Jan 1 - Mr. Suelan invested the following: Bank Deposit with BDO - 850,000.00 Merchandise with net realizable value - 250,000.00 Transportation Equipment with a fair market value of 1,800, 000.00 Jan 2 - Purchased merchandise in cash from Tuyor trading costing 150, 000.00 and paid freight and handling, 2,500.00 Jan 3 - Returned 3,000.00 cost of merchandise of Rowena Tuyor Trading due to some defects and no replacements have been made. Jan 5 - Sold merchandise for cash 120, 000.00 to Mr. G and gave 3% trade discount and paid freight on shipment, 3,500.00 Jan 7 - Purchase merchandise on account from Mr. S amounting to 50,000.00 Term 3/10, n/30. Jan 8 - Sold merchandise on account to Mr. F 185, 000.00Term 2/10, n/30. Paid freight on shipment 1,200.00 Jan 9 - Purchased merchandise on account from Mr. E costing 230,000.00 term 2/10 com Jan 10 - Received 4,000.00 worth of merchandise from Mr. F for not conforming with the order and was not replaced. Jan 12 - Paid the account with Mr. S 48,500.00 after availing of the availing the 3% purchase discount Jan 13 - Sold merchandise on account to Mr. R 80,000.00term 2/10, 3/30 Jan 15 - Purchased merchandise on account from Mr. M 70,000.00 term 3/10, n/30 Jan 18 - Returned 1,500.00 cost of merchandise to Mr. M due to bad order and was not replaced Collected in full the account of Mr. F 181,300.00 Jan 20 - Sold merchandise for cash 50,000.00 to Mr. R and gace a 1% trade discount Jan 22 - Received 500 worth of merchandise from Mr. R as item breakage and was not replaced due out of stock Jan 23 - Collected from Mr. R the amount of 78,400.00, net of 2% discount on Jan 13 sales on account Jan 26 - Sold merchandise on account to Mr. K 420,000.00 term 3/10, EOM Jan 28 - Paid the ff: Salaries for the month 15,000 Light and Water (utilities) 8,000 Taxes and Licenses 6,500 Rent Expense 10,000 TOTAL: 37,300 Jan 30 - Withdrew 20, 000.00 for personal use of Mr. Suerlan Jan 31 - Sold Merchandise on account to Mr. J 35, 000.00 term 2/10, n/30 Required: Prepare Journal Entries Post them in the ledger through T-Accounts Prepare unadjusted trial balance
Jan 1 - Mr. Suelan invested the following:
- Bank Deposit with BDO - 850,000.00
- Merchandise with net realizable value - 250,000.00
- Transportation Equipment with a fair market value of 1,800, 000.00
Jan 2 - Purchased merchandise in cash from Tuyor trading costing 150, 000.00 and paid freight and handling, 2,500.00
Jan 3 - Returned 3,000.00 cost of merchandise of Rowena Tuyor Trading due to some defects and no replacements have been made.
Jan 5 - Sold merchandise for cash 120, 000.00 to Mr. G and gave 3% trade discount and paid freight on shipment, 3,500.00
Jan 7 - Purchase merchandise on account from Mr. S amounting to 50,000.00 Term 3/10, n/30.
Jan 8 - Sold merchandise on account to Mr. F 185, 000.00Term 2/10, n/30. Paid freight on shipment 1,200.00
Jan 9 - Purchased merchandise on account from Mr. E costing 230,000.00 term 2/10 com
Jan 10 - Received 4,000.00 worth of merchandise from Mr. F for not conforming with the order and was not replaced.
Jan 12 - Paid the account with Mr. S 48,500.00 after availing of the availing the 3% purchase discount
Jan 13 - Sold merchandise on account to Mr. R 80,000.00term 2/10, 3/30
Jan 15 - Purchased merchandise on account from Mr. M 70,000.00 term 3/10, n/30
Jan 18 - Returned 1,500.00 cost of merchandise to Mr. M due to bad order and was not replaced
Collected in full the account of Mr. F 181,300.00
Jan 20 - Sold merchandise for cash 50,000.00 to Mr. R and gace a 1% trade discount
Jan 22 - Received 500 worth of merchandise from Mr. R as item breakage and was not replaced due out of stock
Jan 23 - Collected from Mr. R the amount of 78,400.00, net of 2% discount on Jan 13 sales on account
Jan 26 - Sold merchandise on account to Mr. K 420,000.00 term 3/10, EOM
Jan 28 - Paid the ff:
Salaries for the month 15,000
Light and Water (utilities) 8,000
Taxes and Licenses 6,500
Rent Expense 10,000
TOTAL: 37,300
Jan 30 - Withdrew 20, 000.00 for personal use of Mr. Suerlan
Jan 31 - Sold Merchandise on account to Mr. J 35, 000.00 term 2/10, n/30
Required:
- Prepare
Journal Entries - Post them in the ledger through T-Accounts
- Prepare unadjusted
trial balance
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