Paid for newspaper advertising, Php6,500 a. debit cash, Credit advertising b. Debit Advertising, Credit Cash c. Debit Advertising, Credit J.Ilagan, capital d. None of the above
Q: This project covers general partnership basis issues including computation of partners' adjusted bas...
A: The significant tax implication for the year are summarized by calculating the Adjusted tax basis of...
Q: 1. Under a negotiated contract of Php 178M, a contractor actually spends Php 152M upon completion of...
A: Profit In accounting, profits refer to the actual money left out in the business after accounting fo...
Q: Trotman Company had three intangible assets at the end of 2019 (end of the accounting year): Comp...
A: 1. Amortization of Intangible assets have been correctly stated based On straight line method. 2. ...
Q: On January 1, 2020, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial informatio...
A: Calculation of income tax expense and income tax payable in case: if Abbey and Benjamin file a con...
Q: Please help me prepare a statement of cash flow for the year ended December 31, 2019
A: Balance sheet, Profit & Loss statement is available for 2019 and 2018 We needs to Prepare Cash F...
Q: Withdrew from the agency, Php5,000 for personal use. A. Debit Cash, Credit J. Ilagan, capital B. De...
A: Drawings is a amount/goods withdrawn by business owner from its business.
Q: On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,700, term...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: At each reporting date, companies adjust debt investments which fails in cash flows test to fair val...
A: The question is related to the IFRS 9 Financial Instruments.
Q: Blake’s Blacksmith Co. produces two types of shotguns, a 12-gauge and 20-gauge. The shotguns are mad...
A: Joint cost allocation, a methods for allocating the costs of fundraising activities when conducted c...
Q: Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers...
A: 1 ) Contingent liability is a liability that happen to occur on happening of an event or incident .A...
Q: Use the information provided to answer the questions. Actual price paid per pound of material $14.00...
A: The variance is the difference between the actual data and standard output of the production.
Q: 2. What is the capitalized cost of a Sugar MilI Plant w/c requires Php 5,000,000 for construction ,P...
A: Expense The cost that an organization incurs for revenue generation is known as an expense. Accrual ...
Q: Valley Hospital measures the in-patient occupancy of the hospital by determining the number of patie...
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...
Q: Instructions The prepaid insurance account had a beginning balance of $3,755 and was debited for $6,...
A: Answer) Adjustment Journal Entry Account Titles and Explanation Debit Credit Insuran...
Q: A firm purchased 12-years ago a computerized machine worth P 936042. As the life of the machine was ...
A: Sum of Year 's Digit Method: This method is an accelerated depreciation and depreciation is cons...
Q: Gomez Company has two service departments (Personnel and Office) and two operating departments (Shoe...
A: Utilities expense are allocated on the basis of floor space
Q: Data from the financial statements of four different companies are presented in separate columns in ...
A: The accounting equation is the base to record the financial transactions that are to be posted in f...
Q: On January 1, 2021, PCO purchased 70% ownership of SCO which resulted to a gain on acquisition of P1...
A: The net income of controlling interest in consolidated income is calculated by adding gain on realiz...
Q: Posting:a. involves transferring the information in journal entries to the general ledger.b. is an o...
A: Companies maintain detailed records of their balances, whether they be revenues, costs, or liabiliti...
Q: The following information is taken from the accrual accounting records of Kroger Sales Company:a. Du...
A: Cash basis accounting records income and expense when it is paid whereas accrual basis accounting re...
Q: Manor, Inc. currently manufactures 1,200 subcomponents per month in one of its factories. The unit c...
A: Given, Direct Materials 42 Direct Labour 84 Variable Cost 67 Fixed Cost ...
Q: At the beginning of the year, Cazenovia, Inc. entered into a five-year lease for equipment that was ...
A: Explanation: REQUIRED: What is the total expense if straight-line amortization is used for the l...
Q: Which of the following is not an economic entity? А. Aldo, Baldo, Calvo & Associates, a law firm St....
A: Law firm is a firm of advocates which provides the service of law. Piggery is a farm or place where ...
