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) C0//mp//ute the General l3dger

) C0//mp//ute the General l3dger

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(c) C0//mp//ute the General l3dger 

 

DMMC INSTITUTE OF HEALTH SCIENCES DMMC INSTITUTE OF HEALTH SCIENCES FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2 FINAL PROJECT FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2 FINAL PROJECT The Fashion Rack Date Transactions 1 Issued Check 602 for P4,200 to pay City Properties the monthly rent. 1 Signed a three-month radio advertising contract with Cable Station KOTU for P4,800; issued Check 603 to pay the full amount in advance. 2 Received P520 from Megan Greening, a credit customer, in payment of her account. Issued Official Receipt 302. 2 Issued Check 604 to A Fashion Statement, a creditor, in full payment of Invoice 9387 from previous month. 3 Sold merchandise on credit for P2,480 plus VAT of P297.60 to Dmitri Sayegh, Sales Invoice 241. 4 Issued Check 605 for P937.50 to BMX Supply Co. for supplies. (Amount is VAT Exclusive.) 4 Issued Check 606 for P8,594.60 for Today's Woman, a creditor, in payment of Invoice 5671 (P8,770) less a cash discount (P175.40) 5 Collected P1,700.00 on account from Emily Tran, a credit customer. Issued Official Receipt 303. 5 Issued Check 607 for P1,666 to Classy Threads, a creditor, in payment of Invoice 3292 (P1,700) less a cash discount (P34). 6 Had a cash sales pf P18,600 plus VAT of P2,232 during October 1-6. Issued Official Receipt 304-6. 8 Received a check from James Jelmer, a credit customer, for P832 to pay the balance he owes. Chart of Accounts Oct. Assets Revenues 101 Cash 401 Sales 111 Accounts Receivable 402 Sales Returns and Allowances 112 Allowance for Bad Debts 121 Merchandise Inventory Cost of Goods Sold 131 Supplies 133 Prepaid Insurance 134 Prepaid Advertising 501 Purchases 502 Freight-In 503 Purchase Returns and Allowances 141 Equipment 504 Purchase Discounts 142 Accumulated Depreciation-Equipment 145 Input VAT Expenses 611 Advertising Expense Issued Official Receipt 307. Liabilities 614 Depreciation Expense-Equipment 203 Accounts Payable 229 Salaries Payable 617 Insurance Expense 620 Bad Debt Expense 9 Sold merchandise on credit for P2,050 plus VAT of P246 to Emma Maldonado, Sales Invoice 242. 10 Issued Check 608 for P1,445 to pay The City Daily for a newspapaper advertisement that appeared in October. 623 Janitorial Services Expense 629 Rent Expense 230 Output VAT 11 Purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8; the terms are 2/10, n/30. Amount does not include the 12% VAT. 12 Issued Check 609 for P375 to pay freight charges to Ace Freight Company, the trucking company, for purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8; 13 Had cash sales of P12,300 plus P1,476 VAT during October 8-13. Issued Official Receipts 308-10. 15 Sold merchandise on credit for P1,940 plus VAT of P232.80 to James Helmer, Sales Invoice 243. 16 Purchased discountinued merchandise from Acme Jobbers; pait for it immediately with Check 614 for P6,420. Amount does not include VAT. Invoice 322 16 Received P510 on account from Dmitri Sayegh, a credit customer. Issued Official Receipt 311. 18 Issued Check 610 for P7,200 to Therese Lorjay as a withdrawal for personal use. 20 Had cash sales of P13,500 plus VAT P1,620 during October 15-20. Issued Official Receipts 312-16. 22 Issued Check 611 to City Utilities for P1,112 to pay monthly electric bil. 23 Issued Check 612 to BIR for P4,220 for its VAT Output from the month of September. 24 Sold merchandise on credit to Burmei Py for P820 plus VAT of P98.40, Sales Invoice 244. 25 Purchased merchandise on credit for P3,380 (Exclusive of VAT) from Classy Threads, Invoice 3418; terms 2/10, n/30. 26 Issued Check 613 to regional Telephone for P780 to pay monthly telephone bill. 27 Had cash sales of P14,240 plus VAT of P1,708.80 during October 22-27. Issued Official Receipts 317-20 Owner's Equity 301 Therese Lorjay, Capital 302 Therese Lorjay, Drawing 399 Income Summary 632 Salaries Expense 635 Supplies Expense 638 Telephone Expense 644 Utilities Expense 29 Sold merchandise on credit for P3,120 plus VAT of P374.40 to Emily Tran, Sales Invoice 245.
