In the last quarter of 2016, Alexander, a Filipino supervisory employee, was given 15,000 worth of groceries for personal use. Provide the journal entry.
Q: Please provide journal entries for the following: Jessica Johansen started Sewn for You, a…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Angela de Dios, a business graduate student who was working in Think Computer, a company selling all…
A: The journal entries are prepared to record daily transactions of the business on a regular basis.
Q: Sia, a CPA, is employed as accounting professor in a University. On the side, she also provides…
A: From the above information it seems be related to Philippines Train Law. CWT…
Q: Sharon is single, She owns a Florist Shop, She had health insurance coverage for the entire year.…
A: SECA or Self Employment tax Act is a system that ensures that those people engaged in the…
Q: Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City…
A: Concept used: No allocation of airfare for trips within the US. Business portion of meals is…
Q: Dr. Nick Marasigan, upon completing a residency program at Harvard Medical Center, established a…
A:
Q: Safe Home provides house-sitting for people while they are away on vacation. Some of its customers…
A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…
Q: During February 2019, the following occurred in the business of Kutako Trading, a general dealer: 1…
A: The business transactions effect two or more accounts of the business at one time. The accounting…
Q: Drex Montanez, a previously employed individual finally decided to put up his own business somewhat…
A: Journal entries shows the recording of the transaction during the year. Every transaction have dual…
Q: On July 1, 2021, Martha Jones started Martha's Auto Repair Shop, Inc. On that same day, Martha…
A: Note: As per the Policy, we are supposed to solve the first three subparts at a time. Kindly repost…
Q: ASLEY is in the business of purchasing accounts receivable from businesses at a discount and then…
A: Accounts receivable represents the revenue earned by the company but money for the same has not been…
Q: josh reily paid interest of $4,500 on a personal loan of $75,000 that he used to begin the bussibnes…
A: As per the business entity concept we need to record those transactions which directly affect the…
Q: Laila Ramos decided to open abicycle and car rental business on October 1, 2021 to augment the…
A: Laila Ramos Trial Balance As on October 31, 2021 Account Debit Credit Cash 2,23,000…
Q: On April 01, 2016 Anees started business with P100,000 and other transactions for the month are: 2.…
A: Journal entry is an accounting activity under which all relevant business transactions are recorded.…
Q: Ryo Kiritani is a hair dresser and earns income by styling hair of well-known people. He initially…
A: Given: - Advance payments: A= 250,000 B=725,000 C=555,500
Q: Drex Montanez, a previously employed individual finally decided to put up his own business somewhat…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: J is a self-employed interior decorator. Her business location is in New Brunswick NJ. In the…
A:
Q: Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City…
A: a. Calculation of Kim's Business Expenses, Presuming no reimbursement Particulars Amount ($)…
Q: Mike purchased furniture for $8,400 and received an invoice dated February 5, 2017, with terms…
A: Cash discount: The merchandisers (sellers) offer a reduction in sales price on initial sales, to…
Q: Choy, after receiving her degree in Hotel and Restaurant Management began her own business called…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Lucy Sdn Bhd. is a food production company which began operations on January 1, 2021. At the…
A: Accounting Equation- The relationship between assets, liabilities, and stockholder equity is…
Q: Jean Smith, who retails wooden ornaments, has been so busy since she commenced business on 1 April…
A: Income Statement An income statement's purpose is to disclose the business transactions' as a result…
Q: On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:…
A: Journal entry is a process of recording business transactions in the books of accounts for the first…
Q: In july of this year, Stephen started a proprietorship called ECR ( which stand stand for electrict…
A: Here discuss about the details of the preparation of schedule C related with the taxation Act for…
Q: Ryo Kiritani is a hair dresser and earns income by styling hair of well-known people. He initially…
A: the adjusted income is the income that is recorded as an income at the end of the year. The adjusted…
