D. Fernando began a real estate agency called Fernando Real Estate Agency, and during May of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
D. Fernando began a real estate agency called "Fernando Real Estate Agency", and during May of last year, he completed the following transactions: May 1 Began his business by investing P125,000 cash. May 2 Purchased a small building and began office from L. Guillen, consisting of office equipment, P35,000, building, P150,000; and land, P100,000. Gave P25,000 cash and signed a mortgage contract agreement to pay the balance over a period of one year. May 5 Purchased an automobile, P200,000 on credit from V. Vargas. May 8 Earned and collected a P36,000 commission from sale of a house. May 9 Purchased P1,300 of office supplies and P5,400 additional office equipment from G. Diaz on credit. May 15 Paid the salary of the office clerk, P3,500. May 16 Completed property management services for R. Arevalo on credit and billed him for the services performed, P15,000. May 18 Paid G. Diaz as partial payment of the account due to him. May 20 Received the payment from R. Arevalo for services rendered to him. May 22 Purchased P1,000 office supplies from D. Bonnevie on credit. May 23 Earned and collected P26,000 commission from the sale of property. May 26 Paid the newspaper advertising that had appeared P4,500. May 28 Paid the telephone bill, P750. May 30 Withdrew P8,000 for personal use. May 30 Paid the salary of the office clerk, P3,500. Record the transactions in the general journal using the following account titles: Cash-101; Accounts Receivable-102; Office Supplies-103; Office Equipment- 104; Automobile-105; Building-106; Land-107; Accounts Payable-201; Mortgage Payable-202; Fernando, Capital-301; Fernando, Drawing-302; D. Fernando began a real estate agency called "Fernando Real Estate Agency", and during May of last year, he completed the following transactions: May 1 Began his business by investing P125,000 cash. May 2 Purchased a small building and began office from L. Guillen, consisting of office equipment, P35,000, building, P150,000; and land, P100,000. Gave P25,000 cash and signed a mortgage contract agreement to pay the balance over a period of one year. May 5 Purchased an automobile, P200,000 on credit from V. Vargas. May 8 Earned and collected a P36,000 commission from sale of a house. May 9 Purchased P1,300 of office supplies and P5,400 additional office equipment from G. Diaz on credit. May 15 Paid the salary of the office clerk, P3,500. May 16 Completed property management services for R. Arevalo on credit and billed him for the services performed, P15,000. May 18 Paid G. Diaz as partial payment of the account due to him. May 20 Received the payment from R. Arevalo for services rendered to him. May 22 Purchased P1,000 office supplies from D. Bonnevie on credit. May 23 Earned and collected P26,000 commission from the sale of property. May 26 Paid the newspaper advertising that had appeared P4,500. May 28 Paid the telephone bill, P750. May 30 Withdrew P8,000 for personal use. May 30 Paid the salary of the office clerk, P3,500. Record the transactions in the general journal using the following account titles: Cash-101; Accounts Receivable-102; Office Supplies-103; Office Equipment- 104; Automobile-105; Building-106; Land-107; Accounts Payable-201; Mortgage Payable-202; Fernando, Capital-301; Fernando, Drawing-302;
Expert Answer:
Answer rating: 100% (QA)
Lets record the transactions in the general journal using the given account titles May 1 Cash 101 12... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Question 2 Not yet answered Marked out of 100 P Flag question In order to solve sin 2zdz+cos3ydy = 0 with y(/2) = x/3 we first write cos 3ydy=-sin 2zdr and sin 3y=cos 22 +0 Setting and x-1/2 we find...
-
Mr. Musk is issuing today 3 percent annual coupon bond for 1000. The bond has 10 years to maturity. You are a conservative investor, and believe that bonds are less risky than stocks, so you decide...
-
Neil (38) has been managing his own investments with a view to saving money for his retirement. He has disposable income to invest but he is not a knowledgeable investor, so he has been investing in...
-
Use a histogram to graph the cumulative frequencies. Use the following information to answer question. Suppose a class of high school seniors had the following distribution of SAT scores in English....
-
A circular loop of wire can be used to detect electromagnetic waves. Suppose a 100-MHz FM station radiates 50 kW uniformly in all directions. What is the maximum rms voltage induced in a loop of...
-
Here are the most recent balance sheets for the multinational mining firm, Anglo American plc. Excluding accumulated depreciation, determine whether each item is a source or a use of cash, and the...
-
Using only the factor formulas given in Table 2.6, derive Equation 7.5 starting with Equation 7.3. TABLE 2.6 Summary of Discrete Compounding Interest Factors. To Find Given Factor Symbol Name P F...
-
The Sabat Corporation manufactures and sells two products: Thingone and Thingtwo. In July 2013, Sabats budget department gathered the following data to prepare budgets for 2014: 2014 Projected Sales...
-
What type(s) of error(s) occurs in the following deduction? Briefly justify your answer. 4 = 2+3 4(4)=4(2+3) 4(4)-5=4(2+3)-20 16-5=20-20 11 = 0
-
Punk Corporation purchased 90 percent of Soul Companys voting common shares on January 1, 20X2, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 10...
-
Since the full reopening of the economy there has been a drastic increase in the number of tourist arrivals to the island. Use the model below to provide inferences to the Jamaica Tourist Board: =...
-
What control activity should the firm implement when the system verifies that all payroll payments have a valid employee identification number as entered by the HR department? Describe.
-
9 . 9 . In the class GenericQ implement the following methods Write a static generic method called getUnique that will take in an array of Type T and return another array of T that consists of unique...
-
You are a specialty planner who creates packages and tours for special interest groups. Your assignment is to find a package or tour for each of the following groups. Give al least 3 suggestions for...
-
How can future value help assess the worth of employee benefits? Explain.
-
*Which functional programming languages include tuples?* O ML and F# Ob. Haskell and Python O Java and C# O Scheme and Common Lisp
-
Suppose {Yn; n 1} is a sequence of independent, identically distributed Bernoulli random variables with Pr {Y = 1}=p, and Pr {Y = 0} = 1-p where 0 < p < 1. Let X be a Poisson random variable with...
-
On January 2, 20X3, Sheldon Bass, a professional engineer, moved from Calgary to Edmonton to commence employment with Acco Ltd., a large public corporation. Because of his new employment contract,...
-
Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2012 tax year. ________a. Welfare payments ________b. Commissions ________c. Hobby...
-
Calculate the amount of the child and dependent care credit allowed for 2012 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. a. William and Carla...
-
David and Darlene Jasper have one child, Sam, who is 6 years old. The Jaspers reside at 4639 Honeysuckle Lane, Los Angeles, CA 90248. David's Social Security number is 577-11-3311, Darlene's is...
-
An old-fashioned tire swing exerts a force on the branch and a torque about the point where the branch meets the trunk. If you hang the swing closer to the trunk, this will --the force and-- the...
-
Which of these objects is in static equilibrium? A. B. C. D.
-
A beam with a pivot on its le ft end is suspended from a rope. Tn which direction is the force of the pivot on the beam? A. B. C. D. E.
Study smarter with the SolutionInn App