubtful debts of £2,600.In 20X7, debts amounting to £2,200 proved bad and were written off. J Sweeny, whose debt of£210 was written off as bad in 20X6, settled her account in full on 30 November 20X7. As at 31 December 20X7 total debts outstanding were £92,000. It was decided to bring the provision upto 4% of this figure on that date.In 20X8, £3,800 debts were written off during the year, and another recovery of £320 was madein respect of debts written off in 20X6. As at 31 December 20X8, total debts outstanding were£72,000. The provision for doubtful debts is to be increased to 5% of this figure.You are required to show for the years 20X6, 20X7 and 20X8, the(a) Bad Debts Account.(b) Bad Debts Recovered Account.(c) Provision for Doubtful Debts…Mpandamano is a sole propietor tranding as Amano. The trial balance of amano as at 31 December 2021 is set out below; advertising 16,000, bank 4,000, bank loan 40,000, bank interest 4,000, capital 40,000, capital introduced 10,000, carriage outwards 24,000, computing expenses 20,000, payables 40,000, receivebles, 60,000, discount received, 6,000, drawings 66,000, fixt at cost 120,000, power 8,000, allowance for receivables at 1 january 2021 4,000, sales 764,000, purchases 480,000, rent 12,000, salaries 72,000, accumulated depreciation on fixtures at 1 january 2021 30,000, inventories at 1 january 2021 48,000 =934,000.The following additional information was provided; [i]inventories at 31 December 2021 were valued at 40,000. [ii] prepayment for rent at 31 December 2021 was 4,000. [iii] accrual for power was 2,000. [iv] the computer crashedin December 2021. An engineer gave an estimate of 10,000 to repair computer, which mpandamano accepted. The engineer repaired the computer in…Blaire purchased a new car .He got an invioce for $ 4050 dated march 27 with terms 3/10 ,2/20 , n/60.He paid $1200 on april 1 and $480 on april 11 .what balance was still owned after april 11 ?
- Identify the amount, if any, that these individuals must include in gross income in the following independent cases. Assume that the individuals are on the cash method of accounting and report income on a calendar-year basis. a. Elmer was an extremely diligent employee this year, and his employer gave him three additional days off with pay (Elmer’s gross pay for the three days totaled $1,200, but his net pay was only $948). b. Amax purchased new office furniture and allowed each employee to take home old office furniture valued at $250.The transactions below needs to be journalized. Two accrual transactions and two deferral transactions. Please be sure to include corresponding dates and transaction amount information. I need help with this please and thank you. Please include an explanation of what was done. Accrual Transactions - May 1st, 2021 Paid rent on my office space and paid the landscaping company (revenue: $15,000 expenses: $2,000) Bonuses paid out for my employees (revenue: $15,000 expenses: $800) Deferral Transactions - January 1st 2021 Paid $600 for a year of insurance Equipment Depreciates by $150 every monthKeka completed the following transactions in the year to December 31, 2021:Transaction 1: Sold a car for P1,200 to the uncle of Keka 's finance director.Transaction 2: Sold goods to the value of P1,400 to Serene, a company owned by the daughter of Keka 's managing director. Serene has no other connection with Keka.Which transactions, if any, require disclosure in the financial statements of Keka under PAS 24 Related Party Disclosures?