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    AR Property Appraisals

    Uploaded by

    Aj
    AR Property Appraisals Journal Entries

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    AR Property Appraisals

    Uploaded by

    Aj
    5 views2 pages
    AR Property Appraisals Journal Entries

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

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    AR Property Appraisals Journal Entries

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    5 views2 pages

    AR Property Appraisals

    Uploaded by

    Aj
    AR Property Appraisals Journal Entries

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Aiza Regorgo started her own business AR Property Appraisals.

    On september 1 2019, a non-vat registered located at polangui, albay, she inspects property for
    buyers and sellers for real estates. Isa rents office space and has an assistant employee to
    answer the phone and help with inspection.

    The transactions for the month of september are as follows:

    Sept 1. Aiza Regorgo invested cash by making a deposit in a bank account in the name of the
    business. 150,000.

    2. Paid rent for the month 3,000, withholding tax (expanded) on rent 150.

    4. Bought a second hand service vehicle for 80,000 cash.

    5. Bought service tools on account with a total invoice price of 33, 600.

    6. Paid electricity bill 500.

    9. Paid 1 year insurance premium on a service vehicle 6,000.

    10. Received cash from clients for the service performed 25,000.

    12. Paid salaries to assistants for first half of the month gross salary 5000 withholding tax 150
    net salaries 4,850.

    14. Performed appraisal services for clients on account 15,000.

    15. Paid water bill 350.

    18. Bought office supplies for cash. Total invoice price 1,120.

    19. Received cash from clients for inspections performed on account last september 14. 5,000.

    25. Paid salaries to assistants for the last half of the month 5,000, SSS, PhilHealth, and PagIbig
    Premiums 525. Net salaries 4,475.

    26. Made partial payment on service tools bought on September 5. 10,000.

    28. Additional revenues earned amounted to 20,000., 14,00 for cash and 6,000 on account.

    30 Aiza withdrew cash for personal expenses 5,000.


    30. Employers' share on SSS, PhilHealth and PagIbig for the month is 1,225 to be paid next
    month.

    Adjusting Entries as of Sept 31.

    A. As per physical count, 420 are still on-hand.

    B. The service vehicle that was acquired had a useful life of five years of a salvage value of
    6,000.

    C. Lucky Educational Supply paid 100,000 as advanced payment for Appraisal services on
    October 9.

    D. Received advertising bill from Balance Printing Press, ₱25,000.

    E. One month of the prepaid insurance was consumed.

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