|University||New Era University (NEU)|
I. Using the account titles listed below, journalize on separate columnar sheets the following transactions of Gian Angelo, a CPA, for the month of July 2020:
- Professional fees earned
- Salary expense
- Taxes and licenses
- Gian Angelo capital
- Gian Angelo drawing
- Office equipment
- Office furniture and fixtures
- Accounts receivable
- Accounts payable
- Notes receivable
- Notes payable
- Interest income
- Interest expense
- Rent expense
- Light and water
- Communication expense
- Office supplies on hand
- Prepaid insurance
- Transportation equipment
- Unearned rent income
July 1 – Gian Angelo invested cash of P100,000 and office equipment valued at P200,000.
1 – Paid business license, P7,000.
1 – Paid 3-month rental effective July 1, P36,000.
2 – Purchased tables and chairs from Durable Trading, P32,000. Terms: n/10.
2 – Bought bond papers, pens and other supplies from Great Enterprises amounting to P20,000. Terms: 20% down, balance n/15.
3 – Billed Orgalink Corp. for consultancy services rendered, P10,000.
3 – Filed a complaint for minor scratches on tables purchased from Durable Trading and granted allowance for P2,000.
4 – Received cash from Dimmer Inc. for services rendered, P15,000.
5 – Billed Pacific Summit Corp. for services rendered, P30,000.
7 – Billed Tramcor Inc. for consultancy services rendered, P40,000.
8 – Paid Great Enterprises to apply on account, P5,000.
10 – Rendered professional services to Amnex Co., P50,000. Terms: 20% downpayment; balance, 15-day, 9% note.
11 – Billed Buildwell Co. for consultancy services performed, P60,000.
12 – Issued a 15-day, 6% note in full settlement of the account with Durable Trading.
15 – Received P6,000 representing 3-month advance rental from a newspaper vendor who subleased a portion of leased unit effective July 16.
16 – Purchased a vehicle amounting to P300,000. Terms: 30% down; balance payable in 3 years at 6% interest per annum.
16 – Paid the annual insurance premium for the vehicle purchased, P6,000.
16 – Received P30,000 from Amaram Inc. for a 60-day consultancy work effective today.
17 – Paid Great Enterprises in full.
18 – Received the account of Orgalink Corp. less P1,000 discount.
19 – Paid telephone bill, P2,500.
20 – Collected P10,000 from Tramcor Inc.
21 – Received a 30-day 6% promissory note form Buildwell Co. in settlement of its account.
23 – Issued cash to Gian Angelo for personal use, P5,000.
24 – Purchased office supplies, P5,000. Terms: COD.
25 – Amnex Co. settled its note.
27 – Paid the note issued to Durable Trading.
29 – Received the account of Tramcor Inc. in full.
30 – Paid electricity bill, P3,000.
31 – Paid salaries of staff, P15,000.
II. The trial balance of Durian Enterprises on December 31, 2020 appears as follows:
Ending merchandise inventory amounted to P250,000
Based on the above information, prepare the following:
1. Income Statement (Multiple Step)
2. Balance Sheet (Report Form)
Need urgent assignment help on Financial Accounting Assignment?. then don't worry. At Singapore Assignment Help We have a dedicated team of efficient experts who have Ph.D. and master degrees in the accounting field. Our experts also have in-depth knowledge and skills and have years of experience to assist you on financial accounting assignments at a pocket-friendly price.
Looking for Plagiarism free Answers for your college/ university Assignments.
- PSY353e: students should listen to the podcast “Mental Health at Work”, facilitated by Dr. Emily Ortega and accessible: Positive Psychology Report, SUSS
- Drawing on current research and your own personal experience of being a mentor, provide a detailed analysis of the role of mentoring in providing support: Mentoring: Theory and Practice(guidance and counselling) Assignment, KU
- evaluating the tourism policy at a national or regional level and its value for tourism business development: Tourism Destination Management Report, YBS
- Discuss the roles of Evolutionary, sociocultural, and other Contextual factors in Determining human mate Preferences: Psychology Essay, NUS
- Identify and describe an operational business process or operational problem area from your current or previous experience: Operation Management Coursework, TP
- Topic 2 It there is ANY existing ERP system being adopted by your current company OR previous company OR any hypothetical company: Supply Chain Management Assignment, NTU
- OMGT 2225: Write a research paper following the suggested headings (see “d” below) related to Procurement Risk Management in Two Industries or Two sectors or Two large companies of your choice: Procurement Management And Global Sourcing Research Paper, RMIT
- The patient developed sudden onset of cough associated with shortness of breath after feeding: Health and Physical Education Case Study
- Evaluate the extent to which stereotypical representations are being challenged in the advertisement: Communications Essay, SUSS
- Use the following Singapore Airlines weblink For each of the categories – Liquidity, Leverage, Asset Management Profitability and Valuation ratios, compute and compare financial ratios: Finance Assignment, NUS