1. Suppose a hotel purchases P50,000 computer to be used in the operations on credit from a supplier. The journal entry should be: A. Account to be debited: Computer; Account to be credited: Accounts Payable B. Account to be debited: Accounts Receivable; Account to be credited: Computer C. Account to be debited: Purchases; Account to be credited: Accounts Payable D. Account to be debited: Purchases; Account to be credited: Accounts Receivable
1. Suppose a hotel purchases P50,000 computer to be used in the operations on credit from a supplier. The journal entry should be: A. Account to be debited: Computer; Account to be credited: Accounts Payable B. Account to be debited: Accounts Receivable; Account to be credited: Computer C. Account to be debited: Purchases; Account to be credited: Accounts Payable D. Account to be debited: Purchases; Account to be credited: Accounts Receivable
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 3MC: If a customer pays with a credit card and the service has been provided, which of the following...
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1. Suppose a hotel purchases P50,000 computer to be used in the operations on credit from a supplier. The journal entry should be:
A. Account to be debited: Computer; Account to be credited: Accounts Payable
B. Account to be debited: Accounts Receivable; Account to be credited: Computer
C. Account to be debited: Purchases; Account to be credited: Accounts Payable
D. Account to be debited: Purchases; Account to be credited: Accounts Receivable
2. Suppose Mr. Chan lends P500,000 cash to the entity. At the same time, the entity uses part of the money to repay the amount owed to a creditor and holds the remaining amount of P400,000 in the bank account.
the journal entry should be:
A. Account(s) to be debited: Cash, P500,000, Bank, P400,000; Account(s) to be credited: Accounts payable, P900,000
B. Account(s) to be debited: Cash, P100,000, Bank, P400,000; Account(s) to be credited: Loan from Mr. Chan, P500,000
C. Account(s) to be debited: Cash, P400,000, Accounts payable, P100,000; Account(s) to be credited: Bank, P500,000
D. Account(s) to be debited: Accounts payable, P100,000, Cash, P400,000; Account(s) to be credited: Loan from Mr. Chan, P500,000
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