Q: Cash flows related to three mutually exclusive capital equipment projects are given in table below. ...
A: The correct answer for the above question is given in the following steps for your reference
Q: Enter the following transactions, completing the double entry in the books for the month of May 20
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20...
A: Inventory cost by the average cost method=Ending Inventory Units×Total Cost Goods Available for Sale...
Q: QUESTION: if Chiz is non-VAT registered, how much is the business tax payable?
A: Non Vat Register For the Non Vat register whose gross sales / gross receipts which are not crossed o...
Q: Case Analysis Case 1 Maria has extra money, and she is planning to buy certain income earning assets...
A: Maria wants an investment option where she gets money in parts or full, whenever she wants. The bes...
Q: Rick and Cindy Davis are married and file a joint return. They live at 3223 Taccone Ave., Apt. 37, M...
A: Form 1040 and schedule 1 are filled by downloading excel Federal tax spreadsheet for 2020. Along wit...
Q: 22. The account "wages payable" would appear in the income statement True O False 23. Buying goods a...
A: Solution In accrual accounting , expenses and revenues are recognized in the period when they are e...
Q: Anne Corp. issued $600,000, 5% bonds.Required:Prepare the necessary journal entries to record the is...
A: Sno Account Titles and Explanation Debit Credit A Cash $ 600,000 5% Bonds Payable $ ...
Q: Based on the information below: a. Seller sold merchandise on account to the buyer, $4,750, terms 2/...
A: The perpetual inventory system records the sales and cost of goods sold as and when they are incurre...
Q: Babak Industries is a division of a major corporation. Last year the division had total sales of $20...
A: Formula: Division turnover = ( Sales revenue / Average operating Assets )
Q: Discuss the scope and application for smes standard in financial reporting
A: Introduction: Financial reporting is a standard accounting method that utilizes financial statements...
Q: Steve Osbourne is considering opening a business, but the major decision faced is how to organize th...
A: Comment- Since we only answer up to 3 sub-parts of the First question, we’ll answer the first 3. Ple...
Q: Euclid acquires a 7-year class asset on May 9, 2021, for $80,000 (the only asset acquired during the...
A: Calculation of cost recovery deduction are as follows
Q: A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all a...
A: Solution:- Given, Acme Inc., information which is actual and standard
Q: ABC Company accounted for noncurrent assets using the cost model. On December 31, 2021, the entity c...
A: As per IFRS 5, an asset held for sale is not depreciation rather it should be valued at fair value l...
Q: Based on the following information, which of the following is closest to days' sales outstanding? •R...
A: The number of days in receivable indicates the total days between trade sale and the payment receive...
Q: A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted o...
A: Sale Sale refers to the transaction between seller and buyer where the buyer agrees to pay for the t...
Q: A company manufactures and sells a single product which has the following cost and selling price str...
A: The question is based on the concept of Cost Accounting.
Q: f the utility stock purchased their shares through an online brokerage, whereas Tony and the owner o...
A: From this clue, we can say that Anita is not the owner of the utility stock and Tony is not the owne...
Q: Forfeiture of at Par (Ans. Money : App. 30,000; I II & Call 18,000; Share forfeiture 6,200] 30. Sanj...
A: As per our protocol and our guidelines we solution to one question only but as you have asked two qu...
Q: Trotman Company had three intangible assets at the end of 2019 (end of the accounting year): Comp...
A: Given: Purchased computer software and website development technology - $71,000. A patent purchase...
Q: XYZ Group, Inc. has two companies – X Ltd, which is operating at just above 50% capacity, and Y Ltd,...
A: Transfer Price can be defined as the price at which one department transfers the product to another ...
Q: Easy Company provided the following statement of financial position at year-end and income statement...
A: IFRS 8- "Operating Segment," tells about all are the requirements for the disclosure of operating se...
Q: The following are the transactions during the year: [a] Cost of equipment acquired on January 1 for ...
A: Income Statement The purpose of preparing the income statement is to know the net income which are d...
Q: The following questions are based on the material in Chapter 15: 19. Ledger Account balances (prior ...
A: Balance day adjustment reflects the adjustment in certain accounts for unrecorded revenue and expens...
