Name : Wendee Yap

Position
Applied : Accounting Assistant

BUSINESS TRANSACTIONS
For the month ending June 2020

01/06/2020 Payment of Utilities amount to 28,000 inclusive of Vat

Advance payment of rental expense for 3 month ( June, July & august) 112,000
04/06/2020 inclusive of Vat
05/06/2020 Purchases from supplier located outside the country for $10,000 terms of 25 days
13/06/2020 Sales for the month of 2,240,000 inclusive of Vat

15/06/2020 Purchase of office supplies to company supplier amounting to 20,000 inclusive of vat
30/06/2020 Payment for the purchases last June 5 2020

Exchange Rate
June 5 2020 @ 50
June 30 2020 @ 48

Question
1 Prepare the Journal Entries
2 Compute the total Vat Payable
3 Compute the total Expanded Withholding Tax
4 Compute the gain from foreign exchange Transaction
5 Prepare the Trial Balance for the month of June
 Date Particulars Debit Credit
01/06/2020 Utilities Expense 28,000
Accounts payable 28,000
04/06/2020 Prepaid Expense 112,000
Cash 112,000
05/06/2020 Purchases 10,000
Accounts Payable 10,000
13/06/2020 Accounts Receivable 2,240,000
Sales 2,240,000
15/06/2020 Office Supplies 20,000
Accounts Payable 20,000
30/06/2020 Accounts Payable 10,000
Cash 10,000

Vat on Utilities Err:509