Please help me. Thank youRequirement: Journal Entries only 2021February 1You open a current account with the Philippine National Bank in the amount of 1,000,000 andmerchandise worth 45,000 to start with your business.Bought a second-hand service vehicle for cash from Mr. Jacques Duanne for 700,000 and issuedCheck No. 48501 covered by check voucher no. 001.Obtained a bank loan from PNB in the amount of 500,000 at a rate of 6% per annum and interestwas deducted in advance for 1 year of 80,000. Official receipt no. 001 was issued.February 2· Purchased various store supplies on account from Ororama, 10,000 as per charge sales invoice no.05913.February 3Purchased merchandise on account, 180,000 plus 12% VAT from Epson Car Corporation as percharge invoice no. 08432. Term 2/10, n/30.February 4Received cash of 16,800 from Maria Isabella for the installation of a car accessory including VAT of12%. Issued a cash sales invoice no. 001.· Paid 5,000 to Air 21 Express for the freight of merchandise purchased from Epson Car Corp. issuedcheck no. 48562 with covering check voucher no. 002.February 5Purchased merchandise for cash 200,000 plus 12% VAT from Cherry Blossom Car Co. Issued checkno. 48503 with covering check voucher no. 003.February 6Return of merchandise purchased from Cherry Blossom Car Co. for not conforming with the order,6,500 plus 12% VAT. Issued official receipt no. 0002 for the refund.Sold merchandise for cash, 140,000 to L310 Carplus Co. plus 12% VAT as per cash sales invoice no.002.Freight paid to LBC Express, 3,920 for merchandise shipped to L310 Carplus Co. Issued check no.48504 with covering check voucher no. 004.February 10Return of merchandise worth 8,960 from L310 Carplus Co. including 12% VAT for not conformingwith the order. This was being refunded by Check no. 48505 with covering check voucher no. 005.February 11Full payment of account with Epson Car Corp. and avail of the 2% discount, 197,568. Issued checkno. 48506 with covering check voucher no. 006. February 12• Paid business and taxes and licenses to the city government of 15,000. Issued check no. 48507 withcovering check voucher no. 007.February 14Sold merchandise on account to Fiesta Plus Co. amounting to 250,000 plus 12% VAT per charge salesinvoice no. 0001. Terms 2/10, n/30.February 18- Sold merchandise on account to Superman Co. amounting to 210,000 plus 12% VAT per charge salesinvoice no. 0002. Terms 2/10, n/30.February 23Received cash in the amount of 274,400 from Fiesta Plus Co. in full payment of its account afteravailing of a 2% discount of 5,000. Issued official receipt no. 0004.February 24Received cash of 22,400 from Prince Randy for the installation of a car accessory which included the12% VAT. Issued cash sales invoice no. 002.February 27Paid rental of the building owned by Mel Sy amounting to 30,000. Issued check no. 48508 withcovering check voucher no. 008.Sold merchandise on account to Curtain Cars, Inc. amounting to 302,000 plus 12% VAT as per chargesales invoice no. 003. Term: 45 days.February 28Received cash of 130,000 representing partial collection of account from Curtain Cars, Inc. Issuedofficial receipt no. 0004.Purchased merchandise on account costing 295,000 from Rainbow Carcare Co. plus 12% VAT as percharge sales invoice no. 69250.Issued check no. 48509 with covering check voucher no. 009 to you representing withdrawal fromyour capital investment, 30,000.Paid salaries and wages to employees for the month, 50,000. Issued check no. 48510 with coveringcheck voucher no. 010.Closing of Input and Output tax to VAT payable which form part of regular accounting entry.

Answered: Image /qna-images/answer/777c37df-da17-4143-9522-82bd33d8a429.jpg

merchandise worth 45,000 to start with your bus Bought a second-hand service vehicle for cash fro Check No. 48501 covered by check voucher no. 0 Obtained a bank loan from PNB in the amount of was deducted in advance for 1 year of 80,000. Of

merchandise worth 45,000 to start with your bus Bought a second-hand service vehicle for cash fro Check No. 48501 covered by check voucher no. 0 Obtained a bank loan from PNB in the amount of was deducted in advance for 1 year of 80,000. Of

