Create a General Journal.Transaction for the Mariano Lerin Bookstore for March 2015 follows: Direction: Using your columnar paper, prepare a general journal using the informationbelow.Transaction for the Mariano Lerin Bookstore for March 2015 follows:Purchase merchandise on credit from Digao publishers, terms 2/10, n/30FOB destination, P74,000.March 23567910111213141516Sold merchandise on credit to Detoya Book Shops, terms 1/10, n/30, FOBshipping point, P10,000.Sold merchandise for cash, P7,000.Purchase merchandise on credit from Made Easy Bookstore, terms 2/10n/30, FOB shipping point, P42,000.Paid freight bill from Super Express from shipping received on March 6P570.Sold Merchandise on credit to Recoletos Books, terms 1/10, n/30, FOBdestination, P38,000.Purchase merchandise from Digao Publishers, terms 2/10, n/30, FOBshipping point, P26,500, including freight costs of P500.paid freight bill from Super express for sale on March 9, P291.Paid Digao Publishers for purchase of March 2.Received payment in full for detoya Books Shop's purchase of March 3.Paid Made Easy Bookstore half the amount owned on march 6 purchase.Returned faulty merchandise worth $3,000 to Digao Publishers for creditagainst purchase of March 10.Purchase office supplies from Olamit Supplies for $4,780, terms n/10. 17 Received payment from Recoletos Books for half of the purchase ofMarch 9.1819202225272931Paid Digao Publishers in full for amount on purchase of March 10, lessreturn on March 15.Sold merchandise to Sir Ed Trading on credit, terms 2/10, n/30, FOBshipping point, P7,800.Returned for credit several items of office supplies purchase on March 16P1,280.Issued a credit memo to Sir Ed Trading for returned merchandise. P1,800.Paid for purchase of March 16, less return on March 20.Received payment of amount owned by Sir Ed Trading for purchase ofMarch 19, less credits of March 22.Paid Made Easy Bookstore for the balance on the March 6, purchase.Sold merchandise for cash, P9,730.

Journal entries are those entries that include the daily transactions or events and are stated in…

Answered: on for the Mariano Lerin Bookstore for…

on for the Mariano Lerin Bookstore for March 2015 fo chase merchandise on credit from Digao publishers, B destination, P74,000.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 1CP

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Poff’s Co., a women's clothing store, purchased $14,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Poff’s returned $2,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. Question Content Area a. Journalize Poff’s Co.'s entry to record the purchase. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area b. Journalize Poff’s Co.'s entry to record the merchandise return. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area c. Journalize Poff’s Co.'s entry to record the payment. If an amount box does not require an entry, leave it blank.
Purchase-Related Transactions Poff's Co., a women's clothing store, purchased $53,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Poff's returned $7,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. a. Journalize Poff's entry to record the purchase. If an amount box does not require an entry, leave it blank. Merchandise Inventory Accounts Payable ~ Feedback Check My Work a. A purchase increases Merchandise Inventory and Accounts Payable. b. Journalize Poff's entry to record the merchandise return. If an amount box does not require an entry, leave it blank. Accounts Payable ~ Merchandise Inventory ~ c. Journalize Poff's entry to record the payment. If an amount box does not require an entry, leave it blank.