Reference no: EM133072198
Questions -
Q1. Journalizing Transactions.
Mary decided to invest in a travel agency. Below are the transactions for the month of June 2015. You are requested to journalize the transactions.
June 1 Mary invested car worth P550,000 and cash of P1,200,000.
June 4 Borrowed P250,000 from Meta Bank.
June 5 Bought furniture from Slim's P30,000 on account
June 6 Withdrew cash P100,000 for personal use
June 15 Rendered services to Happy Tours P500,000 on account
June 21 Paid Employees salaries for P50,000
June 30 Collected account from Happy Tours
Q2. Journalizing Business transactions.
Girlie decided to put up a consultancy firm. Below are the transactions for the month of August 2015. You are requested to journalize the transactions.
August 1 Girlie invested cash of P1,500,000.
August 2 Paid rent in advance for five months P80,000.
August 5 Rendered services to La Swerte Co. P75,000 on account
August 6 Bought equipment from Bill's P120,000 issuing a note for the account
August 7 Withdrew P90,000 for personal use
August 15 Made additional investment of 320,000 in the business.
August 22 Received a bill from Meralco P2,900.
August 25 Collected 50% of the account of La Swerte Co.
Calculate the ending balance of the allowance
: Calculate (1) Bad Debts Expense (include the journal entry) and (2) the ending balance of the Allowance for Bad Debts
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