The transactions they had for December 2020 is advanced view of what is to come for the shop in 2021:
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Journalizing on Transactions
![The transactions they had for December 2020 is advanced view of what is to come for the shop in 2021:
Sales (framed articles)
Framing Projects (delivered but not yet paid)
Payroll (2 personnel)
Cash (30 November)
Php 46 750.00
Php 67 740.00
Php 25 000.00
Php 33 580.00
Php 15 450.00
Php 25 550.00
Php 3 675.00
Php 10 540.00
Rental
Purchases (framing materials)
Purchases (framing supplies)
Collection of accounts receivable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8b616e8e-2712-4a3e-94fe-515a174b6556%2F07673451-b7ef-4c93-ad0f-911f1aa7b540%2Frfog3mm_processed.jpeg&w=3840&q=75)
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- Multiple Company provided the following information on December 31, 2020: Accounts payable after deducting debit balances in supplier's accounts of P100.000 Accrued liabilities Note payable - due March 31. 2021 Note payable - due May 31, 2023 Note payable - due December 31, 2022 P500.000 P50.000 P1.000.000 P800.000 P2.000.000 On December 27, 2020 the note payable of P1,000,000 was replaced by an 18-month note for the same amount. During November 1, 2020, the Company breached a covenant pertaining to the May 31, 2023 note, making it due and demandable. On December 24, 2020, the creditor agreed to not to demand payment for 13 months from the date of breach. The note payable maturing on December 31, 2022, which was acquired on June 30, 2018. The creditor has the right to call the note 36 months from issuance How much is the total current liabilities as of December 31. 2020?Alex Corporation has the following account balances on December 31, 2020: Accounts receivable ₱ 400,000 Allowance for uncollectible accounts 8,400 Alex completed the following transactions in 2019: Net credit sales, ₱ 4,000,000. Collections on accounts, ₱ 3,870,000. Write-off of uncollectible accounts, ₱ 10,000. Recovery of accounts previously written-off, ₱ 2,000. Uncollectible accounts expense, 2/3 of 1% of net credit sales. REQUIRED: 1. Journalize the foregoing transactions. 2. Compute the balance of accounts receivable and allowance for uncollectible accounts at December 31, 2020. What amount of Accounts receivable, net would Alex report on its December 31, 2020 balance sheet? 3. Assume that Alex uses the aging of accounts instead of the percent of sales method in estimating uncollectible accounts. Analysis indicates that Php 30,800 of outstanding accounts on December 31, 2020 may prove to be uncollectible. Compute the uncollectible accounts expense and the…See the attached photo for the problem Required: a. Compute the total current liabilities on December 31, 2020 b. Determine the interest expense to be reported in 2020.
- Please help mehi based on the above question would item h) $250,000 of the notes payable is due for payment on December 31st, 2021, would this be reflected in the jounal entry? if so how do I enter it on the journal entry?An invoice dated 15th March 2021 for RM750 was paid on the 31st March 2021. If the trade discount was 15% and the cash discount terms were 8/10, 5/30 and n/30, find:a) The trade discount offered.b) The cash discount offered.c) The amount paid.
- What is the total current liabilities to be presented in the statement of financial position as of December 31, 2021?Upon checking, the book of Meraki on December 31, 2020 is composed of the following:· Cash on Hand- P50,000· Demand Deposit- P200,000· Time Deposit, 30 days- P100,000· DAIF Check of customer- P4,000· Money market placement (due June 30, 2021)- P150000· Savings Deposit in a closed bank- P10000· IOU from employee- P2000· Pension Fund- P300000· Petty Cash Fund- P1000· Customer’s Check dated January 1, 2022- P5000· Customer’s Check outstanding for 18 months- P4000· Unused credit line- P50000 Additional information: a. P20,000 check was recorded as payment in December 31, 2020 but is mailed on January 5, 2021 to the suppliers. b. On December 31, 2020 a check dated January 15, 2021 of P10,000 in payment of accounts payable was recorded and mailed. c. While the Cash Receipt Journal is open until January 15, 2021, an amount of P40,000 was collected and recorded on December 31, 2020. d. The company uses the calendar year.…At the end of 2020, the business has a notes payable with maturity value of TL60.000. The maturity date of the note is April 30, 2021. If the discount rate is 20%, which adjusting entry is made on December 31, 2020 by using maturity value method? a.TL4.000 debit to 647-Discount Interest Revenue and credit to 322-Discount on N/P b.TL56.000 debit to 647-Discount Interest Revenue and credit to 322-Discount on N/ c.TL56.000 debit to 322-Discount on N/P and credit to 647-Discount Interest Revenue d.TL4.000 debit to 322-Discount on N/P and credit to 647-Discount Interest Revenue