17. Chapman Inc. operates a retail store and must determine the proper December 31, 20x3, year-end accrual for the following expenses: ● ● ● The store lease calls for fixed rent of P12,000 per month, payable at the beginning of the month, and additional rent equal to 6% of net sales over P2,500,000 per calendar year, payable on January 31, of the following year. Net sales for 20x3 are P4,500,000. An electric bill of P8,500 covering the period 12/16/20x3 through 1/15/20x4 was received January 22, 20x4. A P4,000 telephone bill was received January 7, 20x4, covering: ACCNTG2♥ 4 Service in advance for January 20x4 Local and toll calls for December 20x3 In its December 31, 20x3 balance sheet, Chapman should report accrued liabilities of a. 150, 750 b. 131,000 c. 128,250 d. 126,750 P1,500 2,500

Question 25 Case studies are usually descriptive in nature. O True O False

Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. May 3 Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 Received payment in full from Yip Company for…

A7 please help[.....