Q: Choy, after recelving her degree in Hotel and Restaurant Management began her own business called…
A: Acccounting equation is the basic principle of accounting which states that Asset = Liability +…
Q: ster has a small store. For the current month, she purchased merchandise costing 75000 for which she…
A: Part a: The cost of sales includes the purchasing cost of the goods which are sold by the company.…
Q: Jean Smith, who retails wooden ornaments, has been so busy since she commenced business on 1 April…
A: Jean Smith Profit and Loss A/c for the Year ended 31-03-206…
Q: Protection Home provides house-sitting for people why they are away on vactation. Some of its…
A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…
Q: Kim works for a clothing manufacturer as a dress designer. During 2021, she travels to New York City…
A: a. The total deduction for K presuming for no reimbursement is calculated below: Airfare (full)…
Q: Veronica purchased furniture for $3,500.00 and received an invoice dated May 5, 2013 with terms 3/10…
A: Credit term: credit term is the conditions of credit payment set by a company an example of credit…
Q: Kathleya, a Scottish Descent from Scotland, United Kingdom, went to the Philippines for a short…
A: Answer: The lecture series lasted for four weeks. The following details pertain to the lecture…
Q: Mr. Dela Cruz opens a barbershop business for the month of September. he looks and analyze his…
A: The profits of an organization is calculated by deducting the expenses from the sales revenues.
Q: Chris opens a chiropractie office in Houston on January 1, 2018. In 2018, Chris drives a total of…
A: Taxation-Taxation means imposing a tax on individuals and different types of organizations. Which…
Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…
A: Cost of goods sold is usually the largest expense on the income statement of a company selling…
Q: Lori Ramos operates a small retail kiosk in a mall located in Vancouver, British Columbia. She has…
A: Quick Method :— Under the Quick method, you still charge the standard HST rate 5% on any taxable…
Q: Angela de Dios, a business graduate student who was working in Think Computer, a company selling all…
A:
Q: Bob owns a collection agency. He purchases uncollected accounts receivable from other businesses at…
A:
Q: On April 01, 2020 Aneesh started a business with Rs. 10,00,000; other transactions for the month…
A: Final Accounts Preparation cycle : (1st 3 steps) 1. Journalizing all the transactions (Cash or non…
Q: On October 3, Ken steele, a carpenter, received a cash payment for services previously billed to a…
A: Journal entry is a set of economic events which can be measured in monetary terms. These are…
Q: Matthew, the owner of a brewery in Toronto, receives a shipment of barley on August 13, 2014 with an…
A: Introduction: ROG: ROG Stands for Receipt of goods. Due date to be calculated from the date of…
Q: Drex Montanez, a previously employed individual finally decided to put up his own business somewhat…
A: Trial Balance: It is a statement which shows the balances of all accounts at the end of the year.…
Q: Kim ran a small business where she sold refurbished furniture. The following events occurred during…
A: Lets understand the basics. Journal entry is required to make to record event and transaction that…
Q: Hannah opens a retail wholesale store selling groceries and stationeries in her neighbourhood. She…
A: Assets=Liability+Owner's Equity
Q: Lindley Enterprises sells hand-woven rugs. Paige Corporation is a regular customer of Lindley. On…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Dr. Nick Marasigan, upon completing a residency program at Harvard Medical Center, established a…
A:
Q: Jim operates Scent Company, a perfume and soap store. During May 2018, the following transactions…
A: Merchandising refers to the marketing and sales of products. Merchandising is most often synonymous…
Step by step
Solved in 2 steps
- In the last quarter of 2016, Alexander, a Filipino supervisory employee, was given 15,000 worth of groceries for personal use. Compute fringe benefit tax and provide the journal entry.Molly receives 1.6% of eBay sales plus $1.65 for each item she lists through her eBay listing service. In June she listed 366 items that sold for a total of $17,905. What were her gross earnings?Hannah received an invoice in the mail from Carpet Country for $4235. The invoice was dated March 22 and had term 3/15, 2/20 , n/60. If she made payment of $1000 on each of April 2, April 9, and April 22, how much does Hannah still owe?
