1 Long invested P200,000 in the firm. Paid rent for three months to Lee Sodd, P90,000 Purchased supplies on account, P28,200. Acquired computer worth P25,000. Made P7,000 down and the balance is due in 30 days. Hired an assistant with a monthly salary of P12,000 Bought furniture and fixture, P90,000. Made P10,000 down payment and issued a six-month 2 issory note for the balance with 12% interest. 5 8 Perform consulting service for cash, P25,000 Partially paid supplies purchased on account last December 2; P4,000. Paid for telephone and internet connection expenses, P2,000 Paid for one-year magazine and newspaper subscription, P5,400 Paid assistant's salaries for two weeks, P6,000 Billed clients for December consulting services, P28,000. Received advance payment for three months consulting service from a client, P60,000. Performed consulting service for cash, P20,000 Partially paid supplies purchased on account last December 2; P4,200. Paid for Christmas party expenses with clients, P10,000 Paid Christmas bonus to assistant, P5,000 Received light and water bill, P4,500. Paid assistant's salaries in two weeks, P5,000 Paid association dues, P5,000. Long withdrew P32,000 from the business. 10 16 17 18 20 21 23 24 26 28 29 31 IN334
1 Long invested P200,000 in the firm. Paid rent for three months to Lee Sodd, P90,000 Purchased supplies on account, P28,200. Acquired computer worth P25,000. Made P7,000 down and the balance is due in 30 days. Hired an assistant with a monthly salary of P12,000 Bought furniture and fixture, P90,000. Made P10,000 down payment and issued a six-month 2 issory note for the balance with 12% interest. 5 8 Perform consulting service for cash, P25,000 Partially paid supplies purchased on account last December 2; P4,000. Paid for telephone and internet connection expenses, P2,000 Paid for one-year magazine and newspaper subscription, P5,400 Paid assistant's salaries for two weeks, P6,000 Billed clients for December consulting services, P28,000. Received advance payment for three months consulting service from a client, P60,000. Performed consulting service for cash, P20,000 Partially paid supplies purchased on account last December 2; P4,200. Paid for Christmas party expenses with clients, P10,000 Paid Christmas bonus to assistant, P5,000 Received light and water bill, P4,500. Paid assistant's salaries in two weeks, P5,000 Paid association dues, P5,000. Long withdrew P32,000 from the business. 10 16 17 18 20 21 23 24 26 28 29 31 IN334
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...
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