Your business had the following information for the 2nd quarter (all amounts are inclusive of VAT):...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Your business had the following information for the 2nd quarter (all amounts are inclusive of VAT): Sales to Private Customers Sales to Government Purchases from VAT suppliers Purchases from non-VAT suppliers April Required: 1. Prepare necessary Journal Entries for each month. 44,800 28,000 22,400 May P33,600 39,200 June P67,200 11,200 56,000 Total P145,600 11,200 123,200 22,400 The sales to government of P11,200 was made to the Batangas City Government. The goods have been purchased for P7,500, plus input VAT of P900. Upon payment of the goods sold, the city government issued a Certificate of Final Tax Withheld at Source (BIR Form 2306) with an amount of P500. Your business had the following information for the 2nd quarter (all amounts are inclusive of VAT): Sales to Private Customers Sales to Government Purchases from VAT suppliers Purchases from non-VAT suppliers April Required: 1. Prepare necessary Journal Entries for each month. 44,800 28,000 22,400 May P33,600 39,200 June P67,200 11,200 56,000 Total P145,600 11,200 123,200 22,400 The sales to government of P11,200 was made to the Batangas City Government. The goods have been purchased for P7,500, plus input VAT of P900. Upon payment of the goods sold, the city government issued a Certificate of Final Tax Withheld at Source (BIR Form 2306) with an amount of P500.
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below April Debit Accounts Receivable Private ... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078025778
17th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
Students also viewed these accounting questions
-
The marketing firm Novak, Inc., had the following information available concerning its cash account for the month of May: Balance per Novaks books, May 31 ....... $1,375.21 Outstanding checks...
-
The Rust Corporation has gathered the following information for activities during 2010: Credit sales ......................................................................................... $...
-
The records of Earthly Goods provided the following information for the year ended December 31, 2014. Required: 1. Prepare an estimate of the company's year-end inventory by the retail method. Round...
-
Air at room temperature has a density of about 1.29 kg/m 3 . Assuming it to be entirely one gas, find rms for its molecules.
-
Jane Wilson is the production manager for a company that produces high-fashion designer clothing for women. The product is made in small batches that are presold to high-end retailers, based on...
-
MG is an accrual basis corporation. In 2022, it wrote off a $65,000 account receivable as uncollectible. In 2023, it received a $65,000 check from the creditor in full payment of this receivable. a....
-
A particle that has mass \(m\) and charge \(q\) enters a uniform magnetic field that has magnitude \(B\) and is directed along the \(x\) axis. The initial velocity of the particle is in the \(x y\)...
-
Precision Products specializes in custom-manufactured metal parts. The production manager has asked you to create an Excel spreadsheet to help manage operations. The company needs a way to calculate...
-
Malimali Fish Products Ltd, A Malindi-based firm dealing in fish products, conducts training programmes for all its line managers. The managers ar expected to master, in particular, procedures in...
-
Jackie serves as the vice president for network development for a large, midwestern healthcare system. She has worked with many rural and semirural hospitals to improve efficiency by offering shared...
-
Need all parts answered: 9. Clay runs a small hotdog stand in downtown Chapel Hill. Clay can serve about 30 customers an hour. During lunchtime, customers randomly arrive at a rate of 20 per hour....
-
Consider the two one-shot investment alternatives shown in the table below. Neither alternative is expected to be available again in the future. MARR is 11 percent/year. Based on a present worth...
-
Enter up the Sales Day Book from the following details. Post the items to the relevant accounts in the Sales Ledger and then show the transfer to the sales account in the General Ledger. 2017 January...
-
The following sales have been made by W. Steel Ltd during the month of March 2016. All the figures are shown net after deducting trade discount, but before adding VAT at the rate of 10 per cent. You...
-
Show that if you have a mass \(M\) distributed of on a spherical shell, and a point mass \(m\) lies inside from the sphere, the gravitational potential energy is \(V=-G \frac{m M}{R}\), that is,...
-
If a local density operator is expressed by \(ho(r)=\sum_{i} \delta\left(r-r_{i} ight)\), where the sum is over particles and \(\delta\left(r-r_{i} ight)\) is the Dirac delta function, what is its...
-
A cylinder with a valve at the bottom contains an ideal gas. The valve is opened and some of the gas escapes slowly. The valve is then closed, after which the piston is observed to be at a lower...
-
What mass of KBr (in grams) should you use to make 350.0 mL of a 1.30 M KBr solution?
-
Viking Beer is a microbrewery that produces one type of beer. The production level is 18,000 gallons per month, which is bottled in 192,000 twelve-ounce bottles. The beer is brewed in batches of...
-
A recent annual report of Chrysler indicates that the cost of a substantial portion of the company's inventory is determined by the specific identification method. The cost of other inventory is...
-
Affections manufacture candy and sells only to retailers. It is not a publicly owned company and its financial statements are not audited. But the company frequently must borrow money. Its creditors...
-
Perform the indicated operations, if defined, for the following vectors and matrices. \(\left(\mathbf{B}-\mathbf{v} \mathbf{w}^{T} ight) \mathbf{A}\) -2 1 -3 1 1 A = 1 -3 2 1 32 B = V= W = 0 0 4 5
-
Perform the indicated operations, if defined, for the following vectors and matrices. \(\left(\mathbf{A B}^{T} ight) \mathbf{v}\) -2 1 -3 1 1 A = 1 -3 2 1 32 B = V= W = 0 0 4 5
-
Perform the indicated operations, if defined, for the following vectors and matrices. \(\mathbf{A w}-\mathbf{B}^{T} \mathbf{v}\) -2 1 -3 1 1 A = 1 -3 2 1 32 B = V= W = 0 0 4 5
Study smarter with the SolutionInn App