Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2022, and the following transactions were completed during the month: 1 Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 2 Bought grocery supplies on account ₱10,700. 4 Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment. 6 Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20. 7 Paid ₱1,600 delivery charge for January 6 transactions. 8 Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000. 11 Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30. 12 Paid ₱1,200 freight for January 11 transactions. 14 Returned defective merchandise to Puregold amounting to ₱4,500. 15 Paid salaries, ₱5,600. 16 Signed a promissory note for ₱30,000 loaned amount from Commonwealth Bank. 17 Received returned merchandise from customer ₱3,500. 18 Paid ₱5,700 of the amount owed from the transaction of January 2. 19 Purchase additional groceries from Talavera Supermarket amounting to ₱44,000. 20 Collected full settlement of a customer from January 11 transactions. 24 Paid telephone expense, ₱1,600. 25 Paid building rentals for the month, ₱4,800. 26 Settled accounts to Puregold. 27 ₱41,750 cost of merchandise sold for ₱58,450. 28 Withdrew ₱20,000 from the business. 29 Paid miscellaneous expenses, ₱3,430. 30 Paid the first installment of the note payable on Service Vehicle, ₱8,500. 31 Paid Salaries ₱5,100, net of the following deductions: SSS, 380; Pag-IBIG, 100; Philhealth, 220 The Merchandise Inventory at the end of the of the month is ₱20,000. Use the following accounts in Journalizing the transactions: Cash (110); Accounts Receivable (120); Supplies (130); Prepaid Advertising (140); Merchandise Inventory (150); Service Vehicle (160); Accounts Payable (210); SSS Payable (220); Pag-IBIG Payable (230); Philhealth Payable (240); Notes Payable (250); Lopez, Capital (310); Lopez, Withdrawals (320), Sales (410); Sales Returns & Allowances (420); Sales Discount (430); Purchases (510); Freight-in (520); Purchase Returns & Allowances (530); Purchase Discount (540); Freight-out (610); Salaries Expense (620); Rent Expense (630) Telephone Expense (640); and Miscellaneous Expense (650). Income Summary (700)

Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2022, and the following transactions were completed during the month: 1 Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 2 Bought grocery supplies on account ₱10,700. 4 Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment. 6 Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20. 7 Paid ₱1,600 delivery charge for January 6 transactions. 8 Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000. 11 Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30. 12 Paid ₱1,200 freight for January 11 transactions. 14 Returned defective merchandise to Puregold amounting to ₱4,500. 15 Paid salaries, ₱5,600. 16 Signed a promissory note for ₱30,000 loaned amount from Commonwealth Bank. 17 Received returned merchandise from customer ₱3,500. 18 Paid ₱5,700 of the amount owed from the transaction of January 2. 19 Purchase additional groceries from Talavera Supermarket amounting to ₱44,000. 20 Collected full settlement of a customer from January 11 transactions. 24 Paid telephone expense, ₱1,600. 25 Paid building rentals for the month, ₱4,800. 26 Settled accounts to Puregold. 27 ₱41,750 cost of merchandise sold for ₱58,450. 28 Withdrew ₱20,000 from the business. 29 Paid miscellaneous expenses, ₱3,430. 30 Paid the first installment of the note payable on Service Vehicle, ₱8,500. 31 Paid Salaries ₱5,100, net of the following deductions: SSS, 380; Pag-IBIG, 100; Philhealth, 220 The Merchandise Inventory at the end of the of the month is ₱20,000. Use the following accounts in Journalizing the transactions: Cash (110); Accounts Receivable (120); Supplies (130); Prepaid Advertising (140); Merchandise Inventory (150); Service Vehicle (160); Accounts Payable (210); SSS Payable (220); Pag-IBIG Payable (230); Philhealth Payable (240); Notes Payable (250); Lopez, Capital (310); Lopez, Withdrawals (320), Sales (410); Sales Returns & Allowances (420); Sales Discount (430); Purchases (510); Freight-in (520); Purchase Returns & Allowances (530); Purchase Discount (540); Freight-out (610); Salaries Expense (620); Rent Expense (630) Telephone Expense (640); and Miscellaneous Expense (650). Income Summary (700)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 9SEB: JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the...

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PERIODIC INVENTORY SYSTEM Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2022, and the following transactions were completed during the month:
1	Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart.
2	Bought grocery supplies on account ₱10,700.
4	Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment.
6	Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20.
7	Paid ₱1,600 delivery charge for January 6 transactions.
8	Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000.
11	Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30.
12	Paid ₱1,200 freight for January 11 transactions.
14	Returned defective merchandise to Puregold amounting to ₱4,500.
15	Paid salaries, ₱5,600.
16	Signed a promissory note for ₱30,000 loaned amount from Commonwealth Bank.
17	Received returned merchandise from customer ₱3,500.
18	Paid ₱5,700 of the amount owed from the transaction of January 2.
19	Purchase additional groceries from Talavera Supermarket amounting to ₱44,000.
20	Collected full settlement of a customer from January 11 transactions.
24	Paid telephone expense, ₱1,600.
25	Paid building rentals for the month, ₱4,800.
26	Settled accounts to Puregold.
27	₱41,750 cost of merchandise sold for ₱58,450.
28	Withdrew ₱20,000 from the business.
29	Paid miscellaneous expenses, ₱3,430.
30	Paid the first installment of the note payable on Service Vehicle, ₱8,500.
31	Paid Salaries ₱5,100, net of the following deductions: SSS, 380; Pag-IBIG, 100; Philhealth, 220

The Merchandise Inventory at the end of the of the month is ₱20,000.

Use the following accounts in Journalizing the transactions: Cash (110); Accounts Receivable (120); Supplies (130); Prepaid Advertising (140); Merchandise Inventory (150); Service Vehicle (160); Accounts Payable (210); SSS Payable (220); Pag-IBIG Payable (230); Philhealth Payable (240); Notes Payable (250); Lopez, Capital (310); Lopez, Withdrawals (320), Sales (410); Sales Returns & Allowances (420); Sales Discount (430); Purchases (510); Freight-in (520); Purchase Returns & Allowances (530); Purchase Discount (540); Freight-out (610); Salaries Expense (620); Rent Expense (630) Telephone Expense (640); and Miscellaneous Expense (650). Income Summary (700)

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PERIODIC INVENTORY SYSTEM

Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2022, and the following transactions were completed during the month:

Use the following accounts in Journalizing the transactions: