Ken and Charles owns and D'Naa Fresh Option. Thye opened the business on January 1, 2019 selling beef, pork, chicken, canned goods and daily products. 2019 June 1 is 15%. 5 7 7 7 8 9 4 10 12 14 15 3 18 Purchased beef from Tessi'es, P58,000; Terms: 5% in 10 days, 20% down, balance in 30 days. Purchased chicken and eggs from Gerard Maduga Chicken House, P 13,000; Terms 5% in 15 days, payable in 30 days. Sold goods to Jhenamay Variety Store, P20,000 on account with 5% in 10 days, net in 30 days; Interest Paid for gas and oil P 336 paid Gerard Maduga with check# 33332222 Paid Tessies using check # 33332223 b Sold goods to Ang-ge Variety Store P6, 160 Sold goods to Faith Store P 600 Received payment from Jhenamay Store. Paid for defective goods returned by Ang-ge P160. Paid for repairs and maintenance ofjeep, P500 Issued a credit memo to Gerard Maduga Chicken House for spoiled goods returned worth P 336. Paid Tessie's in full with a check Bought pork from Daya-nas PiggeryP3,080. Terms: 50% down, 5% in 10 days, balance in 30 days. Freight of P150 FOB Destination.

Ken and Charles owns and D'Naa Fresh Option. Thye opened the business on January 1, 2019 selling beef, pork, chicken, canned goods and daily products. 2019 June 1 is 15%. 5 7 7 7 8 9 4 10 12 14 15 3 18 Purchased beef from Tessi'es, P58,000; Terms: 5% in 10 days, 20% down, balance in 30 days. Purchased chicken and eggs from Gerard Maduga Chicken House, P 13,000; Terms 5% in 15 days, payable in 30 days. Sold goods to Jhenamay Variety Store, P20,000 on account with 5% in 10 days, net in 30 days; Interest Paid for gas and oil P 336 paid Gerard Maduga with check# 33332222 Paid Tessies using check # 33332223 b Sold goods to Ang-ge Variety Store P6, 160 Sold goods to Faith Store P 600 Received payment from Jhenamay Store. Paid for defective goods returned by Ang-ge P160. Paid for repairs and maintenance ofjeep, P500 Issued a credit memo to Gerard Maduga Chicken House for spoiled goods returned worth P 336. Paid Tessie's in full with a check Bought pork from Daya-nas PiggeryP3,080. Terms: 50% down, 5% in 10 days, balance in 30 days. Freight of P150 FOB Destination.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 21E: Cash Rebates On January 1, 2020, Fro-Yo Inc. began offering customers a cash rebate of 5.00 if the...

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