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Mc Cufad Trucking In its first year of operation, the Mc Cufad Trucking has the following summarized business transactions for the year, 202x: 1. Mr. Macmac Cufad invested P800,000 cash in a trucking business. DEBIT CREDIT 800,000 Cash Cufad, Capital 2. Bought an Isuzu Elf truck for P500,000. Terms: 50% cash down payment and the balance on six months non-interest bearing promissory note. Trucking Equipment Cash Cash 50% Notes payable 3. Borrowed P100,000 from PNB and issued a 10%, two year, promissory note with its truck as collateral. Cash Accounts receivable Cash Trucking income 500,000 Mortgage payable - PNB 4. Total trucking services for the year is P1,600,000 out of which P600,000 is cash service income and the balance on account. Accounts receivable 5Total collection of accounts receivable, P850,000. 100,000 Tasks: Using 4 column journals, 600,000 1,000,000 850,000 7Paid interest expense for the year to PNB, P10,000. Interest expense Cash Cash Accounts receivable Prepaid operating expenses Trucking equipment Accounts payable Notes payable Accrued operating expenses Mortgage payable (with collateral) 800,000 250,000 250,000 10,000 100,000 6. Total operating expenses is P800,000 out of which P50,000 is still not paid or accrued. Operating expenses 800,000 Cash Accrued operating expense 1,600,000 a. Prepare the journal entries for each transaction; b. Post the journal entries to a T - account; c. Compute the balance of each account; and d. Prepare the trial balance as of the end of 202x. 850,000 750,000 50,000 10,000 The Chart of Accounts of Mc Cufad Trucking Use the following account titles in the preparation of journal entries Cufad, capital Cufad, withdrawal Trucking income Operating expenses Interest expense

Mc Cufad Trucking In its first year of operation, the Mc Cufad Trucking has the following summarized business transactions for the year, 202x: 1. Mr. Macmac Cufad invested P800,000 cash in a trucking business. DEBIT CREDIT 800,000 Cash Cufad, Capital 2. Bought an Isuzu Elf truck for P500,000. Terms: 50% cash down payment and the balance on six months non-interest bearing promissory note. Trucking Equipment Cash Cash 50% Notes payable 3. Borrowed P100,000 from PNB and issued a 10%, two year, promissory note with its truck as collateral. Cash Accounts receivable Cash Trucking income 500,000 Mortgage payable - PNB 4. Total trucking services for the year is P1,600,000 out of which P600,000 is cash service income and the balance on account. Accounts receivable 5Total collection of accounts receivable, P850,000. 100,000 Tasks: Using 4 column journals, 600,000 1,000,000 850,000 7Paid interest expense for the year to PNB, P10,000. Interest expense Cash Cash Accounts receivable Prepaid operating expenses Trucking equipment Accounts payable Notes payable Accrued operating expenses Mortgage payable (with collateral) 800,000 250,000 250,000 10,000 100,000 6. Total operating expenses is P800,000 out of which P50,000 is still not paid or accrued. Operating expenses 800,000 Cash Accrued operating expense 1,600,000 a. Prepare the journal entries for each transaction; b. Post the journal entries to a T - account; c. Compute the balance of each account; and d. Prepare the trial balance as of the end of 202x. 850,000 750,000 50,000 10,000 The Chart of Accounts of Mc Cufad Trucking Use the following account titles in the preparation of journal entries Cufad, capital Cufad, withdrawal Trucking income Operating expenses Interest expense

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
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Mc Cufad Trucking In its first year of operation, the Mc Cufad Trucking has the following summarized business transactions for the year, 202x: 1. Mr. Macmac Cufad invested P800,000 cash in a trucking business. DEBIT CREDIT 800,000 Cash Cufad, Capital 2. Bought an Isuzu Elf truck for P500,000. Terms: 50% cash down payment and the balance on six months non-interest bearing promissory note. Trucking Equipment Cash 50% Notes payable Cash 3. Borrowed P100,000 from PNB and issued a 10%, two year, promissory note with its truck as collateral. Cash Accounts receivable Trucking income Cash Mortgage payable - PNB 4. Total trucking services for the year is P1,600,000 out of which P600,000 is cash service income and the balance on account. 500,000 Accounts receivable 5Total collection of accounts receivable, P850,000. 100,000 Tasks: Using 4 column journals, 600,000 1,000,000 850,000 7Paid interest expense for the year to PNB, P10,000. Interest expense Cash Notes payable Accrued operating expenses Mortgage payable (with collateral) 800,000 250,000 250,000 10,000 6. Total operating expenses is P800,000 out of which P50,000 is still not paid or accrued. Operating expenses 800,000 Cash Accrued operating expense 100,000 1,600,000 a. Prepare the journal entries for each transaction; b. Post the journal entries to a T - account; c. Compute the balance of each account; and d. Prepare the trial balance as of the end of 202x. 850,000 750,000 50,000 10,000 The Chart of Accounts of Mc Cufad Trucking Use the following account titles in the preparation of journal entries Cash Cufad, capital Accounts receivable Cufad, withdrawal Prepaid operating expenses Trucking equipment Accounts payable Trucking income Operating expenses Interest expense
Transcribed Image Text:Mc Cufad Trucking In its first year of operation, the Mc Cufad Trucking has the following summarized business transactions for the year, 202x: 1. Mr. Macmac Cufad invested P800,000 cash in a trucking business. DEBIT CREDIT 800,000 Cash Cufad, Capital 2. Bought an Isuzu Elf truck for P500,000. Terms: 50% cash down payment and the balance on six months non-interest bearing promissory note. Trucking Equipment Cash 50% Notes payable Cash 3. Borrowed P100,000 from PNB and issued a 10%, two year, promissory note with its truck as collateral. Cash Accounts receivable Trucking income Cash Mortgage payable - PNB 4. Total trucking services for the year is P1,600,000 out of which P600,000 is cash service income and the balance on account. 500,000 Accounts receivable 5Total collection of accounts receivable, P850,000. 100,000 Tasks: Using 4 column journals, 600,000 1,000,000 850,000 7Paid interest expense for the year to PNB, P10,000. Interest expense Cash Notes payable Accrued operating expenses Mortgage payable (with collateral) 800,000 250,000 250,000 10,000 6. Total operating expenses is P800,000 out of which P50,000 is still not paid or accrued. Operating expenses 800,000 Cash Accrued operating expense 100,000 1,600,000 a. Prepare the journal entries for each transaction; b. Post the journal entries to a T - account; c. Compute the balance of each account; and d. Prepare the trial balance as of the end of 202x. 850,000 750,000 50,000 10,000 The Chart of Accounts of Mc Cufad Trucking Use the following account titles in the preparation of journal entries Cash Cufad, capital Accounts receivable Cufad, withdrawal Prepaid operating expenses Trucking equipment Accounts payable Trucking income Operating expenses Interest expense
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