involves 10. You sold old store cabinet of Although Kikay Kit Store to a friend amounting P2,000.00, she recorded promised to pay the next month. this transaction _it does not qualify to be since the item is not a merchandise; therefore, it is recorded in
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
![Although this transaction involves purchase
on account, it does not qualify to be recorded
purchase journal since the item purchased is
not a merchandise; therefore, it is recorded in
general journal.
9. Acquired
furniture
from
costing
Shop
issued
Woodcrafts
P5,000
and
promissory note.
transaction
involves
10. You sold old store cabinet of Although
Kikay Kit Store to a friend
amounting P2,000.00, she recorded
promised to pay the next
this
it does not qualify to be
since the item
is not a merchandise; therefore, it
month.
is recorded in](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F132b903d-5328-4eae-a576-ece162eb1edc%2F46244731-b317-4b81-94c0-c7a1e9b89bb7%2F1kzb97o_processed.jpeg&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)