Compute for the following using the data provided below: Cash on Hand - P23,500 Cash in Bank - P226,000 Accounts Receivable - P12,500 Allowance for Bad Debts – P2,500 Merchandise Inventory, Beg – P8,200 Merchandise Inventory, End – P8,500 Prepaid Insurance Expense – P4,800 Long-term Loans Receivable – P60,400 Equipment – P45,600 Fixture and Furniture – P118,900 Acc. Depreciation - P26,800 Land – P350,000 write your answer using this format " 123,456 " Total Current Assets: Net Property, Plant and Equipment Total Non-current Assets: Total Assets:

Compute for the following using the data provided below: Cash on Hand - P23,500 Cash in Bank - P226,000 Accounts Receivable - P12,500 Allowance for Bad Debts – P2,500 Merchandise Inventory, Beg – P8,200 Merchandise Inventory, End – P8,500 Prepaid Insurance Expense – P4,800 Long-term Loans Receivable – P60,400 Equipment – P45,600 Fixture and Furniture – P118,900 Acc. Depreciation - P26,800 Land – P350,000 write your answer using this format " 123,456 " Total Current Assets: Net Property, Plant and Equipment Total Non-current Assets: Total Assets:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 9EB: Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance:...

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To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the payment is received within the discount period? a. Accounts Receivable 500 DR; Cash 500 CR b. Cash 500 DR; Accounts Receivable 500 CR c. Cash 495 DR, Sales Discount 5 DR; Accounts Receivable 500 CR d. Accounts Receivable 500 DR; Cash 495 CR, Sales Discount 5 CR e. Cash 500 DR; Sales Discount 5 CR, Accounts Receivable 495 CR
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Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.
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