Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare , , of the following transactions of BG soft solutions (BGSS) own by Mr. Billy Gatos . - Mr.Gatos turned over several receipts to

Prepare , , of the following transactions of BG soft solutions (BGSS) own by Mr. Billy Gatos .

- Mr.Gatos turned over several receipts to his wife, comprising payments of municipal licenses, DTI and BIR registration fees, amounting to P3,200. All of which are paid on September 25, 2019. Mr. Gatos also paid P1,500 for the cost of 50 booklets of BGSS Official Receipt and incurred gasoline expenses worth P300.

- On September 16, 2019. Mrs. Gatos journalized the following entries to record the transfer of cash from personal account to BGSS/SA-CA account amounting of P200,000 as their investments.

- On September 30, 2019, Mr. Gatos withdraw P85,000 to pay for the purchases intended for their home-based office. Part of the amount withdrawn included P500 to set up a petty cash fund and was likewise included in the journal entries entered by Mrs. Gatos in the general journal.

a. Two sets of personal computer worth 65,000 (office equipment) b. Two pieces computer desks 5,000 (Furniture and Fixture) c. Two swivel chairs 3,000 (Furniture and Fixture) d. One unit executive table 4,000 (Fur and Fix) e. One unit executive chair 2,000 (Fur and Fix) f. One unit automatic voltage regulator 800 (Fur and Fix) g. One unit industrial fan 1,000 (Fur and Fix) h. Various office supplies 700 (Office supplies on hand) i.Various computer supplies 3,000 (office supplies on hand)

-Mr.Gatos reimbursed the license fees and other expenses he personally incurred on September 5,2019 as pre operating costs.

- On September 30, 2019, Mrs.Gatos paid 3,000 for the installation of DSL- internet connection of which 2,000 represented the deposit required by the utility company.

Prepare the given. complete. thank you thank you so much god bless

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

Managerial Accounting

Authors: James Jiambalvo

5th edition

1118078764, 978-1118078761

More Books

Students also viewed these Accounting questions

Question

Describe the factors influencing of performance appraisal.

Answered: 1 week ago

Question

Describe the factors that create the retirement risk.

Answered: 1 week ago

Question

Identify the three broad steps in the retirement planning process

Answered: 1 week ago