Activity 1 Nneedo Store completed the following transactions for the month of March, 2021. At the beginning of March, the ledger of Speedo showed the following balances. Cash P 1,000,000, Samuel, Capital 1,000,000 (Assume the company is a VAT registered business and assume 12% VAT is inclusive in the amounts in the transactions) Date Transactions March 3 Purchased merchandise on account from Lagro Supply Co., P125,000, terms: 2/10, n/30. 3 Sold merchandise on account, P105,330, terms 2/10, n/30. 5 Received credit from Largo Supply Co., for merchandise returned, P4,500. 9 Received collections in full from customers billed on sales on March 3. 10 Paid Largo Supply Co., in full. 11 Purchased supplies for cash, P10,200. Purchased merchandise for cash, P65,000 12 15 Received refund for poor quality merchandise from supplier on cash purchases, P4,265. 17 Purchased merchandise from Lioness Distributors, P65,270, FOB shipping point term: 2/10, n/30. 19 Paid freight on March 17 purchases, P4,100. 24 Sold merchandise for cash, P145,620. 25 Purchased merchandise from Hailey, Inc. P38,400. FOB destination terms: 2/10, n/30. 27 Paid Lioness Distributors in full. 29 Made refunds to cash customers for defective merchandise, P2,788. Sold merchandise on account, P55,640. terms n/30. 31 Journalize the transactions in the books of Nneedo Store. Post the transactions. Prepare a trial balance dated March 31, 2021. Required: 1. 2. 3.
Activity 1 Nneedo Store completed the following transactions for the month of March, 2021. At the beginning of March, the ledger of Speedo showed the following balances. Cash P 1,000,000, Samuel, Capital 1,000,000 (Assume the company is a VAT registered business and assume 12% VAT is inclusive in the amounts in the transactions) Date Transactions March 3 Purchased merchandise on account from Lagro Supply Co., P125,000, terms: 2/10, n/30. 3 Sold merchandise on account, P105,330, terms 2/10, n/30. 5 Received credit from Largo Supply Co., for merchandise returned, P4,500. 9 Received collections in full from customers billed on sales on March 3. 10 Paid Largo Supply Co., in full. 11 Purchased supplies for cash, P10,200. Purchased merchandise for cash, P65,000 12 15 Received refund for poor quality merchandise from supplier on cash purchases, P4,265. 17 Purchased merchandise from Lioness Distributors, P65,270, FOB shipping point term: 2/10, n/30. 19 Paid freight on March 17 purchases, P4,100. 24 Sold merchandise for cash, P145,620. 25 Purchased merchandise from Hailey, Inc. P38,400. FOB destination terms: 2/10, n/30. 27 Paid Lioness Distributors in full. 29 Made refunds to cash customers for defective merchandise, P2,788. Sold merchandise on account, P55,640. terms n/30. 31 Journalize the transactions in the books of Nneedo Store. Post the transactions. Prepare a trial balance dated March 31, 2021. Required: 1. 2. 3.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 59BPSB: Problem 2-593 Journalizing Transactions Monilast Chemicals engaged in the following transactions...
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Transcribed Image Text:Activity 1
Nneedo Store completed the following transactions for the month of March, 2021. At the beginning of
March, the ledger of Speedo showed the following balances. Cash P 1,000,000, Samuel, Capital
1,000,000 (Assume the company is a VAT registered business and assume 12% VAT is inclusive in the
amounts in the transactions)
Date
Transactions
March 3 Purchased merchandise on account from Lagro Supply Co., P125,000,
terms: 2/10, n/30.
3
Sold merchandise on account, P105,330, terms 2/10, n/30.
5
Received credit from Largo Supply Co., for merchandise returned,
P4,500.
9
Received collections in full from customers billed on sales on March
3.
10
Paid Largo Supply Co., in full.
11
Purchased supplies for cash, P10,200.
12
Purchased merchandise for cash, P65,000
15
Received refund for poor quality merchandise from supplier on cash
purchases, P4,265.
Purchased merchandise from Lioness Distributors, P65,270, FOB
shipping point term: 2/10, n/30.
Paid freight on March 17 purchases, P4,100.
Sold merchandise for cash, P145,620.
Purchased merchandise from Hailey, Inc. P38,400. FOB destination
terms: 2/10, n/30.
Paid Lioness Distributors in full.
Made refunds to cash customers for defective merchandise, P2,788.
Sold merchandise on account, P55,640. terms n/30.
17
19
24
25
27
29
31
Journalize the transactions in the books of Nneedo Store.
Post the transactions.
Prepare a trial balance dated March 31, 2021.
Required:
1.
2.
3.
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