Percy Company is engaged in a small export business . The company maintains limited records . Most of the company's transactions are summarized in a cash journal non cash transactions are recorded by making memo entries. The following are abstracted from the company's records Accounts receivable - trade 370,000 increase Notes receivable - trade 200,000 decrease Accounts payable - trade 150,000 decrease Notes payable - trade 200,000 increase Notes payable – bank 300,000 increase Sales returns ( P50,000 was refunded) 80,000 Sales discounts 20,000 Purchase returns (P30,000 was refunded ) 80,000 Purchase discounts 35,000 Accounts written off 60,000 Recovery of accounts previously written off 18,000 Cash sales 300,000 Cash purchases 250,000 Cash received from account customers 1,500,000 Cash payment to trade creditors 1,200,000

Percy Company is engaged in a small export business . The company maintains limited records . Most of the company's transactions are summarized in a cash journal non cash transactions are recorded by making memo entries. The following are abstracted from the company's records Accounts receivable - trade 370,000 increase Notes receivable - trade 200,000 decrease Accounts payable - trade 150,000 decrease Notes payable - trade 200,000 increase Notes payable – bank 300,000 increase Sales returns ( P50,000 was refunded) 80,000 Sales discounts 20,000 Purchase returns (P30,000 was refunded ) 80,000 Purchase discounts 35,000 Accounts written off 60,000 Recovery of accounts previously written off 18,000 Cash sales 300,000 Cash purchases 250,000 Cash received from account customers 1,500,000 Cash payment to trade creditors 1,200,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

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To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
Gangnam Corp is engaged in a small export business. The company maintain limited records. Most of the company’s transactions are summarized in a cash journal; non cash transactions are recorded by making memo entries. The following are abstracted from the company’s records:· Accounts receivable- P350,000 increase· Accounts payable- P200,000 decrease· Notes payable (Trade)- P150,000 decrease· Sales returns (50,000 was refunded)- P100,000· Sales discounts- P10,000· Purchase return (30,000 was refunded)- P80,000· Purchase discount- P15,000· Accounts written off- P60,000· Cash sales- P350,000· Cash purchases- P150,000· Cash received from account customers- P1,800,000· Cash payment to trade creditors- P1,300,000What is the amount of gross purchase?
Yeontan Company is engaged in a small export business. The company maintain limited records. Most of the company’s transactions are summarized in a cash journal; non cash transactions are recorded by making memo entries. The following are abstracted from the company’s records:· Accounts receivable- P350,000 increase· Accounts payable- P200,000 decrease· Notes payable (Trade)- P150,000 decrease· Sales returns (50,000 was refunded)- P100,000· Sales discounts- P10,000· Purchase return (30,000 was refunded)- P80,000· Purchase discount- P15,000· Accounts written off- P60,000· Cash sales- P350,000· Cash purchases- P150,000· Cash received from account customers- P1,800,000· Cash payment to trade creditors- P1,300,000What is the amount of gross purchase? A. 1,015,000 B. 1,195,000 C. 1,165,000 D. 1,315,000
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On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for P2,000 to Joy Youz, the custodian of the petty cash fund. Faith Co. allows expenses of P1,000 and below to be charged to Petty Cash Fund. Any expenditure beyond this amount will require check issuance to the payee. October petty cash transactions were as follows: Date PCV # Transaction Amount 02-Oct 1 Freight paid to MamaMove on merchandise purchase P400.00 05-Oct 2 Cash advance of a co-employee 500.00 07-Oct 3 One week cellphone load of the liaison personnel 100.00 08-Oct 4 Purchase of office supplies 550.00 10-Oct 5 Reimbursement of transportation expenses of the liaison personnel 300.00 12-Oct Petty cash replenishment, Check # 002357 12-Oct Increase in petty cash fund to P3,000.00, Check # 002358 14-Oct 6 One week cellphone load of the liaison personnel 100.00 14-Oct 7 Reimbursement of transportation expenses 300.00 15-Oct 8 Snack treat to the…
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