Provide the journal entry to record each of the independent transactions or events as shown. If...
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Provide the journal entry to record each of the independent transactions or events as shown. If no journal entry is needed, state the registry or other document where the transaction or event is recorded. 1. Receipt of P1,000,000 NCA 2. Remittance to BIR of P100,000 tax withheld 3. Remittance of P1,000,000 Allotment 4. Receipt of P1,200,000 Appropriation 5. Entering into a purchase contract for future delivery. The contract price is P500,000 6. Entering into employment contract worth P200,000 7. Billing of P250,000 revenue for Affiliation Fees, subsequent collection of P200,000 there from, and full remittance of the collection to the BTr. 8. Reversion of P50,000 unused NCA 9. Receipt of office equipment purchased on account for P100,000 10. Payment of accounts payable from purchase of office supplies worth P60,000. Tax withheld amount to P3,000. Provide the journal entry to record each of the independent transactions or events as shown. If no journal entry is needed, state the registry or other document where the transaction or event is recorded. 1. Receipt of P1,000,000 NCA 2. Remittance to BIR of P100,000 tax withheld 3. Remittance of P1,000,000 Allotment 4. Receipt of P1,200,000 Appropriation 5. Entering into a purchase contract for future delivery. The contract price is P500,000 6. Entering into employment contract worth P200,000 7. Billing of P250,000 revenue for Affiliation Fees, subsequent collection of P200,000 there from, and full remittance of the collection to the BTr. 8. Reversion of P50,000 unused NCA 9. Receipt of office equipment purchased on account for P100,000 10. Payment of accounts payable from purchase of office supplies worth P60,000. Tax withheld amount to P3,000.
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Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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