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Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020.   Prepare: Journal entry Trial balance

Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020.   Prepare: Journal entry Trial balance

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 10PA: Buchanan Imports purchased McLaren Corporation for $5,000,000 cash when McLaren had net assets worth...
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Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020.

 

Prepare:

Journal entry

Trial balance

Sept. 1- She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7- Sold MDSE to Jay Cesar for P12,500. Terms: 2/1o, n/30, FOB Shipping point. Sept. 8 - Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30. Sept. 9 - Sold MDSE to Giles Anthony for P14,000. Terms: 2/10, n/30, FOB destination. Paid freight cost of P800. Sept. 12 - Purchased MDSE from Mini Mart. For P4,000. Terms: 2/10, n/30. Sept. 14- Sold goods ro April Anne amounted to P6,350. Terms: Cash on delivery. Sept. 15- Paid salaries of sales clerk amounting to P8,00. Sept. 16- Paid in full Covid Furniture for the Sept. 8 account. Sept. 17- Collected in full Jay Cesar less discount of 2%. Sept. 22- Paid in full account to Mini Mart. Sept. 24 - Collected account of Giles Anthony in full. Sept. 25- Paid the monthly rental net of 5% withholding tax P4,750. Sept. 30- Paid the salaries of sales clerk for the second half amounting to P7,500 net of the following deductions: SSS P200; PHIC P100 and HDMF P100.
Transcribed Image Text:Sept. 1- She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7- Sold MDSE to Jay Cesar for P12,500. Terms: 2/1o, n/30, FOB Shipping point. Sept. 8 - Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30. Sept. 9 - Sold MDSE to Giles Anthony for P14,000. Terms: 2/10, n/30, FOB destination. Paid freight cost of P800. Sept. 12 - Purchased MDSE from Mini Mart. For P4,000. Terms: 2/10, n/30. Sept. 14- Sold goods ro April Anne amounted to P6,350. Terms: Cash on delivery. Sept. 15- Paid salaries of sales clerk amounting to P8,00. Sept. 16- Paid in full Covid Furniture for the Sept. 8 account. Sept. 17- Collected in full Jay Cesar less discount of 2%. Sept. 22- Paid in full account to Mini Mart. Sept. 24 - Collected account of Giles Anthony in full. Sept. 25- Paid the monthly rental net of 5% withholding tax P4,750. Sept. 30- Paid the salaries of sales clerk for the second half amounting to P7,500 net of the following deductions: SSS P200; PHIC P100 and HDMF P100.
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ISBN:
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