During your examination of the 20x3 financial statements of Goyo Company, the following data were discovered. Give any correcting and adjusting entries called for by the information given. Disregard any effects on income tax. 10. In March 20x3, the company received a 25% ordinary share dividend on 100 shares of Apple, Inc., ordinary shares acquired in 20x1 at P300. The shares received as share dividends were sold for cash in April 20x3, at P340 each, and a revenue account credited for the full proceeds. 11. The Advertising and Promotions account included an amount of P180,000, representing the cost of printing sales catalogs for a special promotional campaign in December 20x4. 12. A check for P12,000 representing the repayment of an emplo
During your examination of the 20x3 financial statements of Goyo Company, the following data were discovered. Give any correcting and
10. In March 20x3, the company received a 25% ordinary share dividend on 100 shares of Apple, Inc., ordinary shares acquired in 20x1 at P300. The shares received as share dividends were sold for cash in April 20x3, at P340 each, and a revenue account credited for the full proceeds.
11. The Advertising and Promotions account included an amount of P180,000, representing the cost of printing sales catalogs for a special promotional campaign in December 20x4.
12. A check for P12,000 representing the repayment of an employee advance was received on November 30, 20x3, but was not recorded until December 2, 20x3.
Step by step
Solved in 2 steps
