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Problem 1: On January 31, 2019, Alpha Corporation factored accounts receivables of P1,500,000 with credit terms of 3/10, n/30 immediately after shipment of the goods to the customer. The factor charges a 4% commission based on the gross amount of the receivables factored. The factor also withheld 25% of the amount factored to cover for sales returns and allowance. On February 6, 2019, the customer subsequently returned P80,000 of damaged merchandise. What is the journal entry for February 6?
On July 1, Alan Roes, sole proprietor of Keep Nail, transferred all of Keep's assets to Merit, Inc., a new corporation, in exchange for some of Merit's stock.
Prepare depreciation schedules using the Straight line and Double declining method for the period of 5 years
Since accounting has many terms and can be quiet confusing, so I was glad that the textbook broke it down like this: Financial Accounting is done for people.
Basic Reports. The concepts of materiality and pervasiveness are important to auditors in examinations of financial statements and expressions of opinion.
Prepare Monty's 2017 journal entries. To record amortization of profit on sale use Depreciation Expense account (DEA) and not Sales Revenue account.
the lansing community college registrars office is considering replacing some canon copiers with faster copiers
What is the business, the products, the customers, what is the recent historic economic performance, what are the recent strategic decisions taken the company?
During the year, equipment was sold for $10,000 cash. This equipment cost $13,000 originally and had accumulated depreciation of $3,000 at the time of sale.
Brill Company's July sales budget calls for sales of $800,000. The store expects to begin July with $30,000 of inventory and to end the month with $35,000 of inventory. Gross margin is typically 40% of sales. Determine the budgeted cost of merchan..
A review of the accounting records of Spiller Manufacturing indicated that the company incurred the following payroll costs during the month of September.
big corporation purchased 10 of small corporation on jan 1 2012 for 300000 and classified the investments as an
Prepare journal entries to record the above merchandising transactions of Sheng Company, which applies the perpetual inventory system
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