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    Parcor Explanation

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    julionocheadje
    The document contains 6 journal entries to record various transactions for Del Mundo Capital: 1) A capital contribution of 6,000 pesos in exchange for merchandise inventory. 2) A capital contribution of 2,000 pesos to fund an increase in the allowance for doubtful accounts. 3) An accrual of 700 pesos in interest receivable on loans. 4) An accrual of 2,800 pesos in interest payable on a loan. 5) An increase of 8,000 pesos in accumulated depreciation for furniture and fixtures. 6) A purchase of 4,000 pesos in office supplies on account.

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    Parcor Explanation

    Uploaded by

    julionocheadje
    14 views5 pages
    The document contains 6 journal entries to record various transactions for Del Mundo Capital: 1) A capital contribution of 6,000 pesos in exchange for merchandise inventory. 2) A capital contribution of 2,000 pesos to fund an increase in the allowance for doubtful accounts. 3) An accrual of 700 pesos in interest receivable on loans. 4) An accrual of 2,800 pesos in interest payable on a loan. 5) An increase of 8,000 pesos in accumulated depreciation for furniture and fixtures. 6) A purchase of 4,000 pesos in office supplies on account.

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    The document contains 6 journal entries to record various transactions for Del Mundo Capital: 1) A capital contribution of 6,000 pesos in exchange for merchandise inventory. 2) A capital contribution of 2,000 pesos to fund an increase in the allowance for doubtful accounts. 3) An accrual of 700 pesos in interest receivable on loans. 4) An accrual of 2,800 pesos in interest payable on a loan. 5) An increase of 8,000 pesos in accumulated depreciation for furniture and fixtures. 6) A purchase of 4,000 pesos in office supplies on account.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    14 views5 pages

    Parcor Explanation

    Uploaded by

    julionocheadje
    The document contains 6 journal entries to record various transactions for Del Mundo Capital: 1) A capital contribution of 6,000 pesos in exchange for merchandise inventory. 2) A capital contribution of 2,000 pesos to fund an increase in the allowance for doubtful accounts. 3) An accrual of 700 pesos in interest receivable on loans. 4) An accrual of 2,800 pesos in interest payable on a loan. 5) An increase of 8,000 pesos in accumulated depreciation for furniture and fixtures. 6) A purchase of 4,000 pesos in office supplies on account.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    Adjustment - NO expense Account (walang Temporary Acccount) = I/S

    Permanent Account (SFP account)

    1.) Del Mundo, Capital 6,000


    Merchandise Inventory (Asset) 6,000

    AR 240,000 Recorded 230,000


    Uncollectible 5% Should Be 228,000
    12000 2,000

    New Dati
    AR 240,000 240,000
    ADA 5% 12,000 10,000 2,000
    NRV 228,000 230,000

    2.) Del Mundo, Capital 2,000


    Allowance for DA 2,000

    3.) 10,000 12% 3/12 300


    20,000 12% 2/12 400
    700

    Interest Receivable 700


    Del Mundo, Capital 700

    4.) 40,000 14% 6/12 2800

    Del Mundo, Capital 2,800


    Interest Payable 2,800

    5.) FF Dati New


    Cost 60,000 60,000
    A/D 6,000 14,000 8,000
    Net Value 54,000 46,000

    Del Mundo, Capital 8,000


    Accumulated Depreciation 8,000

    6.) Office Supplies 4,000


    Del Mundo, Capital 4,000
    Interest Receivable 700
    Office Supplies 4,000
    Del Mundo, Capital 14,100
    Merchandise Inventory (Asset)
    Allowance for DA
    Interest Payable
    Accumulated Depreciation

    Del Mundo Capita (6,000.00) (1)


    (2,000.00) (2)
    700.00 (3)
    (2,800.00) (4)
    (8,000.00) (5)
    4,000.00 (6)
    (14,100.00)
    6,000
    2,000
    2,800
    8,000

    314,000
    14,100
    299,900
    Allowance for DA 12,000
    Accumulated Depn 14,000
    Notes Payable 40,000
    Accounts Payable 100,000
    Interest Payable 2,800
    Del Mundo, Capital 299,900
    Cash 60,000
    Notes Receivable 30,000
    Accounts Receivable 240,000
    Merchandise Inventory 74,000
    Furniture and Fixtures 60,000
    Interest Receivable 700
    Office Supplies 4,000
    Cash 60,000
    Notes Receivable 30,000
    Accounts Receivable 240,000
    Merchandise Inventory 74,000
    Furniture and Fixtures 46,000
    Interest Receivable 700
    Office Supplies 4,000
    Allowance for DA 12,000
    Notes Payable 40,000
    Accounts Payable 100,000
    Interest Payable 2,800
    Del Mundo, Capital 299,900 149950

    Cash 149, 950 #VALUE!


    Dima, Capital 149, 950

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