Q: Menlyn Mowbray owns a fleet of light delivery vehicles (aka bakkie). One of his delivery vehicles wi...
A: Solution Taxable income is the portion of an income of individual , firm , company that would have ...
Q: 13. Paid monthly telephone bill, Php650. a. Debit, cash, Credit J. Ilagan, capital b. Debit, teleph...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
9. Paid for newspaper advertising, Php6,500
a. debit cash, Credit advertising
b. Debit Advertising, Credit Cash
c. Debit Advertising, Credit J.Ilagan, capital
d. None of the above
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following is the trial balance of Perkasa Enterprise as of 31 December 2023: DEBIT (RM) CREDIT (RM) Capital 875,800 Purchases and sales 438,000 505,200 Return inward and Return outward 1,350 1,800 Drawings 1,200 Discount allowed and discount received 1,110 1,470 Allowance for doubtful debts 1,200 Account receivable and account payable 39,600 29,640 Land 810,000 Motor vehicles 60,000 Fixtures and fittings 54,000 Accumulated depreciation: Motor vehicles Fixtures and fittings 15,600 10,800 Carriage inwards 2,400 Carriage outwards 1,500 Rental expenses 15,600 Custom duties on purchases 1,050 Salaries 15,000 Electricity and water 1,680 Advertising expense 720 Commission received 11,700 7% loan from bank 30,000 Cash in hand 31,290 Bank overdraft 2,690 Inventory as of 1 January 2023 11,400 TOTAL 1,485,900 1,485,900 Additional information to be considered: During the year,…T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.wner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500
- PLEASE SHOW SOLUTIONS IN GOOD ACCOUNTING FORM. 6. On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books?1. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account29 Sold goods to Sakun Enterprise on credit fro RM412Kai Co paud $18,000 of accounts payable owed to Coat Co by giving cash of 4,500 and isusing a note payable for the balance. The journal entry by Coat Co to record transaction would a. not change total assets, liabilites, or owners' equity b. increase owners equity c. decrease liabilities d. increase assets answer is A, how are asstes and liabilites not affected?
- Maple Grove Legal Association performs legal services for Weymouth Constructionfor $5,000 on account with credit terms of 2/10, n/30. If Weymouth pays the invoice within thediscount period, Maple Grove will record a debit to Cash in the amount of:a. $5,100.b. $100.c. $5,000.d. $4,900.On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,7001. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods on credit for RM846 from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account RM16029 Sold goods to Sakun Enterprise on credit fro RM412
- 1. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods on credit for RM846 from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account29 Sold goods to Sakun Enterprise on credit fro RM4127: Purchased a building with a market value of $ 120 comma 000$120,000, and land with a market value of $ 24 comma 000$24,000. The business paid $ 45 comma 000$45,000 cash and signed a note payable to the bank for the remaining amount I'm confused as too which is credit and how to add the answer to the balance sheet etc.Cajegas Trucking ServicesTrial BalanceJune 30, 2021Debit CreditCash in Bank P 1,020,000Petty Cash Fund 1,000Accounts Receivable 120,000Est. Uncollectible Account P 1,200Unused Supplies 15,000Prepaid Insurance 8,500Prepaid Rent 30,000Delivery Truck 1,500,000Acc. Depreciation – Delivery Truck 250,000Accounts Payable 130,000P. Cagejas, Capital 1,818,500P. Cagejas, Drawings 50,000Trucking Income 935,000Taxes and Licences 10,000Repairs and Maintenance 27,000Retainer Fees 25,000Salaries and Wages 320,000Utilities Expense 8,200Total P 3,134,700 P 3,134,700Additional Information1. Provision for Uncollectible Account should be at 2% of the outstanding receivable account.2. Supplies actually on hand, P5,000.3. Of the Prepaid Insurance, P6,200 has actually expired.4. P18,000 of the Prepaid Rental has expired.5. Depreciation Expense for the period is P105,000.Required:a. An 8-column worksheetb. Balance Sheetc. Income Statementd. Statement of Changes in Owner’s Equity
