= 1:24 Question 1 Not yet answered Flag question Time left 3:35:13 Hide 0 Mr. Nikola Tesla launched Tesla Supermart on December 1, 20x1 with a cash investment of P150,000. The following are additional transactions for the month: Equipment valued at P20,000 was given by Mr. Tesla to his business. Purchased supplies for P12,600 on credit. Used asset method to record the transaction. 2 3 4 10 68020356 Purchased a P100,000 service truck. A cash payment of P25,000 was provided, and the remaining was given as a promissory note, payable in six equal monthly installments. Purchased goods from Einstein Enterprises P50,000, Term, 3/15, n/30. For the December 6 transaction, a delivery fee of P1,500 was paid. Sold and delivered merchandise on account P45,000, Term, 2/10, n/30. Cost of Merchandise, P30,000. 10 Paid P900 freight for December 10 transaction. 13 15 16 17 18 19 20 21 Returned P7,500 worth of damaged goods to Einstein Enterprises. Paid salaries to employees, totaling P15,000 Signed a promissory note for P30,000 for long term loan obtained from Newton Bank. Received P4,500 worth of returned goods from customers on December 10. Cost of merchandise returned, P3,000. Paid P7,600 of the amount owed from the purchase on December 3. Purchase additional goods from Galileo Supermarket amounting to P90,000. Received full customer settlement for the sale made on December 10. Account paid in full to Einstein Enterprises. 22 Goods costing P20,500 was sold for $30,750. 26 Cash received in the amount of P7,500 and a promissory note in the amount of P30,000 for goods sold to a key customer. The cost of the merchandise is P25,000. Mr. Tesla took a cash withdrawal of P15,000 from the business. Paid P2,500 in telephone expenses. 30 Paid building rentals for the month, P7,500. 22335 28222 !!! Paid the first installment of the note payable on Service Truck. Paid Salaries P11,300, net of the following deductions: SSS, P380; Pag-IBIG, P100; Philhealth, P220 The Merchandise Inventory at the end of the of the month is P60,225. Additional information for year-end adjustments. The useful life of the equipment is 5 years with salvage value of P2,000 Ø The useful life of the service vehicle is 10 years with salvage value of P10,000 Remaining unused supplies worth P9,100. Chart of Accounts Account Titles Acct No. 110 Cash 120 Accounts Receivable 130 Notes Receivable 140 Supplies 150 160 Equipment 170 180 190 210 220 SSS Payable 230 240 Merchandise Inventory Accumulated Depreciation - Equipment Service Vehicle Accumulated Depreciation - Service Vehicle Accounts Payable Pag-IBIG Payable Philhealth Payable 250 Notes Payable Not Secure Ims.acti.ph

= 1:24 Question 1 Not yet answered Flag question Time left 3:35:13 Hide 0 Mr. Nikola Tesla launched Tesla Supermart on December 1, 20x1 with a cash investment of P150,000. The following are additional transactions for the month: Equipment valued at P20,000 was given by Mr. Tesla to his business. Purchased supplies for P12,600 on credit. Used asset method to record the transaction. 2 3 4 10 68020356 Purchased a P100,000 service truck. A cash payment of P25,000 was provided, and the remaining was given as a promissory note, payable in six equal monthly installments. Purchased goods from Einstein Enterprises P50,000, Term, 3/15, n/30. For the December 6 transaction, a delivery fee of P1,500 was paid. Sold and delivered merchandise on account P45,000, Term, 2/10, n/30. Cost of Merchandise, P30,000. 10 Paid P900 freight for December 10 transaction. 13 15 16 17 18 19 20 21 Returned P7,500 worth of damaged goods to Einstein Enterprises. Paid salaries to employees, totaling P15,000 Signed a promissory note for P30,000 for long term loan obtained from Newton Bank. Received P4,500 worth of returned goods from customers on December 10. Cost of merchandise returned, P3,000. Paid P7,600 of the amount owed from the purchase on December 3. Purchase additional goods from Galileo Supermarket amounting to P90,000. Received full customer settlement for the sale made on December 10. Account paid in full to Einstein Enterprises. 22 Goods costing P20,500 was sold for $30,750. 26 Cash received in the amount of P7,500 and a promissory note in the amount of P30,000 for goods sold to a key customer. The cost of the merchandise is P25,000. Mr. Tesla took a cash withdrawal of P15,000 from the business. Paid P2,500 in telephone expenses. 30 Paid building rentals for the month, P7,500. 22335 28222 !!! Paid the first installment of the note payable on Service Truck. Paid Salaries P11,300, net of the following deductions: SSS, P380; Pag-IBIG, P100; Philhealth, P220 The Merchandise Inventory at the end of the of the month is P60,225. Additional information for year-end adjustments. The useful life of the equipment is 5 years with salvage value of P2,000 Ø The useful life of the service vehicle is 10 years with salvage value of P10,000 Remaining unused supplies worth P9,100. Chart of Accounts Account Titles Acct No. 110 Cash 120 Accounts Receivable 130 Notes Receivable 140 Supplies 150 160 Equipment 170 180 190 210 220 SSS Payable 230 240 Merchandise Inventory Accumulated Depreciation - Equipment Service Vehicle Accumulated Depreciation - Service Vehicle Accounts Payable Pag-IBIG Payable Philhealth Payable 250 Notes Payable Not Secure Ims.acti.ph

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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