Use the second image as format reference. 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. ACCOUNTSNOTESDE JESUS,CASHFURNITURE&FIXTURE EQUIPMENT SUPPLIES COMPUTEREXPENSEPAYABLEPAYABLECAPITAL

Accounting Equation: It says that total assets in the business should be equal to total liabilities…

Answered: ACCOUNTS NOTES DE JESUS, CASH…

Business

Accounting

ACCOUNTS NOTES DE JESUS, CASH FURNITURE&FIXTURE EQUIPMENT SUPPLIES COMPUTER EXPENSE PAYABLE PAYABLE CAPITAL

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 13RE: Kaseys Cake Shop made 20,000 in sales of wedding cakes in July. All of these sales were on bank...

See similar textbooks

Similar questions

20. Kiwi Company has an agreement with a major credit card company which calls for cash to be received ten days upon deposit of Kiwi customers' credit card sales receipts. The credit card company receives 3% of card sales as its fee. If Kiwi has $6,000 in credit card sales, show the journal entries to record the sales, and receipt of customer's payment.
B Company offered a cash rebate of P20 on each P150 package of ballpen sold during the current year. Historically, 10% of customers’ mail in the rebate form. During the year 600,000 packages of ballpen are sold, and 25,000 P20 rebates are mailed to customers. What amount of rebate expense should be reported for the current year? a. 1,500,000 b. 500,000 c. 600,000 d. 1,200,000
15.18 Y Ltd keeps a receivables ledger control account as part of its accounting system. The following transactions take place in March: mvolces totalling $5,000 are raised to Customer X in March These invoices offer the customer a 5% discount if they pay within 14 days. Of these invoices, Y Ltd expects invoices amounting to $2,000 to be paid with the discount taken. (a) Customer Z pays cash of $2,850 for invoices with face values of $3,000. They took advantage of discounts totalling $150 for early payment, however Y Ltd had not expected Customer Z to take up the discounts. (b) Which of the following entries correctly record these transactions? DEBIT receivables ledger control $5,000, CREDIT sales $5,000, DEBIT cash $2,850, CREDIT receivables ledger control $2,850 A DEBIT receivables ledger control $4,900, CREDIT sales $4,900, DEBIT cash $2,850, DEBIT sales $150, CREDIT receivables ledger control $3,000 DEBIT receivables ledger control $5,000, CREDIT sales $5,000, DEBIT cash $2,850,…
Integrity Co. just opened a branch in Baguio City this December 2021. Summary of transactions for the first month of operations follows: 1. Baguio Branch received P20,000 cash from home office to start its operations. 2. Home Office shipped merchandise to the Branch costing P100,000, of which 25% have not yet received by the Branch. 3. Branch purchases from other suppliers amounted to P89,250. 4. Branch sales for the month amounted to P245,000 5. Home Office debit memo for P3,500 representing the Branch's share on advertising expenses was recorded only by the Branch on the 3rd day of January 2022. 6. Branch operating expenses of P61,250 were paid by the Home Office. 7. Branch remitted P40,000 to the Home Office but the Home Office bookkeeper recorded it only in the month of January 2022. 8. The merchandise inventory on hand of the Branch is: From outsiders, P20,000 From Home Office, P30,000 What is the unadjusted balance of the Investment in Branch account, before Net income at…
A bill for Php10,240 was due on July 1. Purchases of Php3,150 were made on July 7, and Php4,100 was charged on July 22. A payment of Php4,000 was made on July 15. The interest on the average daily balance is 2.55% per month. Find the finance charge on the August 1 bill. 1. A previous balance of Php69,156.22 was due March 17. A cash payment of Php7,606.50 was made on March 27. Purchases of Php758.50 were made on March 31, Php1,499 on April 1. Another payment of Php18,500 was made on April 10. Charges were also made on April 17 with an amount of Php1,498.33. The interest on the average daily balance is 3.55% per month. Find the finance charge on the April 17 bill. 2.
Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED:Compute for the premiums expense for the year ended December 31, 2019 and 2020.
Jumbotron Inc. collects its receivables in 15 days and pays its payables in 20 days. All sales and purchases are on credit. All months have 30 days. December purchases were $7,000, January purchases were $8,700, February purchase were $6,600 and March purchases were $6,000. What were Jumbotron's total cash disbursements in February? (To the nearest $) ● ● $7,667 $8,000 $1,867 $6,533 $5,600
Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED: How much net cash did the entity receive (give) with regards to the premium transactions for the year 2019 and 2020?
The Ang KonTi Manufacturing Co. of Quezon City opened a branch at Davao City onJanuary 1, 1988, to expand the market of its product. Merchandise shipped during 1988to the Davao branch totaled ₱104,000, and this included a profit of 25% based on cost.At the end of the year, the inventory was ₱12,500, at billed price. The branch extendscredit, makes collections and pay expenses from cash received. The company appliedthe periodic inventory method.Other transactions affecting the branch are as follows:Sales on account ₱117,000; expenses ₱20,000, of which ₱1,300 were unpaid onDecember 31, 1988; cash received from customers' accounts, ₱84,000, after allowingcash discounts of ₱1,480; cash remitted to the home office during the year ₱65,000. Inso far as the home office is concern, the true income or loss of the branchoperation was:
Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED: Compute for the premium liability for the year ended December 31, 2019 and 2020.
On Feb 28, a company had a balance in its accounts receivable of Php 3,019,019. Mar 2. Sold merchandise on account, Php 576,000. The cost of the merchandise was Php 420,000. Mar 8. Sold Php 150,000 worth of accounts receivable which had been overdue for 70 days to Metrobank. Metrobank charged a 5% factoring fee. Mar 20. Borrowed Php 500,000 cash from UCPB, pledging Php 650,000 worth of accounts receivable as collateral for the loan. Prepare journal entries to record the above transactions from March. Assume the company uses a perpetual inventory system. Assume also that the company uses Aging of Accounts receivable to estimate its bad debts. The credit balance of Allowance for Bad Debts as of February is 285,000. The company estimates the following uncollectible rates per age: Account Age Current (not yet due) 1-30 days past due 30-60 days past due 61-90 days past due Over 90 days past due Balance Est. Uncollectible % 1,207,607.60 754,754.75 452,852.85 543,423.42 2.00% 3.00% 8.00%…
Kaseys Cake Shop made 20,000 in sales of wedding cakes in July. All of these sales were on bank credit cards. The credit card company charges a 3.5% collection fee. Prepare Kaseys journal entry to record the credit card sales.