Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hi! I'm from the Philippines. Can you help me determine the account titles to be used in these journal entries? Thank you in advance! The
Hi! I'm from the Philippines. Can you help me determine the account titles to be used in these journal entries? Thank you in advance!
The transactions for the month of April 20xx are the following: April 2. Paid Air-CoolCompany, P22,000.00. 2. Purchased in cash printing materials and supplies, P1,000.00. 3. Purchased in cash office supplies, P1,000.00. 7. The computer system for FinestGold Pawnshop was installed and tested. Received the balance (full payment) in the amount of P15,000.00. 14. Received cash for Internet and other services, P12,500.00; 17. Remitted to BIR Authorized Agent Bank the percentage tax liability for the month of March 20xx. Fill up BIR Form 2551Q in triplicate copies. The Tax Identification Number (TIN) of Mr. Gerald Green Gabriel is 111-222-333. 20. Sent a bill to Tiffany Clothing Corporation for installed computer program, P20,000.00 27. Collection made from Tiffany Clothing Corporation, P20,000.00. 27. Seven laptop computers were received for repair and system installation. Service fee is P3,000.00 each, the full service fee of P21,000.00 was collected on the same date. 28. Received cash for Internet and other services, P14,500.00; 28. Paid telephone bill, P1,000; electricity bill, P4,800.00; and water bill, P320.00. 28. Mr. Gerald Green Gabriel withdrew cash for personal use, P15,000.00. 30. Paid for the following: internet / wi-fi facility charge, P3,000.00; rent, P5,000.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started