Exercise 2: A national government agency had the following transactions relating with inventories and fixed assets: 1) Issued PO for spare parts, P20,000. 2) Receipt of spare parts. 3) Payment of liability for spare parts, net of appropriate government tax. 4) Signed a contract for construction of building, P5,600,000. 5) Payment of 15% mobilization fee to contractor of buildings. 6) Receipt of 1st progress billing-50% completion. 7) Payment of 1st progress billing, net of advances and tax. 8) Receipt of final billing100% completion. 9) Final payment for building, net of tax. 10) Turnover and acceptance of building. 11) Depreciation for the building, 20 years estimated life. (6 months) Required: Journalize the above transactions.

Exercise 2: A national government agency had the following transactions relating with inventories and fixed assets: 1) Issued PO for spare parts, P20,000. 2) Receipt of spare parts. 3) Payment of liability for spare parts, net of appropriate government tax. 4) Signed a contract for construction of building, P5,600,000. 5) Payment of 15% mobilization fee to contractor of buildings. 6) Receipt of 1st progress billing-50% completion. 7) Payment of 1st progress billing, net of advances and tax. 8) Receipt of final billing100% completion. 9) Final payment for building, net of tax. 10) Turnover and acceptance of building. 11) Depreciation for the building, 20 years estimated life. (6 months) Required: Journalize the above transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Ma1. XBRL is made up of two parts: a- Tag and barcoding b- Taxonomies and instance document c- Reporting concepts and schema d- US GAAP and IFRS 8- LinkDases are-__Components which define ..........-Between elements and link them to external resources a- schema , relationships b- taxonomy, relationships c- taxonomy , schema d- XML, relationships 15- Each XBRL taxonomy is connected to a number of “......." that define item relationships, how totals and subtotals are calculated, the used in human readable documents, and the authoritative references for items (i.e. FASB references, etc.)
describe the roles of fi nancial reporting and fi nancial statement analysis;
Reports can be directly exported from QBO to
Identify special issues related to LIFO.
Provide the necessary journal entries using the area-of-interest method
Identified steps for proving and ruling a journal page. Be specific. Explain
create a journal entry in the proper format
Define the term journal.
how to fill in general journal
cing inventories, and use Muliple Clsice
16. Which form of the report should be in proper format with suitable headings, sub-headings, and paragraphs? a. Graphical Form b. All of the options c. Tabular Form d. Descriptive form