FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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March
1 Invested cash P 950,000 into the business to buy and sell various merchandise. She also invested computer equipment worth P 85,000 into the business.
3 Purchased on account merchandise, P 430,000 terms 5/10, n/30 FOB Shipping point.
4 Purchased Supplies P 5,000 on account.
5 Sold for cash P 350,000
6 Returned P 75,000 worth of defective merchandise.
10 Sold on account, P 350,000 to customers with credit terms: 2/10, n/40 FOB Destination
10 Paid the freight charges on transaction made on MAr. 3, P 4,500
11 Paid in full the purchases made on Mar. 3
12 Made additional purchases for cash P 350,000
14 Borrowed from the bank P 1,250,000 and issued a 5-year promissory note.
15 Purchased computer equipment for cash P95,000
15 Paid salaries to employees - P 10,500
16 Refund P 50,000 to customers.
17 Sold merchandise for P 450,000. FOB Destination
20 Paid the freight charges on Mar 10 and 17- P 7,500
25 Purchased merchandise on account, P 220,000 terms 2/20, n/30 FOB Shipping Point
26 SoldMerchandise, P 450,000 terms 2/10, n/30
27 Owner got P 8,500 from the business.
28 Paid the following: Rent - P 8,0000: Utilities - P 7,0000, Advertising - P 5,000 and Salaries P 10,500
30 Merchandise inventory at the end amounts to P 150,000.
Prepair Sales Journal
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- March 1 Invested cash P 950,000 into the business to buy and sell various merchandise. She also invested computer equipment worth P 85,000 into the business. 3 Purchased on account merchandise, P 430,000 terms 5/10, n/30 FOB Shipping point. 4 Purchased Supplies P 5,000 on account. 5 Sold for cash P 350,000 6 Returned P 75,000 worth of defective merchandise. 10 Sold on account, P 350,000 to customers with credit terms: 2/10, n/40 FOB Destination 10 Paid the freight charges on transaction made on MAr. 3, P 4,500 11 Paid in full the purchases made on Mar. 3 12 Made additional purchases for cash P 350,000 14 Borrowed from the bank P 1,250,000 and issued a 5-year promissory note. 15 Purchased computer equipment for cash P95,000 15 Paid salaries to employees - P 10,500 16 Refund P 50,000 to customers. 17 Sold merchandise for P 450,000. FOB Destination 20 Paid the freight charges on Mar 10 and 17- P 7,500 25 Purchased merchandise on account, P 220,000 terms 2/20, n/30 FOB Shipping…arrow_forwardA company reported the following transactions. Journalize transactions that should be recorded in a cash receipts journal. July 1 Smith, the owner, contributed $13,300 cash to the company. July 6 Sold merchandise costing $1,800 to Garcia for $2,030 on credit, terms n/20. July 8 Purchased merchandise for $10,600 on credit from Jones, terms n/30. July 23 Sold merchandise costing $1,030 to Taylor for $1,080 cash. July 25 Received $2,030 cash from Garcia in payment of the July 6 purchase. July 27 Purchased $565 of supplies on credit from a company, terms 1/10, n/30. July 30 Borrowed $9,800 cash in exchange for a note payable to a bank. Date July 01 July 06 July 08 July 23 July 25 July 27 July 30 Account Credited Smith, Capital Garcia Jones Cash Debit 13,300 CASH RECEIPTS JOURNAL Accounts Sales Discount Debit Receivable Credit 2,030 Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit 1,800arrow_forward16. Joseph Howard owns a bicycle parts business called Quality Bike Products. The following transactions took place during July the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $3,300. 8 Paid freight charge on merchandise purchased, $330. 12 Sold merchandise on account to Big Time Spoiler, $4,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $470. Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. 2. Journalize the above transactions in a general journal using the perpetual inventory method. GENERAL JOURNAL (Periodic Inventory Method) Page 1 Post Date Description Ref. Debit Creditarrow_forward
- Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. Purchased inventory with a cost of $28,300 on account. Sales on account to customers totalled $54,700. Payments made to employees for wages totalled $19,600. Cash collections from customers settling their accounts totalled $49,500. Invoice received from the utility company for $6,100 is due in 30 days. Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them. Received a deposit of $1,800 from a customer for goods to be delivered next month.arrow_forwardTarget sold $150,000 of merchandise at one of its stores on Saturday. It collected $100,000 cash for these sales. Their customers charged the rest. It cost Target $80,000 to acquire the merchandise they sold. How much revenue did Target have on Saturday under accrual-based accounting? Group of answer choices $100,000 $20,000 $70,000 $150,000arrow_forwardPost to the general ledgerarrow_forward
- Jarrow_forwardJoey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During Year 1, its first year of operations, Joey's Bike Shop experienced the following. Sales on account Cash sales Collections of accounts receivable Uncollectible accounts charged off during the year $288,300 696,700 273,885 1,413 Required a. Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected. Answer the following questions: (1) What is the Accounts Receivable balance at December 31, Year 1? (2) What is the ending balance of the Allowance for Doubtful Accounts at December 31, Year 1, after all entries and adjusting entries are posted? (3) What is the amount of uncollectible accounts expense for Year 1? (4) What is the net realizable value of accounts receivable at December 31, Year 1?arrow_forwardConsider the following transactions of Johnson Software: Mar. 31 Apr. 6 Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. Sent March sales tax to the state. Mar. 31: Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a single compound entry for this transaction.) Accounts and Explanation Date Mar. 31 Debit Creditarrow_forward
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