PROBLEM 3-6: BASIC RECORDING DRILLSInstruction: Provide the journal entry to record each of theindependent transactions or events below. If no journal entry isneeded, state the registry or other document where the transactionor event is recorded.1. Receipt of P1,000,000 NCA.2. Remittance to the BIR of P100,000 taxes withheld.3. Receipt of P1,000,000 Allotment4. Receipt of P1,200,000 Appropriation5. Entering into a purchase contract for future delivery. Thecontract price is P500,000.6. Entering into employment contracts worth P200,000.7. Billing of P250,000 revenue for Affiliation Fees, subsequentcollection of P200,000 therefrom, and full remittance of thecollection to the BTr.8. Reversion of P50,000 unused NCA.9. Receipt of office equipment purchased onP100,000.account for10. Payment of accounts payable from purchase of office suppliesworth P60,000. Tax withheld amount to P3,000.

Journal entry A journal entry is a record of the business transactions within the accounting books…

Instruction: Provide the journal entry to recor independent transactions or events below. If no j needed, state the registry or other document where pr event is recorded. 1. Receipt of P1,000,000 NCA. 2. Remittance to the BIR of P100,000 taxes withhel- 3. Receipt of P1,000,000 Allotment

Instruction: Provide the journal entry to recor independent transactions or events below. If no j needed, state the registry or other document where pr event is recorded. 1. Receipt of P1,000,000 NCA. 2. Remittance to the BIR of P100,000 taxes withhel- 3. Receipt of P1,000,000 Allotment

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 10RE: Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the...

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Entry 4 5 6 7 8 CO 3 2 9 1 10 Explanation Interest Expense Interest Payable Depreciation Expense Accumulated Depreciation Unearned Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Journal Entries Cash expense. Accounts Receivable (from consulting) Unearned Revenue Cash Debit 1,300 4,400 3,600 3,700 2,000 4,500 5,600 5,400 8,200 7,100 2,200 Credit 1,300 4,400 3,600 3,700 2,000 4,500 5,600 5,400 8,200 7,100
Multiple choice
Subject: acounting
Received interest revenue of RO. 525. In the Interest revenue ledger Select one: O a. Interest revenue OR 525 - On the debit b. Interest revenue OR 725 - On the credit O c. Interest revenue OR 525 - On the credit O d. Interest revenue OR 725 - On the debit
2 3 1 4 5 7 8 9 10 12 Depreciation Expense Accumulated Depreciation Uneamed Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Accounts Receivable (from consulting) Cash Unearned Revenue Cash Interest Receivable Rent Expense Prepaid Rent Interest Expense Interest Payable 1,400 4,300 3,300 4,500 2,000 3,700 5,400 4,900 9,000 6,000 3,000 1,700 1,400 4,300 3,300 4,500 2,000 3,700 5,400 4,900 9,000 6,000 3,000 1,700
9. PostingA. Accumulates the effects of ledger entries and transfers them to the general journal.B. Is done only for income statement activity because activity related to the statement of financial position does not require postingC. Is done once every year.D. Transfers journal entries to the ledger accounts.
nku.3
Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred…
P9-6 Defining and Analyzing Changes in Current Liabilities LO9-1 International Business Machines (IBM) is a leading provider of computer products and services. The company is known for its hardware products but has focused on providing information technology services in recent years. IBM provides standard warranties and extended warranties with the sale of its products. The company's note on significant accounting policies is as follows: The company offers warranties for its hardware products that generally range up to three years, with the majority being either one or three years. Estimated costs for standard warranty terms are recognized when revenue is recorded for the related product. The company estimates its warranty costs standard to the product based on historical warranty claim experience and estimates of future spending, and applies this estimate to the revenue stream for products under warranty. Estimated future costs for warranties applicable to revenue recognized in the…
Sorensen Company Lucas Company Dr. Cr. Dr. Cr. Cash $14,000 $12,000 Accounts receivable 17,500 26,000 Allowance for doubtful accounts $3,000 $4,400 Inventory 26,500 18,400 Equipment 45,000 29,000 Accumulated depreciation-equipment 24,000 11,000 Notes payable 18,000 15,000 22,000 31,000 Accounts payable Sorensen, capital 36,000 24,000 Lucas, capital $103,000 $103,000 $85,400 $85,400 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Sorensen Company Lucas Company $17,500 $26,000 Accounts receivable 4,500 4,000 Allowance for doubtful accounts 28,000 20,000 Inventory 25,000 15,000 Equipment All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships.
0. The journal in which invoices for services provided are recorded is the revenue journal0. ____ 1. The ledger which contains all of the financial statement accounts is called th 1. ____ 2. Each transaction in the cash receipts journal will have an amountentered in the debit column entitled2. ____ 3. Each subsidiary ledger is represented by a summarized account in thegeneral ledger, called a(n)3. ____ 4. The accounts in the accounts payable ledger have a normal balance of(debit or credit)4. ____ 5. E-commerce performs transactions over the 5. ____ 6. The special journal designed for recording sales on account is the 7. The special journal designed for recording cash receipts is the 6. ____ 8. The subsidiary ledger containing information on the amounts due from individual customers is the 7. ____ 9. Entries to adjust depreciation expense at…