Journalize the following transactions. Thank you! Journalize the following transactions for January 2016 of Ken Merchandising :January 01On January 01, 2016, Ken invested 500,000 cash into Ken Merchandising. On the samedate, he paid 66,000 for six months' rent on the store space, P13,000 for businesslicenses and permits, and P60,000 for various store furniture.He also bought P90,000 worth of office supplies on account with the intention to sellthem at a higher price. The company paid 500 for the shipping fee. FOB Terms: FOBShipping point, Freight Collect.However, the next day, the business received a P2,500 credit memo for allowancegranted on the purchased merchandise. The supplies were bought from Fact SuppliesStore on terms n/60.January 01January 02January 04The business bought from Star Supplies Shop P10,000 worth of supplies to be used inthe store on terms 50% down payment, balance n/30.Michaela, a part time employee, was able to sell some of the store's merchandise to Mr.Daniel for P15,000 on terms 50% downpayment, balance 2/10, n/30. FOB Terms: FOBDestination, Freight Collect. Mr. Daniel paid 900 shipping fee.The business sold to Mrs. Cooper merchandise for P10,000 on terms 2/10, n/30.Mr. Jonas paid the business P40,000 for merchandise bought on the same day. Mr.Jonas already paid all the merchandise in full, however, he requested that somemerchandise be delivered to his new business address sometime next month.January 10January 15January 25At the end of the month, the business paid utilities totaling P5000 and miscellaneousexpenses amounting to P4,000.Merchandise inventory as of January 31, 2016, is P15,500, based on physical count.| This excludes the amount of inventory to be delivered, based on January 25 transaction.January 31Instruction:• Use Perpetual Inventory System• To determine the cost of goods sold in each sales transaction, the gross profit is 40% based oncost. (Sales Amount times 1.4)Journalize also the other necessary adjustment for January 2016.Question:• Is there any missing merchandise inventory? Justify your answer by giving poof (ex.computation) CHART OF ACCOUNTS100Assets400Revenues101Cash401SalesAccounts ReceivableAllowance for Doubtful AccountsMerchandise InventoryPrepaid RentStore Supplies107102402Sales Retum and Allowances103Expenses501 Cost of Goods Sold104500105106502Utilities ExpenseStore FumitureAccumulated Depreciation - Store FumitureSalaries ExpenseRent ExpenseTaxes and Licenses ExpenseStore Supplies ExpenseDepreciation Expense - Store FumitureDoubtful Accounts ExpenseMiscellane ous ExpenseFreight outInventory shortageIncome Summary503108504505200Liabilities506Accounts PayableSalaries PayableUnearned sales201507202508203509510EquityMaria Lopez, Capital300511301512

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Description: Journalize the following transactions. Thank you! Journalize the following transactions for January 2016 of Ken Merchandising :January 01On January 01, 2016, Ken invested 500,000 cash into Ken Merchandising. On the samedate, he paid 66,000 for six mo

Answered: Journalize the following transactions.…

Business

Accounting

Journalize the following transactions. Thank you!

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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Required information Skip to question [The following information applies to the questions displayed below.] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $32,397). $ 57,600 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $320). 350 c. Sold merchandise (costing $7,600) to a customer on account with terms n/60. 16,000 d. Collected half of the balance owed by the customer in (c). 8,000 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 180 f. Anticipate further returns of merchandise (costing $240) after year-end from sales made during the year. 360 Required: Compute Net Sales and Gross Profit for Hughes Hair Design.