50%(2)50% menganggap dokumen ini bermanfaat (2 suara)
1K tayangan4 halaman
Virginia Yacapin, a cultured woman from the south, decided to organize her wedding consultancy. She invested P250,000 into this entity. Rent Paid in advance, P8,000. Note Issued for a P210,000 loan from Metrobank. Note carries a 20% interest per annum. Service Vehicle Acquired for P420,000. Supplies purchased on credit for P18,000 from San Jose Merchandising.
Virginia Yacapin, a cultured woman from the south, decided to organize her wedding consultancy. She invested P250,000 into this entity. Rent Paid in advance, P8,000. Note Issued for a P210,000 loan from Metrobank. Note carries a 20% interest per annum. Service Vehicle Acquired for P420,000. Supplies purchased on credit for P18,000 from San Jose Merchandising.
Virginia Yacapin, a cultured woman from the south, decided to organize her wedding consultancy. She invested P250,000 into this entity. Rent Paid in advance, P8,000. Note Issued for a P210,000 loan from Metrobank. Note carries a 20% interest per annum. Service Vehicle Acquired for P420,000. Supplies purchased on credit for P18,000 from San Jose Merchandising.
South. She is into a lot of interesting causes. Her fine taste is preeminent such that she is considered an authority in planning weddings. Upon the advice of a trusted associate, Marivic Babaran, Yacapin decide to organize her wedding consultancy. She invested P250,000 into this entity.
Rent Paid in Advance (Exchange of Assets)
May 1
Rented office space and paid two months rent in
advance, P8,000.
Note Issued for Cash (Source of Assets)
May 2
Virginia Yacapin issued a promissory note for a
P210,000 loan from Metrobank. This availment will be used for the acquisition of a service vehicle. This note carries a 20% interest per annum. The arrangement with the bank is that both the interest and the principal are payable in full in one year.
May 2
Hired an office assistant and an account executive
each with a P7,800 monthly salary. Or, each is to receive P300 per day for the 26-Day work month. No entry is necessary at this point. They started work immediately.
Service Vehicle Acquired for Cash (Exchange of Assets)
May 4
Acquired service vehicle for P420,000.
Insurance Premiums Paid (Exchange of Assets)
May 4
Paid Prudential Guarantee and Assurance, Inc.
P14,400 for a one-year comprehensive insurance coverage on the service vehicle.
Office Equipment Acquired on Account (Exchange and
Source of Assets) May 5
Acquired office equipment from Fair and Square
Emporium for P60,000; paying P15,000 in cash and the balance next month. Note: A compound entry is needed for this transaction.
Supplies Purchased on Account (Source of Assets)
May 8
Purchased supplies on credit for P18,000 from San
Jose Merchandising.
Accounts Payable Partially Settled (Use of Assets)
May 9
Paid San Jose Merchandising P10,000 of the
amount owed.
Revenues Earned and Cash Collected (Source of Assets)
May 10
Coordinated and finalized simple bridal
arrangements for three couples and collected fess of P8,800 per couple. Services include prospecting and selecting the church and reception location, couturier, caterer, car service, flowers, souvenirs and invitation.
Salaries Paid (Use of Assets)
May 13
Paid salaries, P6,600. This entity pays salaries
every two Saturdays (refer to the calendar in Chapter 5).
Unearned Revenues Collected (Source of Assets)
May 15
The entity is earning additional revenues by
referring consulting clients to friendly hotels, caterers, printers, and P10,000 advance fees for three clients referred.
Revenues Earned on Account (Source of Assets)
May 19
Coordinated and finalized elaborate bridal
arrangements for three couples and billed fess of P12,000 per couple. Additional services include documents preparation, consultation with a feng shui expert as to the ideal wedding date for prosperity and harmony, provision for limousine service and honeymoon trip.
Withdrawal of Cash y Owner (Use of Assets)
May 25
Yacapin withdrew P14,000 per personal expenses.
Salaries Paid (Use of Assets)
May 27
Paid salaries, P7,200.
Expenses Incurred but Unpaid (Exchange of Assets)
May 30
Received the ICC-BayanTel telephone bill, P1,400.
Accounts Receivable Partially Collected (Exchange of
Assets) May 30
Received P24,000 from two clients for services
billed last May 19.
Expenses Incurred and Paid (Use of Assets)
May 31
Settled the electricity bill of P3,000 for the month.