Transcribed Image Text:DMMC INSTITUTE OF HEALTH SCIENCES DMMC INSTITUTE OF HEALTH SCIENCES FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2 FINAL PROJECT FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2 FINAL PROJECT The Fashion Rack Date Transactions 1 Issued Check 602 for P4,200 to pay City Properties the monthly rent. 1 Signed a three-month radio advertising contract with Cable Station KOTU for P4,800; issued Check 603 to pay the full amount in advance. 2 Received P520 from Megan Greening, a credit customer, in payment of her account. Issued Official Receipt 302. 2 Issued Check 604 to A Fashion Statement, a creditor, in full payment of Invoice 9387 from previous month. 3 Sold merchandise on credit for P2,480 plus VAT of P297.60 to Dmitri Sayegh, Sales Invoice 241. 4 Issued Check 605 for P937.50 to BMX Supply Co. for supplies. (Amount is VAT Exclusive.) 4 Issued Check 606 for P8,594.60 for Today's Woman, a creditor, in payment of Invoice 5671 (P8,770) less a cash discount (P175.40) 5 Collected P1,700.00 on account from Emily Tran, a credit customer. Issued Official Receipt 303. 5 Issued Check 607 for P1,666 to Classy Threads, a creditor, in payment of Invoice 3292 (P1,700) less a cash discount (P34). 6 Had a cash sales pf P18,600 plus VAT of P2,232 during October 1-6. Issued Official Receipt 304-6. 8 Received a check from James Jelmer, a credit customer, for P832 to pay the balance he owes. Chart of Accounts Oct. Assets Revenues 101 Cash 401 Sales 111 Accounts Receivable 402 Sales Returns and Allowances 112 Allowance for Bad Debts 121 Merchandise Inventory Cost of Goods Sold 131 Supplies 133 Prepaid Insurance 134 Prepaid Advertising 501 Purchases 502 Freight-In 503 Purchase Returns and Allowances 141 Equipment 504 Purchase Discounts 142 Accumulated Depreciation-Equipment 145 Input VAT Expenses 611 Advertising Expense Issued Official Receipt 307. Liabilities 614 Depreciation Expense-Equipment 203 Accounts Payable 229 Salaries Payable 617 Insurance Expense 620 Bad Debt Expense 9 Sold merchandise on credit for P2,050 plus VAT of P246 to Emma Maldonado, Sales Invoice 242. 10 Issued Check 608 for P1,445 to pay The City Daily for a newspapaper advertisement that appeared in October. 623 Janitorial Services Expense 629 Rent Expense 230 Output VAT 11 Purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8; the terms are 2/10, n/30. Amount does not include the 12% VAT. 12 Issued Check 609 for P375 to pay freight charges to Ace Freight Company, the trucking company, for purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8; 13 Had cash sales of P12,300 plus P1,476 VAT during October 8-13. Issued Official Receipts 308-10. 15 Sold merchandise on credit for P1,940 plus VAT of P232.80 to James Helmer, Sales Invoice 243. 16 Purchased discountinued merchandise from Acme Jobbers; pait for it immediately with Check 614 for P6,420. Amount does not include VAT. Invoice 322 16 Received P510 on account from Dmitri Sayegh, a credit customer. Issued Official Receipt 311. 18 Issued Check 610 for P7,200 to Therese Lorjay as a withdrawal for personal use. 20 Had cash sales of P13,500 plus VAT P1,620 during October 15-20. Issued Official Receipts 312-16. 22 Issued Check 611 to City Utilities for P1,112 to pay monthly electric bil. 23 Issued Check 612 to BIR for P4,220 for its VAT Output from the month of September. 24 Sold merchandise on credit to Burmei Py for P820 plus VAT of P98.40, Sales Invoice 244. 25 Purchased merchandise on credit for P3,380 (Exclusive of VAT) from Classy Threads, Invoice 3418; terms 2/10, n/30. 26 Issued Check 613 to regional Telephone for P780 to pay monthly telephone bill. 27 Had cash sales of P14,240 plus VAT of P1,708.80 during October 22-27. Issued Official Receipts 317-20 Owner's Equity 301 Therese Lorjay, Capital 302 Therese Lorjay, Drawing 399 Income Summary 632 Salaries Expense 635 Supplies Expense 638 Telephone Expense 644 Utilities Expense 29 Sold merchandise on credit for P3,120 plus VAT of P374.40 to Emily Tran, Sales Invoice 245.
Account: Sales Acct. No.: 401 Post Date Explanation Debit Credit Balance Ref. Account: Sales Returns and Allowances Acct. No.: 402 Post Date Explanation Debit Credit Balance Ref. Account: Purchases Acct. No.: 501 Post Date Explanation Debit Credit Balance Ref. Account: Freight-In Acct. No.: 502 Post Date Explanation Debit Credit Balance Ref.
Transcribed Image Text:Account: Sales Acct. No.: 401 Post Date Explanation Debit Credit Balance Ref. Account: Sales Returns and Allowances Acct. No.: 402 Post Date Explanation Debit Credit Balance Ref. Account: Purchases Acct. No.: 501 Post Date Explanation Debit Credit Balance Ref. Account: Freight-In Acct. No.: 502 Post Date Explanation Debit Credit Balance Ref.
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