Reference no: EM132944070
Question - Warn Company was incorporated on January 1, 2020 by issuing common stock with a par value of P50,000,000 for P60,000,000. The other transactions that affected the cash account during January were:
Land and building were purchased for P25,000,000 with a down payment of P10,000,000. A note was signed for the remainder, the property being given as collateral to the note due in six months time only.
Bonds with a face amount of P5,000,000 were issued at 120 for additional working capital requirements.
A check was written for P7,500,000 to pay for computers and other equipment.
A check in the amount of P1,500,000 was written to acquire software technology.
A computer unit which did not fit the company's requirements was sold at its original sales price of P2,000,000 and the cash was deposited in the company's checking account.
Required - What is the balance of the checking account on January 31, 2020?
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What is the amount of adjustment required
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Write the adjustment entry for the end of the year
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What is the net amount to be presented
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What the total issue price of the bonds
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What is the balance of the checking account on January
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Prepare journal entry to record the assignment
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