Make a general journal of the following problem below(Charts of accounts and transactions are provided) CHART OF ACCOUNTSAccount NumberAccount TitleASSETS101Cash in BankPetty Cash FundAccounts Receivable102103103-AAllowance for Bad DebtsNotes ReceivableAdvances to EmployeesInterest ReceivableSewing Supplies on Hand104105106107201Land202BuildingsAccumulated Depreciation - BuildingShop EquipmentAccumulated Depreciation - Shop EquipmentFurniture and FixtureAccumulated Depreciation- Furniture and Fixture202-A203203-A204204-ALIABILITIESAccounts PayableNotes PayableWithholding Taxes PayableUtilities PayableInterest PayableUnearned Service IncomeIncome Tax PayableMortgage Payable301302303304305306309310OWNER'S EQUITYCharito, CapitalCharito, Drawing401401-AREVENUESService IncomeInterest Income501502EXPENSESSalaries and Wages ExpenseDepreciation ExpenseUtilities ExpenseInsurance ExpenseSewing Supplies ExpenseTransportation ExpenseRepairs and Maintenance ExpenseSSS, Philhealth, and Pag-ibig ExpenseBad Debts ExpenseMiscellaneous ExpenseInterest Expense610611612613614615616617618619630 The following is the list summarizing the various transactions of CCS for the month ofDecember, 2020 which you are asked to record.Dec. 1 Received 5%, 3-month, P30,000 note from Maffy for the party gown that CCsdesigned and delivered for the former today.2 CCS purchased buttons, threads, and ribbons from Luz Sewing Supplies Storeamounting to P 14,800 paying 50% down and the balance on account.3 Romy, the master cutter in the shop made salary advances amounting to P3,000.4 Michelle, a frequent customer of CCS paid P52,000 for the balance of the gown sherequested Charito to specially design for her two months ago.5 Charito withdrew buttons, ribbons, and threads amounting to P500 for her personaluse at home.6 Paid Efren Repair Service Center P1,500 for the repair of one of the sewing machines.7 Delivered the debut gown of Rose and collected P25,000.8 Paid the transportation fare of Rene, the liaison officer of CCS amounting to P750.9 Paid the P18,000 accounts payable to Jose Building Maintenance Company.10 Charito withdrew P20,000 cash permanently from the business fund.18 CCS entered into a P350,000 contract of designing all the gowns for the weddingentourage of Joy and Rafael on June, 2021. The couple paid 20% down payment.20 Paid the internet and telephone December bill received from GlobeSmart Telecomamounting to P1,200.27 Billed Mary Renee Dance Company for P75,000 for the costumes designed and sewedfor their theater actors and actresses.31 CCS paid December salaries of its employees amounting to P89,700.Note: SSS, Philhealth, Pag-ibig, and withholding tax deductions were not included in this transaction to simplify reviewingStep 1– Journalizing of the accounting cycle.Required:Using the following General Journal activity sheets, record the above transaction of CCS for themonth of December, 2020. December 1 transaction was done for your example on how to recordbusiness transactions using the general journal.

Journal entry is the act of keeping or making records of any economic or non-economic transactions.…

Answered: Using the following General Journal…

Using the following General Journal activity sheets, record the above transaction of CCS for the month of December, 2020. December 1 transaction was done for your example on how to record

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter6: Cash And Internal Control

Section: Chapter Questions

Problem 6.4MCP

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Please see attached docs. CHART OF ACCOUNTSASSETS110 Cash111 Petty Cash121 Accounts Receivable122 Allowance for Doubtful Accounts126 Interest Receivable127 Notes Receivable131 Merchandise Inventory141 Office Supplies142 Store Supplies151 Prepaid Insurance191 Land192 Store Equipment193 Accumulated Depreciation-Store Equipment194 Office Equipment195 Accumulated Depreciation-Office EquipmentLIABILITIES210 Accounts Payable221 Salaries Payable231 Sales Tax Payable232 Interest Payable241 Notes Payable251 Bonds Payable252 Discount on Bonds Payable253 Premium on Bonds PayableEQUITY311 Common Stock312 Paid-In Capital in Excess of Par-Common Stock315 Treasury Stock321 Preferred Stock322 Paid-In Capital in Excess of Par-Preferred Stock331 Paid-In Capital from Sale of Treasury Stock340 Retained Earnings351 Cash Dividends352 Stock DividendsREVENUE410 Sales610 Interest Revenue611 Gain on Redemption of BondsEXPENSES510 Cost of Merchandise Sold515 Credit Card Expense516 Cash Short and Over521 Sales…
Presented below is a list of accounts in alphabetical order. Accounts Receivable Bond Sinking Fund Accumulated Depreciation—Buildings Bonds Payable Accumulated Depreciation—Equipment Buildings Accumulated Other Comprehensive Income Cash (in bank) Advances to Employees Cash (on hand) Advertising Expense Cash Surrender Value of Life Insurance Allowance for Doubtful Accounts Commission Expense Common Stock Patents Copyrights Payroll Taxes Payable Debt Investments (trading) Pension Liability Dividends Payable Petty Cash Equipment Preferred Stock Freight-In Premium on Bonds Payable Gain on Disposal of Equipment Prepaid Rent Interest Receivable Purchase Returns and Allowances Inventory—Beginning Purchases Inventory—Ending Retained Earnings Land Salaries and Wages Expense (sales) Land for Future Plant Site Salaries and Wages Payable Loss from Flood Sales Discounts Noncontrolling Interest Sales Revenue Notes Payable (due next year) Treasury Stock…
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A Company provided the following account balances on December 31, 2021:Accounts receivable P1,300,000 Allowance for bad debts 500,000 Financial assets at fair value through profit or loss400,000 Financial assets at amortized cost/held to maturity 1,100,000 Cash in bank, net of bank overdraft of P200,000 maintained in the same bank 900,000 Petty cash 10,000 Inventory (including inventory out on consignment amounting P50,000) 200,000 Equipment and furniture 1,300,000 Accumulated depreciation 1,100,000 Patent 300,000 Prepaid expenses 200,000 **Determine total amount of (5) current assets and (6) non-current assets on December 31, 2021.
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Bank Reconciliation The following data were gathered to use in reconciling the bank account of Azalea Company: Balance per bank $ 17,650 Balance per company records 9,205 Bank service charges 45 Deposit in transit 2,500 Note collected by bank with $100 interest 4,600 Outstanding checks 6,390 a. What is the adjusted balance on the bank reconciliation?$fill in the blank a25dde048031fb9_1 b. Journalize any necessary entries for Azalea Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
Using T – account analysis: Compute for the ending balance or carrying amount of the following: Cash, Accounts Receivable, Building, Equipment, Notes Payable Lucas has the following balances on his book: Cash ₱50,000 Accumulative Depreciation-Building 500,000 Account Receivable 200,000 Accumulative Depreciation-Building 75,000 Building 1,000,000 Notes Payable 100,000 Equipment 500.000 Cash collections 50,000 Allowance for bad debts 50,000 Cash payment 10,000
An accounting procedure that (1) estimates and reports bad debts expense from credit sales during the period the sales are recorded, and (2) reports accounts receivable at the estimated amount of cash to be collected is the: A. Allowance method of accounting for bad debts.B. Aging of notes receivable.C. Adjustment method for uncollectible debts.D. Direct write-off method of accounting for bad debts.E. Cash basis method of accounting for bad debts.