Assignment - BSA1A
Journalize the following transactions that took place during November for EBD's Firm.
1 - Bought an equipment with a fair market value of P300,000 from Mix Co. EBD will assume the mortgage of P50,000.
3 - The owner invested P500,000 cash. 50% was immediately deposited with the bank.
4 - Bought 4 computers for P100,000 issuing a 20-day, 12% promissory note to Cyber Inc. Paid P1000 for the freight.
5 - Paid advertising cost of P20,000 and issued a check.
6 - Furnitures and fixtures were bought from Wooden Co. EBd issued a check for a 50% downpayment amounting to P22,500.
7 - Receipt of income P60,000.
8 - Wooden Co. acknowledge the return of 2 pieces furniture and give an allowance of P3,000.
9 - Issued a check to pay the utilities P5,000
10-Discounted a 30-day 10% note with Western Bank, P100,000.
15-Paid salaries of staff by issuing a check, P15,000
18-Render services to a client and receive a 15-day 6 note, P120,000
24-Settled the note with Cyber Inc.
28-Issued a check of P10,000 for the monthly rental of the office space.
30-Bought an equipment P50,000, 6%, 5/30, n/60.
Good luck with the assignment! =)
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