Dolores Domingo invested P5,000,000 in her business on January 2, 20A in the name of: HONEST...
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Dolores Domingo invested P5,000,000 in her business on January 2, 20A in the name of: HONEST MERCHANDISING, registered her business with the government registry offices as a value-added taxpayer and registered her books of accounts and receipts/invoices with the Bureau of Internal Revenue as a value-added taxpayer. The following were the transactions for January 20A: January 2 Invested P5,000,000 in the business January 3 Purchased office equipment with a cost of P1,800,000 plus VAT of P216,000 for use in the office January 7 Purchased merchandise for P200,000 plus VAT P24,000 January 11 Sold merchandise for P600,000 plus VAT of P72,000 January 15 Paid expenses to a VAT suppler of services at P100,000 plus VAT of P12,000 January 25 Sold merchandise for P600,000 plus VAT of P72,000. Dolores Domingo invested P5,000,000 in her business on January 2, 20A in the name of: HONEST MERCHANDISING, registered her business with the government registry offices as a value-added taxpayer and registered her books of accounts and receipts/invoices with the Bureau of Internal Revenue as a value-added taxpayer. The following were the transactions for January 20A: January 2 Invested P5,000,000 in the business January 3 Purchased office equipment with a cost of P1,800,000 plus VAT of P216,000 for use in the office January 7 Purchased merchandise for P200,000 plus VAT P24,000 January 11 Sold merchandise for P600,000 plus VAT of P72,000 January 15 Paid expenses to a VAT suppler of services at P100,000 plus VAT of P12,000 January 25 Sold merchandise for P600,000 plus VAT of P72,000.
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To record the transactions for January 20A well use the accounting equation Assets Liabilities Owner... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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