FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2 FINAL PROJECT FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2 FINAL PROJECT Transactions The Fashion Rack Date Oct 1 lasued Check 602 for P4,200 to pay City Properties the monthly rent. 1 Signed a three-month radio advertising contract with Cable Station KOTU for P4,800%3; issued Check 603 to pay the full amount in advance. 2 Received P520 from Megan Greening, a credit customer, in payment of her account. Issued Official Receipt 302. 2 Issued Check 604 to A Fashion Statement, a creditor, in full payment of Invoice 9387 from previous month. 3 Sold merchandise on credit for P2,480 plus VAT of P297.60 to Dmitri Sayegh, Sales Invoice 241. 4 Issued Check 605 for P937.50 to BMX Supply Co. for supplies. (Amount is VAT Exclusive.) 4 Issued Check 606 for P8,594.60 for Today's Woman, a creditor, in payment of Invoice 5671 (P8,770) less a cash discount (P175.40) 5 Collected P1,700.00 on account from Emily Tran, a credit customer. Issued Official Receipt 303. 5 Issued Check 607 for P1,666 to Classy Threads, a creditor, in payment of Invoice 3292 (P1,700) less a cash discount (P34). 6 Had a cash sales pf P18,600 plus VAT of P2,232 during October 1-6. Issued Official Receipt 304-6. 8 Received a check from James Jelmer, a credit customer, for P832 to pay the balance he owes. Issued Official Receipt 307. 9 Sold merchandise on credit for P2,050 plus VAT of P246 to Emma Maldonado, Sales Invoice 242. 10 Issued Check 608 for P1,445 to pay The City Daily for a newspapaper advertisement that appeared in October. 11 Purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8; the terms are 2/10, n/30. Amount does not include the 12% VAT. Chart of Accounts Assets 101 Cash Revenues 401 Sales 111 Accounts Receivable 402 Sales Returns and Allowances 112 Allowance for Bad Debts Cost of Goods Sold 501 Purchases 121 Merchandise Inventory 131 Supplies 133 Prepaid Insurance 134 Prepaid Advertising 141 Equipment 142 Accumulated Depreciation-Equipment 502 Freight-In 503 Purchase Returns and Allowances 504 Purchase Discounts 145 Input VAT Expenses 611 Advertising Expense 614 Depreciation Expense-Equipment Liabilities 203 Accounts Payable 229 Salaries Payable 230 Output VAT 617 Insurance Expense 620 Bad Debt Expense 623 Janitorial Services Expense 629 Rent Expense

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…