ransactions for the month of December 2020 are as follows: 1-Dec Rey Millora opened an account with Union Bank under Rey's Laundromat business name in the amount of P1,500,000. He also invested in a computer worth P100,000 with a fair market value of P90,000. 2 Paid municipal taxes of P5,500 including his license to operate. 5 Bought a P900,000 condominium for his office paying a P500,000 down payment and signing a mortgage with Metro Bank payable in 10 years for the balance. 7 Bought furniture on credit from Furniture World, P45,000. 8 Returned P7,000 worth of furniture bought due to wrong specifications. 9 Bought cash register P24,000 paid in cash. 10 Paid furniture and fixtures purchased account. 11 Bought P5,600 office supplies paid in cash. 12 Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thru a 30-day, 10% note, and the balance on the account. 13 Made an additional investment of P500,000 and equipment worth P60,000 with an unpaid balance of P10,000 to Baguio Trading. The business will assume liability. 14 Returned damaged supplies worth P880. 15 Withdrew P75,000 cash and office supplies worth P500 for personal use. 16 Paid the salary of the office secretary, P7,600. 17 Paid utilities, P1,200. 18 Collected laundry services from various customers, P200,000. 19 Rendered laundry services on account to the following customers: Gabriel - P20,000; Michael - P10,000; Daniel - P8,000; Uriel - P7,000. 20 Paid repairs, P2,000. 30 Collected from laundry services rendered last December 19 from the following customers: Gabriel - P5,000; Michael - P10,000; Daniel - P5,000; Uriel - P4,000
ransactions for the month of December 2020 are as follows: 1-Dec Rey Millora opened an account with Union Bank under Rey's Laundromat business name in the amount of P1,500,000. He also invested in a computer worth P100,000 with a fair market value of P90,000. 2 Paid municipal taxes of P5,500 including his license to operate. 5 Bought a P900,000 condominium for his office paying a P500,000 down payment and signing a mortgage with Metro Bank payable in 10 years for the balance. 7 Bought furniture on credit from Furniture World, P45,000. 8 Returned P7,000 worth of furniture bought due to wrong specifications. 9 Bought cash register P24,000 paid in cash. 10 Paid furniture and fixtures purchased account. 11 Bought P5,600 office supplies paid in cash. 12 Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thru a 30-day, 10% note, and the balance on the account. 13 Made an additional investment of P500,000 and equipment worth P60,000 with an unpaid balance of P10,000 to Baguio Trading. The business will assume liability. 14 Returned damaged supplies worth P880. 15 Withdrew P75,000 cash and office supplies worth P500 for personal use. 16 Paid the salary of the office secretary, P7,600. 17 Paid utilities, P1,200. 18 Collected laundry services from various customers, P200,000. 19 Rendered laundry services on account to the following customers: Gabriel - P20,000; Michael - P10,000; Daniel - P8,000; Uriel - P7,000. 20 Paid repairs, P2,000. 30 Collected from laundry services rendered last December 19 from the following customers: Gabriel - P5,000; Michael - P10,000; Daniel - P5,000; Uriel - P4,000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter4: Journalizing And Posting Transactions
Section: Chapter Questions
Problem 3MC: To purchase an asset such as office equipment on account, you would credit which account? (a) Cash...
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Transactions for the month of December 2020 are as follows: | |
1-Dec | Rey Millora opened an account with Union Bank under Rey's Laundromat business name in the amount of P1,500,000. He also invested in a computer worth P100,000 with a fair market value of P90,000. |
2 | Paid municipal taxes of P5,500 including his license to operate. |
5 | Bought a P900,000 condominium for his office paying a P500,000 down payment and signing a mortgage with Metro Bank payable in 10 years for the balance. |
7 | Bought furniture on credit from Furniture World, P45,000. |
8 | Returned P7,000 worth of furniture bought due to wrong specifications. |
9 | Bought cash register P24,000 paid in cash. |
10 | Paid furniture and fixtures purchased account. |
11 | Bought P5,600 office supplies paid in cash. |
12 | Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thru a 30-day, 10% note, and the balance on the account. |
13 | Made an additional investment of P500,000 and equipment worth P60,000 with an unpaid balance of P10,000 to Baguio Trading. The business will assume liability. |
14 | Returned damaged supplies worth P880. |
15 | Withdrew P75,000 cash and office supplies worth P500 for personal use. |
16 | Paid the salary of the office secretary, P7,600. |
17 | Paid utilities, P1,200. |
18 | Collected laundry services from various customers, P200,000. |
19 | Rendered laundry services on account to the following customers: Gabriel - P20,000; Michael - P10,000; Daniel - P8,000; Uriel - P7,000. |
20 | Paid repairs, P2,000. |
30 | Collected from laundry services rendered last December 19 from the following customers: Gabriel - P5,000; Michael - P10,000; Daniel - P5,000; Uriel - P4,000. |
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