3. 30 Collected the accounts due from a customer, P5. _____________ 1 0 obj In real life, the company needs to perform service (or deliver goods) to the customers and process billing to collect money. 30 Paid drivers salary for the month, P18. Payment of rent for the month, 19 Drawing Eligible Accounts shall not include the following: Client Accounts means accounts of Clients (i) that are Controlled by an Access Person and (ii) in which no Access Person has a substantial proportionate economic interest; provided that, the Client pays a management, advisory or any other similar arms-length fee to the Access Person and the beneficiary of the Client Account is not an Immediate Family member of an Access Person. This is posted to the Unearned Revenue T-account on the debit side (left side). 6 How is cash received from customers when services are performed? Accounts payable, 20 Accounts Receivable Accounts Payable _____________ Accounts Payable Bought Office Supplies on account, _____________ _____________ Cash withdrawal of the owner, _____________ Cash Payment of employees salary, _____________ _____________ Additional cash investment, _____________ _____________ Rendered Services on account, _____________ _____________ Rendered Services for cash, Received cash for services rendered, P2,000, Issued a note for a Delivery Truck bought on account, P200,000, Withdrawal of cash from the business, P50,000, Distributed Cash to employees as commission for the month, P10,000, Collected the accounts due from a customer, P5,000, Accounts Receivable _____________ Rendered Services on account, Accounts Payable _____________ Cash payment of debt, Cash _____________ Cash collection of account from customers, Rent Expense _____________ Payment of rent for the month, Drawing _____________ Withdrawal of owner, Cash in bank _____________ Additional investment. A company collected $55,000 from customers on account. Billed customers for services performed When services are going to be paid on later date. Prepare the general journal entry to record this transaction. The $1,500 debit is added to the $3,600 debit to get a final balance of $5,100 (debit). A company earned $22,500 in sales commissions and sent invoices to customers. _____________ 23 Received cash as advance payment for merchandise to be sold next month. A company paid $2,200 for factory utilities. services rendered, the journal entry to record this transaction Supplies is a type of prepaid expense that, when used, becomes an expense. Hope it would help them. Equipment lost value in the amount of $75 during January. \ 23 Rent expense Vas Company received $4,850 from a customer for services previously performed. 4 What does it mean to provide services on account? As of the last day of each Plan Year (or, if earlier, an allocation date coinciding with a valuation date described in Section 9.11), the Advisory Committee will reallocate the segregated Account to the Participant's appropriate Account, in accordance with Section 3.04 or Section 4.06, whichever applies to the contributions. Merchandise A company paid $7,000 cash for supplies. Prepare the general journal entry to record this transaction. Prepare the general journal entry to record this transaction. 14 Medical fees income earned for the month, P70, Now that we have the T-account information, and have confirmed the accounting equation remains balanced, we can create the adjusted trial balance in our sixth step in the accounting cycle. 11 Sold Merchandise, P3,000. Cash on hand Medical fees income for two weeks, P110,000. Supplies On January 31, Printing Plus took an inventory of its supplies and discovered that $100 of supplies had been used during the month. endobj Mr. Sempatiko made additional investment of machinery to the business worth P300,000. Capital Amena Company billed a customer $2,968 as fees for services provided. Adjusting Entry Examples Rabine Company billed customers $15,000 for services performed. Prepare the general journal entry to record this transaction. Reviewing the company bank statement, Printing Plus discovers $140 of interest earned during the month of January that was previously uncollected and unrecorded. Prepare the general journal entry to record this transaction. Additional filters are available in search. Analytical cookies are used to understand how visitors interact with the website. A company performed $3,750 worth of services that had previously been paid for by a customer.

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