Indicate for each transaction the account(s) and amount(s) that should be debited and credited. Factory superintendent's salary for 2015 was P240,000. During 2015, the superintendent spent the first six months supervising construction of the new building; the next three months supervising the installation of productive machinery in the new building, and the last three months supervising operations in the new building. Paid P36,000 interest on cash borrowed during construction. The Cash was used in payment for the new building. Cost of grading and paving parking space and walks behind new building, P95,000. Paid P9,000 insurance premium for "protection" during construction of the building.
Indicate for each transaction the account(s) and amount(s) that should be debited and credited. Factory superintendent's salary for 2015 was P240,000. During 2015, the superintendent spent the first six months supervising construction of the new building; the next three months supervising the installation of productive machinery in the new building, and the last three months supervising operations in the new building. Paid P36,000 interest on cash borrowed during construction. The Cash was used in payment for the new building. Cost of grading and paving parking space and walks behind new building, P95,000. Paid P9,000 insurance premium for "protection" during construction of the building.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Indicate for each transaction the account(s) and amount(s) that should be debited and credited.
- Factory superintendent's salary for 2015 was P240,000. During 2015, the superintendent spent the first six months supervising construction of the new building; the next three months supervising the installation of productive machinery in the new building, and the last three months supervising operations in the new building.
- Paid P36,000 interest on cash borrowed during construction. The Cash was used in payment for the new building.
- Cost of grading and paving parking space and walks behind new building, P95,000.
- Paid P9,000 insurance premium for "protection" during construction of the building.
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