Accounting Answers

Record the following transaction on periodic perpetual system.

1. At january 1, 2013 ABC has beginning inventory of 1000 at $10.

Pete’s Parasailing takes tourists on parasailing rides over South Beach in Miami, Florida. Parasailing tickets sell for $100 per customer. The company adjusts its accounts at the end of each year. Below are selected transactions from the year 20x5. 

1. What was the first credit institution established in the Philippines during the Spanish era?

2. What was the first state bank in the Philippines?

3. What was the first agricultural bank in the country?

4. What bank was given the sole authority to issue Philippine money and supervise the country's banking system?

5. What is the first mutual savings bank in the Philippinss?

A. Prepare a withdrawal slip from bank account no. 15950478490 for the amount 35,600 to be used for payment of salaries for October 15, 2021.

A. Fill out the bank forms with the following transactions:

1. Issue a check payable to Yna Lim on December 15, 2021 in the amount of 43,267.95 to be signed by Rose Vasquez and Greg Roxas, company's treasurer and president respectively.

2. Deposited cash collection from customers on October 12, 2021. Account No. 15950478586.

A. Copy or create format of different bank forms(deposit slip, withdrawal slip, and a check)

Fill-in the appropriateTransactionSlip for the followingTransactions:

A. OnSeptember 30, 2021, theAccountant of JA ComputerCenter wasRequired toDeposit theFollowing toSafeGuardBankingCorp for their savings account no. 00542992473888. Prepare deposit slips for the following:

1. Cash of 500Denomination amounting to 100,000 from sale of gadgets and accessories.

2. Cash of 100 denominationAmounting to 5,000 from cash on hand.

3. A localCheck from ProducersBank No. 5432 amounting to 30,000 as collection from a customer on previous sale.

4. A localCheck from PNB No. 98765 to 50,000 from sale of computer items.

B. The accountant of JA Computer Center went to Safe Guard Banking Corp on October 12, 2021 to withdraw cash for its business operations amounting to 50,000 from its savings account no. 00542992473888. This amount is intended for the following:

1. Payment of bankLoan amounting to 25,000

2. PaymentOfSupplies amounting to 5,000

3. PurchaseOfMerchandise amounting to 20,000.

Determine which of the following independent projects should be selected for investment if $315,000 is

available and the MARR is 10% per year. Use the PW method to evaluate mutually exclusive bundles

to make the selection.

Find out cost of Goods sold and Sale price per unit in Rs. from the following information. Show your computations mathematically.

Opening stock ?

Average inventory 1, 80,000

Direct Expenses 150% of closing stock

Purchases 3, 20,000

Returns outwards 40,000

Units sold 1010

Closing stock is three times the opening stock.

Gross profit margins are 16.67% on sales value.

When is perpetual inventory system method appropriate in inventory management