1. The chart of accounts classify the accounts to make identification of the accounts easier. Discuss how companies set up their chart of accounts for use in their business 2. On October 17th Nikle Company purchased a building and a plot of land for ₱750,000. The building was valued at ₱500,000 while the land carried a value of ₱250,000. Nikle paid ₱300,000 down in cash and signed a notes payable for the balance. In the space below write the journal entry. 3. On August 30th JumpStart pays numerous bills which include: Payment to the landlord for August rent - ₱950 Payment to the Gas & Electric Company for August’s bill - ₱525 Payment of employee wages for the last half of August - ₱1,880 Payment of shopping center’s parking lot cleaning fee - ₱275 Journalize these payments as one compound journal entry. 4. For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance total to be unequal, indicate whether the debit or credit total is higher and by how much. A. Payment of a cash withdrawal of ₱6,800 was journalized and posted as a debit of ₱8,600 to Salaries Expense and a credit of ₱8,600 to Cash. B. A fee of ₱9,780 earned was debited to Accounts Receivable for ₱7,980 and credited to Fees Earned for ₱9,780. C. A payment of ₱3,000 to a creditor was posted as a credit of ₱3,000 to Accounts Payable and a credit of ₱3,000 to Cash. 5. Journalize the entries to correct the following errors: (a) A purchase of supplies for ₱200 on account was recorded and posted as a debit to Supplies for ₱500 and as a credit to Accounts Receivable for ₱500. (b) A receipt of ₱4,000 from Fees Earned was recorded and posted as a debit to Fees Earned for ₱4,000 and a credit to Cash for ₱4,000.
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The chart of accounts classify the accounts to make identification of the accounts easier. Discuss how companies set up their chart of accounts for use in their business |
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On October 17th Nikle Company purchased a building and a plot of land for ₱750,000. The building was valued at ₱500,000 while the land carried a value of ₱250,000. Nikle paid ₱300,000 down in cash and signed a notes payable for the balance. In the space below write the |
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On August 30th JumpStart pays numerous bills which include: Payment to the landlord for August rent - ₱950 Payment to the Gas & Electric Company for August’s bill - ₱525 Payment of employee wages for the last half of August - ₱1,880 Payment of shopping center’s parking lot cleaning fee - ₱275
Journalize these payments as one compound journal entry. |
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For each of the following errors, considered individually, indicate whether the error would cause the
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Journalize the entries to correct the following errors:
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