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(Solved) Help me to understand these. Please include solutions. Thank You


Help me to understand these. Please include solutions. Thank You


I.

 


 

Except from the records of the loans/discount Department are the following loan releases on

 

August 1, 2009: Service charge is 1/10 of 1% for each loan releases.

 


 

BORROWER

 

TYPE OF LOAN INTEREST RATE

 

Tessie Ong.

 

Time Loan

 

12%

 

X Corp.

 

Bills Discounted

 

18%

 

Peter DU

 

Bills Discounted

 

18%

 

The instructions of the borrowers are as follows:

 

a)

 

b)

 

c)

 

1.

 


 

TERM

 

360 days

 

120 days

 

90 days

 


 

AMMOUNT

 

P200 000.00

 

600 00.00

 

60 000.00

 


 

SECURITY

 

Land

 

Stocks

 

Car

 


 

Tessie Ong.

 

Managers check of P100 000.00 and the balance to credit her savings account

 

B) X Corp.

 

Credit their demand Deposit

 

C) Peter D.

 

Credit his savings deposit account

 

Prepare the accounting entry using the ?contra? department account.

 


 

L & D Department

 


 

125

 


 

Bookkeeping Section

 


 

a) For Tessie Ong

 

ACCOUNT

 


 

b)

 


 

DEBIT

 


 

CREDIT

 


 

ACCOUNT

 


 

AMOUNT

 


 

DEBIT

 


 

CREDIT

 


 

ACCOUNT

 


 

AMOUNT

 


 

DEBIT

 


 

CREDIT

 


 

ACCOUNT

 


 

AMOUNT

 


 

For ?X Corp

 

ACCOUNT

 


 

c) For Peter Du

 

ACCOUNT

 


 

II.

 


 

Using the same data in Problem 2, Prepare the following:

 

126

 


 

BATCH SHEET

 

DEBIT

 

Time Loan

 

Bills Discounted

 


 

CREDIT

 

Unearned Discount

 

Income Service Charge

 

Cashier?s Check

 

Bookkeeping

 


 

PROOF SHEET

 

UCP-Green hills

 

Loans / Discount Dept.

 

August 1 2009

 

DEBIT

 


 

ACCOUNT

 

Cash

 

Due form H.O/Br.

 

Time Loan

 

Bills Discounted

 

Unearned Discount

 

Income-Service Charge

 

Demand Deposit

 

Saving?s Deposit

 

Managers Check

 

Accrued Interest Receivable

 

Tellers Section

 

Bookkeeping Section

 

Proof Section

 

Total

 


 

CREDIT

 


 

 


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About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Oct 15, 2019

EXPERT

Tutor

ANSWER RATING

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