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March Mr. Dela Cruz made the following investments: P 300,000 P 150,000 2022 Cash in Bank 1 Furnitures and Fixtures 2 Paid business permits to the city government, P2,400. 4 Bought office equipment on account from J. Constantino and issued a promissory note, P 250,000. 5 Bought store supplies inventory on account J. Constantino amounting to P15,000 8 Bought merchandise for cash, P75,000 10 Sold merchandise for cash. P10,000. 11 Bought merchandise on account from R. Ybanez Trading, P25,000, Term: 2/10, N/30. 15 Sold Merchandise on account to Pedrono Company, P15,000, Term: 3/10, N/30. 17 Bought merchandise for cash, P60,000 and paid freight of P1,000. 19 Sold merchandise for cash, P20,000 and paid freight of P1,500. 20 Paid the account of March 11 net of 2% discount. 23 Paid rental for the month, P10,000. 24 Collected the account of March 15 with a net of 3% discount. 26 Bought merchandise on account from Pilot Company, P15,000. Paid freight of P800. 27 Bought merchandise on account from Jalalon Company, P20,000 and was given a 5% trade discount. Term: 2/10, N/30. 28 Sold merchandise for cash, P8,000 and gave a 2% trade discount. 29 Paid light and water bills (utilities expense), P4,000. 30 Sold merchandise on account to Paras Company, P30,000 and gave a 5% trade discount. 31 Paid salaries of P20,000 for the month of March 2022

March Mr. Dela Cruz made the following investments: P 300,000 P 150,000 2022 Cash in Bank 1 Furnitures and Fixtures 2 Paid business permits to the city government, P2,400. 4 Bought office equipment on account from J. Constantino and issued a promissory note, P 250,000. 5 Bought store supplies inventory on account J. Constantino amounting to P15,000 8 Bought merchandise for cash, P75,000 10 Sold merchandise for cash. P10,000. 11 Bought merchandise on account from R. Ybanez Trading, P25,000, Term: 2/10, N/30. 15 Sold Merchandise on account to Pedrono Company, P15,000, Term: 3/10, N/30. 17 Bought merchandise for cash, P60,000 and paid freight of P1,000. 19 Sold merchandise for cash, P20,000 and paid freight of P1,500. 20 Paid the account of March 11 net of 2% discount. 23 Paid rental for the month, P10,000. 24 Collected the account of March 15 with a net of 3% discount. 26 Bought merchandise on account from Pilot Company, P15,000. Paid freight of P800. 27 Bought merchandise on account from Jalalon Company, P20,000 and was given a 5% trade discount. Term: 2/10, N/30. 28 Sold merchandise for cash, P8,000 and gave a 2% trade discount. 29 Paid light and water bills (utilities expense), P4,000. 30 Sold merchandise on account to Paras Company, P30,000 and gave a 5% trade discount. 31 Paid salaries of P20,000 for the month of March 2022

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 4EB: From the following list, identify which items are considered original sources: A. accounts...
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Instructions: Using the Periodic Inventory Method give its Journal entry, ledgers and trial balance

 
Charts of ACcounts: 500 - Purchases 100 - Cash 101 - Accounts Receivable 102 - Supplies 103 - Office Equipment 501 Purchase Returns and Allowances 503 Purchase Discount 503 - Freight In 504 - Freight Out 600 - Salaries Expense 601 - Rent Expense 602 - Utilities Expense 105 - Furnitures and Fixtures 200 - Accounts Payable 201 - Notes Payable 305 - Dela Cruz, Capital 306 - Dela Cruz, Drawing 400 - Sales 603 - Taxes and Licenses 700 - Income and Expense Summary 401 - Sales Discount 402 - Sales Returns and Allowances
Transcribed Image Text:Charts of ACcounts: 500 - Purchases 100 - Cash 101 - Accounts Receivable 102 - Supplies 103 - Office Equipment 501 Purchase Returns and Allowances 503 Purchase Discount 503 - Freight In 504 - Freight Out 600 - Salaries Expense 601 - Rent Expense 602 - Utilities Expense 105 - Furnitures and Fixtures 200 - Accounts Payable 201 - Notes Payable 305 - Dela Cruz, Capital 306 - Dela Cruz, Drawing 400 - Sales 603 - Taxes and Licenses 700 - Income and Expense Summary 401 - Sales Discount 402 - Sales Returns and Allowances
March Mr. Dela Cruz made the following investments: P 300,000 P 150,000 2022 Cash in Bank 1 Furnitures and Fixtures 2 Paid business permits to the city government, P2,400. 4 Bought office equipment on account from J. Constantino and issued a promissory note, P 250,000. 5 Bought store supplies inventory on account J. Constantino amounting to P15,000 8 Bought merchandise for cash, P75,000 10 Sold merchandise for cash. P10,000. 11 Bought merchandise on account from R. Ybanez Trading, P25,000, Term: 2/10, N/30. 15 Sold Merchandise on account to Pedrono Company, P15,000, Term: 3/10, N/30. 17 Bought merchandise for cash, P60,000 and paid freight of P1,000. 19 Sold merchandise for cash, P20,000 and paid freight of P1,500. 20 Paid the account of March 11 net of 2% discount. 23 Paid rental for the month, P10,000. 24 Collected the account of March 15 with a net of 3% discount. 26 Bought merchandise on account from Pilot Company, P15,000. Paid freight of P800. 27 Bought merchandise on account from Jalalon Company, P20,000 and was given a 5% trade discount. Term: 2/10, N/30. 28 Sold merchandise for cash, P8,000 and gave a 2% trade discount. 29 Paid light and water bills (utilities expense), P4,000. 30 Sold merchandise on account to Paras Company, P30,000 and gave a 5% trade discount. 31 Paid salaries of P20,000 for the month of March 2022
Transcribed Image Text:March Mr. Dela Cruz made the following investments: P 300,000 P 150,000 2022 Cash in Bank 1 Furnitures and Fixtures 2 Paid business permits to the city government, P2,400. 4 Bought office equipment on account from J. Constantino and issued a promissory note, P 250,000. 5 Bought store supplies inventory on account J. Constantino amounting to P15,000 8 Bought merchandise for cash, P75,000 10 Sold merchandise for cash. P10,000. 11 Bought merchandise on account from R. Ybanez Trading, P25,000, Term: 2/10, N/30. 15 Sold Merchandise on account to Pedrono Company, P15,000, Term: 3/10, N/30. 17 Bought merchandise for cash, P60,000 and paid freight of P1,000. 19 Sold merchandise for cash, P20,000 and paid freight of P1,500. 20 Paid the account of March 11 net of 2% discount. 23 Paid rental for the month, P10,000. 24 Collected the account of March 15 with a net of 3% discount. 26 Bought merchandise on account from Pilot Company, P15,000. Paid freight of P800. 27 Bought merchandise on account from Jalalon Company, P20,000 and was given a 5% trade discount. Term: 2/10, N/30. 28 Sold merchandise for cash, P8,000 and gave a 2% trade discount. 29 Paid light and water bills (utilities expense), P4,000. 30 Sold merchandise on account to Paras Company, P30,000 and gave a 5% trade discount. 31 Paid salaries of P20,000 for the month of March 2022
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