Transactions of Bud's Computer are as follows:
May 1 Buddy Bungal invested P210,000 in Bud's Computer Repair Shop. The deposit slip was #100.
3 Purchased repair equipment from Ocean Park for P30,000.00. Check #4801 was issued in the amount of P18,000, with balance being placed on account. The invoice number was A998.
8 Repaired a customer's computer billing him P5,000 on billing #690.
10 Repaired a customer's computer for P8,000, of which 80% was collected with the balance placed on account. The billing slip was #691. The deposit slip was #398765.
12 Received and paid the telephone bill by issuing check #4803 in the amount of P2,500.
13 Purchased repair supplies by issuing check #4803 in the amount of P2,500.
14 Collected the amount due from the customer of billing slip #690. The deposit was number 459086.
18 Issued check #4804 in the amount of P9,000 to Ocean Park as a partial payment for the equipment purchased on May 3.
20 Repaired a customer's computer and collected P6,000. The deposit slip was #789190; the billing slip was #692.
21 Received electric bill for the month of May in the amount of P1,500.
Required:
1. Give the journal entries of the above transactions.
2. Determine the correct amount of the following:
a. Total cash collections
b. Total cash available
c. Accounts Receivable
d. Expense
f. Owner's Equity
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Answer will be posted tomorrow (September 23,2022). Sagutan niyo muna then check natin kung tama ba :)
STAI LEGGENDO
Introdution to Accounting
CasualeCalling the attention of all aspirant soon to be CPA'S and any other related courses to stop by and read this book. This is a taglish book for better understanding of explanations. Read in order to learn. Listen in order to understand. So what ar...
