Mr. Tristan Siy III established Siy Bookkeeping Services and had the following transactions for the month of February: Investment of P150,000 cash fund by Mr. Siy 4 into the business. Received a Charge Invoice from a supplier for the purchase of a desktop computer 17 amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter. Purchased supplies amounting to P18,000 in cash. 15 Paid P6,000 insurance for six months. Issued a Service Invoice for an amount of 18 P50,000 to a customer for services rendered on account. Received P35,000 cash from customers in 19 payment of their account. Paid in cash and received an official receipt 20 from the supplier for payment of accounts, P20,000. Rendered services to customers billed for 21 P30,000. Cash payment of P15,000 for the salary of an 28 |employee. Mr. Siy withdrew P12,000 cash from the 28 business. Paid the telephone bill for February 28 amounting to P3,000.

Mr. Tristan Siy III established Siy Bookkeeping Services and had the following transactions for the month of February: Investment of P150,000 cash fund by Mr. Siy 4 into the business. Received a Charge Invoice from a supplier for the purchase of a desktop computer 17 amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter. Purchased supplies amounting to P18,000 in cash. 15 Paid P6,000 insurance for six months. Issued a Service Invoice for an amount of 18 P50,000 to a customer for services rendered on account. Received P35,000 cash from customers in 19 payment of their account. Paid in cash and received an official receipt 20 from the supplier for payment of accounts, P20,000. Rendered services to customers billed for 21 P30,000. Cash payment of P15,000 for the salary of an 28 |employee. Mr. Siy withdrew P12,000 cash from the 28 business. Paid the telephone bill for February 28 amounting to P3,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 2EA: Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...

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