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In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020.   Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, 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.

In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020.   Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, 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.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5EA: Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....
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In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020.

 

Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, 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.

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