Ms. Janice Dell is, marketing goods and she is subject to the 1% percentage Tax. She registered her business with the government registry offices and registered his books of accounts and official invoices/receipts with the Bureau of Internal Revenue as a non-VAT taxpayer. Her business name is Dell Merchandising Transactions in January 20B were: • January 2 Invested P4,000,000 in the business. Purchased goods from a non-VAT supplier for P40C,000. January 3 Purchased goods from a VAT supplier for P600,000 plus VAT of P72,000. • January 10 Sale for cash of P500,000. • January 15 Purchase of office equipment with a useful life of two years from a VAT taxpayer for P800,000, plus VAT of P96,000. January 25 Operating expenses of P400,000 were paid to non-VAT tax- payers. • January 30 Operating expenses of P10,000 plus value-added tax of P1,200 were paid to VAT taxpayers. Additional information: Inventory at the end of the month was P500,000. Requirements: 1. General Journal entries of the transactions. 2. Posting of the General Journal entries to the General Ledger. 3. Preparation of the Trial Balance of January 20B.

Ms. Janice Dell is, marketing goods and she is subject to the 1% percentage Tax. She registered her business with the government registry offices and registered his books of accounts and official invoices/receipts with the Bureau of Internal Revenue as a non-VAT taxpayer. Her business name is Dell Merchandising Transactions in January 20B were: • January 2 Invested P4,000,000 in the business. Purchased goods from a non-VAT supplier for P40C,000. January 3 Purchased goods from a VAT supplier for P600,000 plus VAT of P72,000. • January 10 Sale for cash of P500,000. • January 15 Purchase of office equipment with a useful life of two years from a VAT taxpayer for P800,000, plus VAT of P96,000. January 25 Operating expenses of P400,000 were paid to non-VAT tax- payers. • January 30 Operating expenses of P10,000 plus value-added tax of P1,200 were paid to VAT taxpayers. Additional information: Inventory at the end of the month was P500,000. Requirements: 1. General Journal entries of the transactions. 2. Posting of the General Journal entries to the General Ledger. 3. Preparation of the Trial Balance of January 20B.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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