REQUIREMENT: JOURNAL ENTRIES March 1 - Fictitious invested to Jes Sweet Coffee PhP 709,797.00 in cash from his savings. Healso added to the business PhP 40,500.00 worth of coffee beans, which he got as a gift from hismother during the prior Christmas.March 2 - Fictitious received PhP 500,000.00 from his parents as a graduation gift. He used 40%of this money on a coffee machine for the shop, PhP 80,000.00 to buy his girlfriend a MacBookPro, and the rest was invested in cash into the company.March 3 - His best friend, Francis Co-Shaver, happened to own an eXSpresso Machine 9999Xthat was worth PhP 60,000.00. Fictitious invited Francis to be partners, and Francis agreed. Heinvested the eXSpresso Machine 9999X to the company, along with PhP 90,000.00 in cash to thecompany.March 4 - De Crayola and Co-Shaver decided to sell two types of coffee: Mocha and Cappuccino,priced at 80 and 100, respectively. Both their products have a 20-peso profit margin. They alsobought 25 mugs at PhP 90.00 each.March 5 - Jes Sweet Coffee opened. They sold 5 orders of Mocha, and 3 more on credit.March 6 -. Fictitious De Crayola bought a Canon DSLR camera for his hobby. It is worth PhP60,000.00. Half of his purchase for the camera was taken from the company's money.March 7- The company hired Peter Fabercastell, a seasoned barista.

The accounting items that is reported as financial records includes assets, liabilities,…

Answered: EQUIREMENT: JOURNAL ENTRIES

Business

Accounting

EQUIREMENT: JOURNAL ENTRIES

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 2BCRQ

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