can I know the chaart of accounts for this? On July 1, Moonlight Lighting was opened by M. Lopez with a total investment of P 250,000 of which P 50,000 was in the form of candles and lamps and P 200,000 in cash.Succeeding transactions are as follows:Prepare the general journal, general ledger, and trial balanceDateTransactionsJuly 2Purchased scented candles from Pax Candles, P 7,500. terms : P 2,500 down, balance 2/10, n303Purchased shell decors from Divi Crafts distributor, P 10,000. Term: 3% eom, n/30, FOB shipping point, freight collect.4Freight on shell decors paid in cash P 7505Cash sales amounted to P 15,000.7Sold to Manuela's Grocery goods costing P 9,000. terms: 4,000 down, balance 2/5, 1/10, n 308Purchased office supplies from Rex bookstore P 1,500. Terms: COD10Returned part of the candles purchased from Pax which were found unsatisfactory, P500.12A customer returned merchandise and was given a cash refund of P 220.13The account of Manuela's was collected.15Paid salaries in cash to office clerk, P 2,500, and store helper, P 3,500.17Delivered goods to Kulasa Scents, P 14,000. Terms, COD18Paid Divi Crafts P 5,00019Maria Pena, a friend, bought goods with a list price of P 5,500. terms: 1% and 2% trade discounts, balance 2/10, n/30. FOB shipping point. Freight prepaid for Pena P 500.20Paid Pax candles in full of account.25Collected 20% from Maria Pena31Paid 3% percentage tax on sales.

Name: can I know the chaart of accounts for this? On July 1, Moonlight Light
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: can I know the chaart of accounts for this? On July 1, Moonlight Lighting was opened by M. Lopez with a total investment of P 250,000 of which P 50,000 was in the form of candles and lamps and P 200,000 in cash.Succeeding transactions are as follows

Journal entry: It is also called as book of original entry. All financial transactions occurred in a…

Answered: haart of accounts for this? On July…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

can I know the chaart of accounts for this?

On July 1, Moonlight Lighting was opened by M. Lopez with a total investment of P 250,000 of which P 50,000 was in the form of candles and lamps and P 200,000 in cash.

Succeeding transactions are as follows:

Prepare the general journal, general ledger, and trial balance

Date	Transactions
July 2	Purchased scented candles from Pax Candles, P 7,500. terms : P 2,500 down, balance 2/10, n30
3	Purchased shell decors from Divi Crafts distributor, P 10,000. Term: 3% eom, n/30, FOB shipping point, freight collect.
4	Freight on shell decors paid in cash P 750
5	Cash sales amounted to P 15,000.
7	Sold to Manuela's Grocery goods costing P 9,000. terms: 4,000 down, balance 2/5, 1/10, n 30
8	Purchased office supplies from Rex bookstore P 1,500. Terms: COD
10	Returned part of the candles purchased from Pax which were found unsatisfactory, P500.
12	A customer returned merchandise and was given a cash refund of P 220.
13	The account of Manuela's was collected.
15	Paid salaries in cash to office clerk, P 2,500, and store helper, P 3,500.
17	Delivered goods to Kulasa Scents, P 14,000. Terms, COD
18	Paid Divi Crafts P 5,000
19	Maria Pena, a friend, bought goods with a list price of P 5,500. terms: 1% and 2% trade discounts, balance 2/10, n/30. FOB shipping point. Freight prepaid for Pena P 500.
20	Paid Pax candles in full of account.
25	Collected 20% from Maria Pena
31	Paid 3% percentage tax on sales.

Expert Solution

Step by step

Solved in 6 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.