A=L+OE March 5Computer equipment costingP145,000 is acquired on cash basis.Mar. 9P25,000 are purchased on account.Computer supplies in the amount ofMar. 11 Medina Graphics Design collectedP88,000 in cash for designing interactive websites for two exporters based inside the DavaoEcozone.Medina paid P18,000 to BillsExpress, a one-stop bills payment servicecompany, for the semi-monthly utilities.March 16Mar. 17with several Netpreneurs to maintain andupdate their web sites weekly. Medina billedthese clients P35,000 for services alreadyrendered during the monthThe entity has service agreementsMedina made a partial payment ofP17,000 for the Mar. 9 purchase on account.Mar. 19Mar. 20received from clients for billings dated Mar. 17.Checks totaling P25,000 wereMar. 21Medina withdrew P20,000 fromthe business for his personal useMarch 27 Loqueloque Publishing submitted abill to Medina for P8,000 worth ofnewspaperadvertisements for this month. Medina willpay this bill nex month.Mar. 31 Medina paid his assistant designersalaries of P15,000 for the month.

Accounting equation is the basic equation which is followed while preparing the statements in the…

Answered: March 5 Computer equipment costing…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5PB: Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet...

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Calculation of Revenue from Cash Collection Anderson Lawn Service provides mowing, weed control, and pest management services for a flat fee of $300 per lawn per month. During November, Anderson collected $9,900 in cash from customers, which included $1,200 for lawn care provided in October. At the end of November, Anderson had not collected from 6 customers who had promised to pay in December when they returned from vacation. Required: Calculate the amount of Andersons revenue for November.
Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and the dealership finances the remaining 90% in-house. How much will the car dealership record in Accounts Receivable for this customer? A. $31,500 B. $19,250 C. $8,750 D. $7,000
Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.
Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.
Accounts Payable On May 18, Stanton Electronics purchased, on credit, 1,000 TV sets for $400 each. Stanton plans to resell these TVs in its store. Stanton paid the supplier on June 30. Required: Prepare the necessary journal entry (or entries) on May 18 and June 30.
Calculation of Revenue Wallace Motors buys and sells used cars. Wallace made the following sales during January and February: a. Three cars were sold to Russell Taxi for a total of $75,000; the cars were delivered to Russell on January 18. Russell paid Wallace $20,000 on January 18 and the remaining $55,000 on February 12. b. One car was sold to Hastings Classics for $28,000. The car was delivered to Hastings on January 25. Hastings paid Wallace on February 1. Required: Calculate the monthly revenue for Wallace for January and February.
October 1 - Invested P250,000 to start the businessOctober 2 - Paid P30,000 cash for various service equipmentOctober 5 - Paid P7,500 for the monthly rental of the shop.October 6 - Purchased various supplies from Lean Merchandising on credit for P18,500October 7 - Bought additional service equipment for P65,000, with cash downpayment ofP30,000 and balance on credit.October 8 - Completed repair works and collected P45,000 cash.October 10 - Purchased additional supplies for cash amounting to P9,200.October 13 - Billed J. Lumaban for the repair of the car amounting to P15,000 on credit.October 15 - Paid the helper salaries for P12,000.October 18 - Paid the amount due to Lean Merchandising.October 23 - Collected from J. Lumaban.October 25 - Collected cash from a customer for the repair of car amounting to P32,000.October 28 - The owner withdraws cash for P16,000.October 30 - Paid light and water for P7,500 Paid telephone bill for 13,200.October 31 - Paid salaries to shop helper for…
October 1 - Invested P250,000 to start the businessOctober 2 - Paid P30,000 cash for various service equipmentOctober 5 - Paid P7,500 for the monthly rental of the shop.October 6 - Purchased various supplies from Lean Merchandising on credit for P18,500October 7 - Bought additional service equipment for P65,000, with cash downpayment ofP30,000 and balance on credit.October 8 - Completed repair works and collected P45,000 cash.October 10 - Purchased additional supplies for cash amounting to P9,200.October 13 - Billed J. Lumaban for the repair of the car amounting to P15,000 on credit.October 15 - Paid the helper salaries for P12,000.October 18 - Paid the amount due to Lean Merchandising.October 23 - Collected from J. Lumaban.October 25 - Collected cash from a customer for the repair of car amounting to P32,000.October 28 - The owner withdraws cash for P16,000.October 30 - Paid light and water for P7,500 Paid telephone bill for 13,200.October 31 - Paid salaries to shop helper for…
On April 20, Legault Company provides lawn care services to Tazwell Corporation for $3,000 with terms 1/10, n/30. On April 28, Tazwell pays for half of the services provided and on May 19 it pays for the other half. What is the total amount of cash Legault received? a.$3,000 b.$2,970 c.$2,985 d.$2,700
With the invoice number 18, 18% VAT excluded commercial goods of 40.000 TL were sold with a credit card.A.Ş, which is in the portfolio of the enterprise, a commission of 250 TL was paid to the intermediary institution.The company rented a shop with a monthly rent of 5,000 TL to be used as a store, and a one-year rent was paid.80,000 TL severance pay was paid for those working in accounting.The enterprise purchased a plot of land with an investment of 150,000 TL, and 1,250 TL title deed costs and fees were paid.A commercial vehicle was purchased with four school bank loans for 180,000 TL excluding 18% VAT, and 1,500 TL was paid for trading.In the accounting department, a total of 200 TL, excluding 18% VAT, was purchased with 10 credit cards.A fixture with a settlement of 12.000.-TL in its assets is being renewed and sold in cash for 18% VAT 6.000.-TL.Microsoft Office software for 5 users was purchased for 4,000.-TL excluding 18% VAT.Up to 10,000 TL will be paid from the buyers, with a…
On August 1, Worthy invested P3, 000 cash and P15, 000 of equipment in Expressions. On August 2, Expressions paid P600 cash for furniture for the shop. On August 3, Expressions paid P500cash to rent space in a strip mall of August. On August 4, it purchased P1, 200 of equipment on credit for the shop (using a long-term note payable). On August 5, Expressions opened for business. Cash received from haircutting services in the first week and a half of business (ended August 15) was P825. On August 15, it provided P100 of haircutting service on account. On August 17,it received a P100check for services previously rendered on account. On August 17, it paid P125 to an assistant for hour worked during the grand opening. Cash received from services provided during the second half of August was P930. On August 31, it paid a P400 installment toward principal on the note payable entered into on August 4. On August 31, Worthy withdraw P900 cash for personal use. Required Open the following…

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