Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Create a General Journal Entries for the following transactions (description, debit, credit) begin{tabular}{|r|r|} 2023 & FaithD.Nakpil,ownerofFDNStorageCompany,investedinherbusinessthefollowing:Cash,P500,000andoldfurnitureandshelvesoriginallycostingP150,000butwithafairmarketvalueofP100,000atthetimeofinvestment. hline 3 & PurchasedvariousequipmentfromOfficeWarehouse.Three(3)laptopsamountingtoP100,000each,andshelvesamountingtoP165,000.Termsasfollows:20%downpayment,issuingCheck#001,andthebalancewitha60-daynon-interestbearingnote.ReceivedInvoice#614fromOfficeWarehouse. hline 4 &

Create a General Journal Entries for the following transactions (description, debit, credit)

image text in transcribed \begin{tabular}{|r|r|} 2023 & FaithD.Nakpil,ownerofFDNStorageCompany,investedinherbusinessthefollowing:Cash,P500,000andoldfurnitureandshelvesoriginallycostingP150,000butwithafairmarketvalueofP100,000atthetimeofinvestment. \\ \hline 3 & PurchasedvariousequipmentfromOfficeWarehouse.Three(3)laptopsamountingtoP100,000each,andshelvesamountingtoP165,000.Termsasfollows:20%downpayment,issuingCheck#001,andthebalancewitha60-daynon-interestbearingnote.ReceivedInvoice#614fromOfficeWarehouse. \\ \hline 4 & OneofthelaptopswerepurchasedfortheuseofFaithD.Nakpilsdaughterforonlineclasspurposes.Faithdecidedtopaythislaptopusingherpersonalmoney. \\ \hline 4 & PurchasedvarioussuppliesfromNxSupplies,forP15,000,payablein15days.ReceivedInvoice#605fromNxSupplies. \\ \hline 7 & ReceivedP100,000incashfromFourFlatsCorporationforstorageservice.IssuedInvoice#001andOfficialReceipt#001. \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Monthly Bank Reconciliation Statement Log

Authors: Elizabeth S.R.M. Cole

1st Edition

1541036824, 978-1541036826

More Books

Students also viewed these Accounting questions