J. The following information is shown in the accounting records of Bonus Inc.,: Dec. 31 Jan. 1 P 186,000 201,000 258,000 159,000 Cash ? Accounts receivable Merchandise inventory Accounts payable 273,000 234,000 144,000 9 Total sales and cost of sales for 2013 were P 2,394,000 and P 1,749,000, respectively. All sales and purchases were made on credit. Various operating expenses of P 321,000 were paid in cash. Assume that there were no other pertinent transactions. Compute for the... 16. Collections from accounts receivables Payment of accounts payable Cash balance on Dec. 31, 2013 17. 18.
J. The following information is shown in the accounting records of Bonus Inc.,: Dec. 31 Jan. 1 P 186,000 201,000 258,000 159,000 Cash ? Accounts receivable Merchandise inventory Accounts payable 273,000 234,000 144,000 9 Total sales and cost of sales for 2013 were P 2,394,000 and P 1,749,000, respectively. All sales and purchases were made on credit. Various operating expenses of P 321,000 were paid in cash. Assume that there were no other pertinent transactions. Compute for the... 16. Collections from accounts receivables Payment of accounts payable Cash balance on Dec. 31, 2013 17. 18.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
These are the answers to the solution manual:
16.P2,322,000
17.P1,740,000
18.P447,000
21.P315,261.50
Are they really the correct answers? Please show the computation from 16-18, and 21, please. Thank you!

Transcribed Image Text:J. The following information is shown in the accounting records of Bonus Inc.,:
Dec. 31
Jan. 1
P 186,000
201,000
258,000
159,000
Cash
?
Accounts receivable
Merchandise inventory
Accounts payable
273,000
234,000
144,000
9.
Total sales and cost of sales for 2013 were P 2,394,000 and P 1,749,000, respectively.
All sales and purchases were made on credit. Various operating expenses of P 321,000
were paid in cash. Assume that there were no other pertinent transactions. Compute
for the...
Collections from accounts receivables
Pаyтent of aссоиnts payable
Cash balance on Dec. 31, 2013
16.
17.
18.

Transcribed Image Text:L. Judith Mae Borda Corp. misplaced all the bank statements for the past years.
You reviewed the accounting records and discovered that the following journal
entries were made to reconcile the June 30, 2012 bank records and accounting
records.
Accounts receivable
76,012
Miscellaneous expense
Notes receivable
625
10,000
Interest revenue
500
Cash
66,137
10
Pre-adjustment cash balance in the accounting records was P 371,023.50,
outstanding checks were P 10,375 and no other adjustments were required.
What is the balance of the cash account per bank statement as of
June 30, 2012?
21.
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