4. The company issues an invoice for coordination and security services to the customer in the amount of IDR 55,000,000 (including VAT). On the income of coordination and security services, the company's income must be deducted by Article 23 tax of 2%, which is Rp. 1,100,000. So when the customer pays, the company gets only Rp. 54,000,000. a) Journalize when issuing invoices to customers b) Journalize when receiving payment c) What should the company do for the coordination and security service revenue of IDR 1,100,000 deducted by the customer Hint: The company has become a PKP (Taxable Entrepreneur)

4. The company issues an invoice for coordination and security services to the customer in the amount of IDR 55,000,000 (including VAT). On the income of coordination and security services, the company's income must be deducted by Article 23 tax of 2%, which is Rp. 1,100,000. So when the customer pays, the company gets only Rp. 54,000,000. a) Journalize when issuing invoices to customers b) Journalize when receiving payment c) What should the company do for the coordination and security service revenue of IDR 1,100,000 deducted by the customer Hint: The company has become a PKP (Taxable Entrepreneur)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(2) On 10/05/20X1, the company "OMEGA" sells goods to customer "D" in lieu of the amount of 1,000 € by credit. On 31/12/20X1, the company "OMEGA" after information on the financial situation of customer "D" expects to receive 500 €. On 20/02/20X2, the company "OMEGA" collects: (A) 450€, (b) 550, (c) 0€. It is requested: to make the relevant journal entries of the above accounting events for each of the cases. (Ignore any tax consequences such as VAT)
On January 1, 2021, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery was made on January 1, 2021, but payment for the equipment of $10,000 is not due until December 31, 2021. Assuming that Wooten views the time value of money to be a significant component of this transaction and that an 8% interest rate is applicable, how much sales revenue would Wooten recognize on January 1, 2021?
Can you recheck the transaction on Feb. 12? It was said that the owner received P50,000 from customers, why did you deduct the P50,000 in accounts receivable? The cash came from the customers and not from the Nestle Corporation, does it? Should that P50,000 be added on the Capital? A revenue earned?
On October 1, 2024, Microchip lent $99,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2025. On November 1, 2024, the company paid its landlord $12,000 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. On August 1, 2024, collected $18,000 in advance rent from another company that is renting a portion of Microchip’s factory. The $18,000 represents one year’s rent and the entire amount was credited to deferred rent revenue at the time cash was received. Depreciation on office equipment is $6,500 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $10,000. The company records vacation pay as salaries expense. Microchip began the year with $4,000 in its asset account, supplies. During the year, $8,500 in supplies were purchased and debited to supplies. At year-end, supplies costing $4,250 remain on hand. Required:…
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Argon Traders is a business located in Centurion.Argon Traders is a registered VAT vendor and trades only with registered VATvendors that can provide tax invoices. The business charges 15% VAT on all its sales.All amounts are inclusive of VAT, unless VAT is not applicable.Argon Traders sells good for cash and on credit.Transaction 1: On the 1st of March 2022 Argon Traders sold goods for R15 000excluding VAT) on credit to Mr Neon.Goods are marked up 20% on cost Record transaction 1 in the applicable general ledger accounts using the perpetualinventory system.
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