The following transactions, among others, occurred during August. Which transaction represented an expense for August? * Purchased a computer for P30,000 cash Paid P23,000 in settlement of a local obtained three months earlier Paid P10,000 to an auto mechanic for repair work performed in June Purchased P7,000 of engine oil on account for the delivery truck. Account will be paid in September.
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- Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office booksSentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a fullrange of passenger services. Sentry engaged in the following activities during the current year:a. Sentry received $5,000 cash in advance from Rich’s Department Store for an estimated 250deliveries during December 2019 and January and February of 2020. The entire amountwas recorded as unearned revenue when received. During December 2019, 110 deliverieswere made for Rich’s.b. Sentry operates several small buses that take commuters from suburban communities to thecentral downtown area of Atlanta. The commuters purchase, in advance, tickets for 50 onewayrides. Each 50-ride ticket costs $500. At the time of purchase, Sentry credits the cashreceived to unearned revenue. At year end, Sentry determines that 10,160 one-way rideshave been taken.c. Sentry operates several buses that provide transportation for the clients of a social service agencyin Atlanta. Sentry bills the agency quarterly at the…Mr. Yiadom decided on 1 July, to invest his insurance compensation of GHȼ 4,000,000 in a retail business to buy and sell second hand shovels. The following transactions took place from that month to December. Date Purchases Quantity Cost Date Sales Quantity ValueJuly5 200 720,000 Aug 2 500 2,500,000Aug 1 400 1,520,000 Sept 3 600 2,400,000Oct 4 400 1,400,000 Oct 12 600 2,700,000Dec 7 500 1,400,000 Dec 12 400 1,500,000RequiredCalculate the cost of shovels issued during the period and the cost of shovels on hand on 31/12 using the following methods of pricing 1. Calculate and discuss the effect, each of the pricing methods will have on the reported profit of the business 2Examine critically the performance of the business during the period.
- Consider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CRThe following transactions took place for Parker’s Grocery. a. Jan. 1 Loaned $84,000 to a cashier of the company and received back a one-year, 10 percent note. b. June 30 Accrued interest on the note. c. Dec. 31 Received interest on the note. (No interest has been recorded since June 30.) d. Dec. 31 Received principal on the note. Required: Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
- Apr. 30 Received $495,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note. June Purchased merchandise on account at a cost of $68,000. (Assume a perpetual inventory 6 system.) July 15 Paid for the June 6 purchase. Aug. Signed a contract to provide security service to a small apartment complex and collected six months' fees in advance amounting to $19,800. (Use an account called Unearned Revenue.) 31 Dec. 31 Determined salary and wages of $33,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 182. Complete the required journal entries for each of the above transactions. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) 1. Record the borrowing of $495,000. 2. Record the purchase of inventory…Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash Sales Revenue Accounts Receivable B. Cash Sales Discounts Accounts Receivable Interest Revenue C. Cash Sales Discounts Accounts Receivable D. Cash Accounts Receivable Sales Revenue Select one: O A. Option A OB. Option B O C. Option C OD. Option D Clear my choice 45,540 460 46,000 460 45,540 460 46,000 46,000 46,000 460 46,000 45,540 460The following needs to entered in the copied spreadshet. 2. The following transactions occurred during the year. Record these transactions.HHL took out a long-term loan for $3 million.HHL purchased $1 million in inventory with cash.HHL purchased equipment that cost $150,000 on account. The equipment is expected to last 15 years and has no salvage value.$540,865,000 (net of allowances and charity care) was billed for patient services. The hospital estimates that 5% of these bills will be bad debt.$875,000 of inventory was used.Donations of $400,000 were received in cash.HHL pays in cash for a 2-year malpractice insurance premium at a cost of $5 million. One-half of the premium is for next year, and the other is for the following year.HHL pays $12,560,000 in accounts payable.HHL workers earned $259 million in wages for the year. The hospital paid out $282 million in cash. It also paid out $60 million in benefits, all in cash.The equipment purchased in transaction c was paid for in…
- Dec. 01 Mr. Sy, owner of Sy General Services, invested P5,000 cash in the business02 Bought supplies P700 on account.03 Rendered services P1,100 on account.On December 31, 2020 Sy General Services has an estimated uncollectible 1% of itsaccounts receivable.Required:1. Journalize the transactions.2. Post the journal entries to the ledgers.3. Prepare the unadjusted trial balance.4. Prepare an adjusting journal entry.5. Prepare the adjusted trial balance.Ned's Sheds purchases building materials from Timbertown Lumber for $3,700 with terms of 4/15, n/30. The invoice is dated October 17. Ned's decides to send in a $2,000 partial payment. a) By what date must the partial payment be sent to take advantage of the cash discount? b) What is the net date? c) If partial payment was sent by the discount date, what is the balance still due on the order?The following transactions took place for Parker’s Grocery. a. Jan. 1 Loaned $50,000 to a cashier of the company and received back a one-year, 8 percent note. b. June 30 Accrued interest on the note. c. Dec. 31 Received interest on the note. (No interest has been recorded since June 30.) d. Dec. 31 Received principal on the note. Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1) Record the receipt of a note on January 1 for a $50,000 loan to an employee. 2) Record the interest accrued on the note as of June 30. 3) Record the receipt of the interest on the note's maturity date. No interest has been recorded since June 30. 4) Record the receipt of the payment for the full principal.