Mr. Chen lends P500,000 cash to the entity. At the same, the entity uses part of the money to repay the amount owed to a creditor and holds the remaining amount of P400,000 in the bank account. The journal entry to record the transaction should be: a. Debit: Cash....................P500,000 Cash in Bank....... 400,000 Credit: Accounts Payable - Mr. Chein........... P900,000 b. Debit: Accounts Payable………. P100,000 Cash in Bank……………… 400,000 Credit: Loans Payable-Mr. Chein……… P500,000 c. Debit: Cash…………………………… P100,000 Cash in Bank……………… 400,000 Credit: Loans Payable-Mr. Chein………. P500,000 d. Debit: Cash…………………………. P400,000 Accounts Payable…….. 100,000 Credit: Cash in Bank……………………….. P500,000

Mr. Chen lends P500,000 cash to the entity. At the same, the entity uses part of the money to repay the amount owed to a creditor and holds the remaining amount of P400,000 in the bank account. The journal entry to record the transaction should be: a. Debit: Cash....................P500,000 Cash in Bank....... 400,000 Credit: Accounts Payable - Mr. Chein........... P900,000 b. Debit: Accounts Payable………. P100,000 Cash in Bank……………… 400,000 Credit: Loans Payable-Mr. Chein……… P500,000 c. Debit: Cash…………………………… P100,000 Cash in Bank……………… 400,000 Credit: Loans Payable-Mr. Chein………. P500,000 d. Debit: Cash…………………………. P400,000 Accounts Payable…….. 100,000 Credit: Cash in Bank……………………….. P500,000

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

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

See similar textbooks

Similar questions

Ee.77.
Se.111.
Bank Reconciliation Activity The accounting records and bank statement of Entity A shows the following information: (The attached picture) Additional Information:a. The payments of P2,000 and P50,000 shown on the bank statement pertain to the cost of checkbook requested from the bank and the monthly amortization of a bank loan,respectively. The loan payment includes payment for interest of P8,000. b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable. Requirements:1. Prepare the bank reconciliation.2. Prepare the journal entries to record the adjusting entries on the books of Entity A.
Interest received by the bank on behalf of the customers is: Added to cash balance Deducted from cash balance Added to the bank balance Deducted from bank balance ashemi (Log out) 直。
What is double entry for the following transaction: Paid MK20000 of the cash in hand into bank account
Question 28 On July 31, 2028, Massive Ltd. had a cash balance of $6,793 in its general ledger. The bank statement from the Bank of Auditing on that date showed a balance of $6,578. A comparison of the bank statement with the Cash account revealed the following: a. Cash receipts for July 31 recorded on the company's books were $3,500, but this amount does not appear on the bank statement. b. A cheque of $5,100 made by another company was incorrectly deducted to Massive's account by the Bank of Auditing. c. The bank statement included service charges and debit and credit card processing fees of $65. d. Cheques outstanding on June 30 totaled $6,200. Of these, $4,600 worth cleared the bank in July. All cheques written in July cleared the bank in July. e. The bank statement included electronic collections from customers on account totaling $8,800. Massive had not recorded the EFT. f. Salaries of $4,800 were paid electronically during the month. The company has already recorded these. g. An…
Assume that Johnson and Johnson company received the cheque of OMR 197 form it's debtor ( Accounts receivables ) . But the accountant of the company recorded it as OMR 179 and sent to bank for deposit How will you adjust the above reconciliation item in Bank reconciliation statement ? a . Add OMR 197 to cash book balance b . Add OMR 18 to cash book balance c . Deduct OMR 18 from Bank statement balance d . Less OMR 179 from bank statement balance
Q1- A. What is a bank reconciliation and why is it important for companies to do it periodically? B. Prepare a Bank Reconciliation Statement for XYZ company that has: Bank statement of SR10,000. Cash account of SR7,500. Additional information for the reconciliation: Deposit in transit. NSF Check. Outstanding check. Collections made by the bank. Required: provide an amount of each information to bring the adjusted balances to be equal.
B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.
Which of the following states the entries required to account for a reimbursement to the petty cash float of $125 from the bank account? Cr Cash and bank Cr Petty cash A Dr Petty cash В Dr Cash and bank C Dr Drawings Cr Petty cash D Dr Drawings Cr Cash and bank
Accounting Q/ Prepare a Bank Reconciliation Statement for XYZ company that has: Bank statement of SR9,000. Cash account of SR7,500. Additional information for the reconciliation: Deposit in transit. NSF Check. Outstanding check. Collections made by the bank. Required: provide an amount of each information to bring the adjusted balances to be equal.
Explain in detail please