I. Journal. Journalize the following transactions in balance sheet approach. On September 1, 2020. Raze Co started a delivery – pick up service by investing P500,000 cash. Date Transaction Rented a small office space amounting P50,000 with a monthly rent of P10,000 Paid tax and license amounting P12,000 for one year. Purchased Sofa, T.V and organizing cabinet amounting P50,000. The price of the furniture are 20%, 45% and 35% respectively with a useful life of 10 years each and salvage value of 5% each. Purchased 5 equipment-motorcycle on credit S.O.V.A. The amount is P75,000 each with an agreement of 10% down payment and an installment basis of P2,500 each at the end of each month starting October. Perform a service to Mr. Brimstone amounting P50,000. The agreement calls for 50% down payment and he promised to pay the balance on Sept. 30, 2020. Purchased utilities- gas and oil for the motorcycle amounting P5,000 Paid Electricity amounting P3,000 Received water bill amounting P1,500. The due date is sept 30, 2021. 1 3 3 4 7
I. Journal. Journalize the following transactions in balance sheet approach. On September 1, 2020. Raze Co started a delivery – pick up service by investing P500,000 cash. Date Transaction Rented a small office space amounting P50,000 with a monthly rent of P10,000 Paid tax and license amounting P12,000 for one year. Purchased Sofa, T.V and organizing cabinet amounting P50,000. The price of the furniture are 20%, 45% and 35% respectively with a useful life of 10 years each and salvage value of 5% each. Purchased 5 equipment-motorcycle on credit S.O.V.A. The amount is P75,000 each with an agreement of 10% down payment and an installment basis of P2,500 each at the end of each month starting October. Perform a service to Mr. Brimstone amounting P50,000. The agreement calls for 50% down payment and he promised to pay the balance on Sept. 30, 2020. Purchased utilities- gas and oil for the motorcycle amounting P5,000 Paid Electricity amounting P3,000 Received water bill amounting P1,500. The due date is sept 30, 2021. 1 3 3 4 7
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...
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