ing adj 1. 12% of the accounts receivable should be recognized as doubtful of collection. 2. The equipment acquired with an estimated useful life of 5 years and a scrap value of 75,000 3. The furniture and fixtures acquired with an estimated useful life of 5 years and scrap value of 15,000
need asap
Given:
FABM Company, a service firm rendering computerized
accounting services has the following transactions for the
month of June 2018:
June 1
Owner invested his savings worth P10, 000, 000 into
the business.
June 3
He bought P1.5 M worth of equipment
June 5
He also invested furniture and fixtures with 250,000
June 7
Rendered services to clients worth 150, 000 and
received cash payment immediately
June 10
Rendered services to clients worth 250, 000 on
account
June 12
Purchased computer supplies amounting to 30,000
and issued a promissory note
June 14
Rendered services to clients worth 650, 000 with
terms 50% down, balance on account
June 15
Paid salaries of employees worth 45,000
June 18
Collected half of the amount due last June 10
June 20
Paid the total amount due for utilities amounting to
55, 000
June 22
Cash receipts amounting to 75,000 from cash sales
services
June 24
Paid the whole amount due on the note
June 26
Paid Philhealth contribution of the employees
amounting to 5,000
June 28
Borrowed P150,000 from Citibank payable in two
years
June 30
Owner withdrew 25, 000 cash for personal use
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