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 18P

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Notes Receivable Link Communications programs voicemail systems for businesses. For a recent project, they charged $135 000. The customer secured this amount by signing a note bearing 9% interest on February 1, 2019. Required: 1. Prepare the journal entry to record the sale on February 1, 2019. 2. Determine how much interest Link will receive if the note is repaid on December 1, 2019. 3. Prepare Links journal entry to record the cash received to pay off the note and interest on December 1, 2019.
Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a. On September 1, 2019, Yarnell sold a $10,000 system to Ross Company. Ross gave Yarnell a 6-month, 7% note as payment. b. On December 1, 2019, Yarnell sold a $6,000 system to Searfoss Inc. Searfoss gave Yarnell a 9-month, 9% note as payment. c. On March 1, 2020, Ross paid the amount due on its note. d. On September 1, 2020, Searfoss paid the amount due on its note. Required: Prepare the necessary journal and adjusting entries for Yarnell Electronics to record these transactions.
Q29) Sarah discounted a bill of exchange amounting to OMR 12,000 having a term of 6 months. She discounted the bill with bank immediately for a bank discount of 15%.
(M1). Tom Brady Ltd received a bank statement from their bank, Westpac, showing a credit balance of $8,800, while Cash at Bank balance as per the company’s record showed a debit balance of $8,331 on 31 March 2023. The following were discovered in an attempt to reconcile the two records: 1. Outstanding EFTs at 31 March totalled $5,400. 2. The bank has collected $2,200 on the behalf of Tom Brady Ltd for the note of $2,000 plus interest of $200. Tom Brady Ltd has not accrued any interest. 3. On 31 March the bank statement showed a reversal entry of $750 that had been originally deposited by a customer, Ms Fulton, to Tom Brady Ltd. 4. A deposit of $6,300 appears in the cash at bank account but had not been recorded by the bank at 31 March 2023. 5. On 20 March Tom Brady Ltd authorised an EFT (Ref no. 202) for $690 to M. Johnson on account. The EFT, which was processed by the bank in March was incorrectly journalised and posted by Tom Brady Ltd for $609. Required…
1)What are the proceeds of $1,000,000 deposited in a bank on July 10 for 1 month at 1.5%? Take care to apply “money market” rules and use the proper “day count.” 2) What is the present value as of July 11 of $1MM to be paid January 11 2021 at a (discount) rate of 2%? (Same instructions as in #1)
The following data pertain to Philippine Long Distance Telephone Company (PLDT) on December 31, 2019: Current account at Metrobank P1,800,000 Current account at Allied Bank (100,000) Payroll account 500,000 Foreign bank account ( in equivalent pesos) 800,000 Savings deposit in a closed bank 150,000 Postage stamps 1,000 Employee’s post dated checks 4,000 IOU from employees 10,000 Debit memo from a vendor for a purchase return 20,000 Traveler’s check 50,000 Money order 30,000 Petty cash fund (P4,000 in currency and Expense receipts for P6,000) 10,000 Pension fund 2,000,000 DAIF check of customer 15,000 Customers check dated 1/1/20 80,000 Time deposit – 30 days 200,000 Money market placement (due 6/30/20) 500,000 Treasury bills, due 3/31/20 (purchased 12/31/19) 200,000 Treasury bills, due 1/31/20 (purchased 1/1/19) 300,000 Uncashed tax refund check 550,000 Commercial paper maturing in four months 1,200,000 Employee travel advance 75,000 Compute the cash and cash equivalents that should be…
49. The accountant of Jepjep Holdings presented the following account balances as of December 31, 2021: Cash in bank – Checking,P2,600,000Cash in bank - Savings, P700,000 Cash on hand, P300,000 Cash in bank – restricted, P2,000,000 Treasury bills, P3,000,000 The restricted cash in bank account is opened specifically for building construction expected to be disbursed in Q1 2022. The cash on hand includes a P100,000 check payable to Jepjep, dated January 5, 2022. The Treasury bills are purchased December 1, 2021 and due on February 28, 2022. If you are the Accountant of Jepjep Holdings, what amount of "cash and cash equivalents" should be reported as of December 31, 2021?
Restricted foreign bank account (equivalent to pesos_ 1,000,000IOU from eldest brother of Jonathan Fabian, the company controller 10,000Listed stocks held as temporary investments 15,000Payroll account 500,000Petty Cash fund (net of expense receipts pf P 6,000) 4,000Additional information:1. Check of P 200,000 in payment of accounts payable was recorded December 31, 2020 but mailedto suppliers on January 5, 2021.2. Check of P 100,000 dated January 5, 2021 in payment of accounts payable was recorded and mailedon December 31, 2020.3. Check of P 50,000 dated January 15, 2020 in payment of accounts payable was recorded and mailedon January 15, 2020. As of the reporting period, the same has not been encashed by the payee andstill outstanding.16. How much cash and cash equivalents should Amsterdam Corporation report on the December 31,2020 statement of financial position
X opened a branch at Lahore on 1/7/2020. Goods are sent from the Head Office at cost plus 33 ½%. The branch is advices to deposit cash every day in the bank in Head Office.. Petty cash at branch is maintained on impress system. Cash sent to branch for expenses:500, furniture purchased for branch 10000, goods sent to branch at invoice price:100000, Expenses paid by the Head Office 4600, Cash sales by branch 25000. Received debtors.:16000, Discount allowed 300, Bad debts 100, Return by debtors : 800, Petty expenses paid by branch :600, Stock at cost 31/12/2020 18000 (excluding stock received from Debtors). Depreciation on furniture@10% p.a. From the following particulars prepare Branch account in the books of Head Office for the period ending 31/12/2020
A. Cash Discount1. An invoice for Php 70 250 dated March 25, terms 5/10, 2/30, n/60, is paidin full on April 20. What is the total amount paid to settle the account?2. Ms. Garcia received an invoice dated April 18 amounting to Php 30 123for her orderedplants. The invoice comes with cash discount terms, 5/5, 2/15, n/30, R.O.G.The plants were received on April 25. If she paid on May 12, how much did she pay?
Problem 1 Meredith Company provided the following information: January 1,2020 December 31,2020 Accounts receivable 2,400,000.00 Allowance for doubtful accounts 120,000.00 Sales on account 16,000.00 Cash collection from customers 14,000.00 The cash collections included recovery of Php 20,000 from a customer whose account had been written off as worthlessin 2019. During 2020, it was necessary to recognize doubtful accounts expense of Php200,000 and write off wortless account of Php 60,000. December 1,2020, a customer settled an account by issuing a 12% six month note for Php 800,000. What is the net realizable value of accounts receivale on December 31,2020?
23 Mr Hamed having furniture manufacturing business in Ibri. Always he purchases wood (Raw materials) from Al Buraimi wood suppliers.On 1st May 2021 Mr Hamed purchased wood for OMR3000 on credit and paid OMR 1000 immediately. For the remaining amount Mr Hamed gave written promise to the supplier to pay that amount on 31st December 2021. The written promise given by Mr Hamed to the supplier is known as: a. Short-term notes receivables b. Invoice c. Receipt d. Short term notes payables