- Chris opens a chiropractie office in Houston on January 1, 2018. In 2018, Chris drives a total of 4,200 miles from his office to elients homes to do chiropraetie adjustments. In addition, he drives a total of 3,000 miles for commuting between his home and his office in 2018. He elects to use the standard mileage method. On January 1, 2018, Chris purchases an annual subscription to a chiropractic journal for $200 and a l-year medical reference service for $500. Calculate Chris's deduction for the above items for the 2018 tax year.During the current year, Paul, the vice president of a bank, made gifts in the following amounts: To Sarah (Paul's personal assistant) at Christmas $36 To Darryl (a key client)—$3 was for gift wrapping 53 To Darryl's wife (a homemaker) on her birthday 20 To Veronica (Paul's boss) at Christmas 30 In addition, on professional assistants' day, Paul takes Sarah to lunch at a cost of $82. Presuming that Paul has adequate substantiation and is not reimbursed, how much can he deduct? Do not round intermediate computations. If required, round your final answer to the nearest cent.Kim ran a small business where she sold refurbished furniture. The following events occurred during the month: a) On April 2, 2022. Kim sold 15 gift cards with a value of $20 each. No GST was charged on the sale. b) On May 1, 2022, Kim sold a refurbished chair with a sale price of $40, plus 5% GST for a total transaction price of $42. The customer paid with a $20 gift card and the remaining in cash. Required: Record the required journal entries for both a) and b) above.
- A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a.File his April 2022 VAT Return on the 15 May 2022 b.He is not required to file a VAT Return as the sales is below the VAT threshold. c.File his February 2022 VAT Return on the 15 March 2022 d.File his March 2022 VAT Return on the 15 April 2022A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a. File his April 2022 VAT Return on the 15 May 2022 b. He is not required to file a VAT Return as the sales is below the VAT threshold. c. File his February 2022 VAT Return on the 15 March 2022 d. File his March 2022 VAT Return on the 15 April 2022Prepare a journal entry on June 30, for the withdrawal of 11,500 by Dawn Pierce for Personal use.
- Mr. Sojo opened up a merchandising business on October 1 2019 with a cash investment of 50,000. The following activities were given:Neil Brown is a businessman who buys packages of goods and wholesalesthe package for cash. His business is registered as a Vat Vendor. DuringMarch 2022 he purchased for cash a package of goods for R28 000(exclusive of 15% Vat). Neil used a mark-up of 30% on the cost price andsold the package for R41 860 (Inclusive of 15% VAT). Neil uses the perpetualinventory system to keep records of his trading activities. Required:Record general journal entries for the purchase and sale of the package ofgoods. You do not have to record the dates but must include a brief narrationappropriate for both the purchase and sale of the goods above.Jack Allen, a graduate in childcare services, wants to open a daycare under the name Little Wolves. Here are the transactions relating to his company until September 18, 2018: Sept 01: Jack personally borrows $15,000 from his mother and deposits this sum at Banque Boréale in an account established in the name of Little Wolves. Sept 01: Purchase on credit of a set of children's toys from Toys Games Inc. for the sum of $3,000 (invoice no. 2715). Sept 06: Bank loan of $9,000 from Banque Boréale on behalf of Little Wolves. Sept 08: Issuance of check no. 1 for $1,000 & Toys games Inc., in partial payment of invoice no. 2715 of September 1, 2018. Sept 10: Cash purchase (check No. 2) of desks and chairs for a total of $4,500. The actual value of the furnishings is $7,500. Sept 12: Purchase of swings on credit: $1,000. Sept 14: Purchase by check (No. 3) of educational games: $2,000. Sept 16: Electronic transfer of $300 made to repay part of the bank loan (line of credit). Sept 18:…