Perspective Company uses special journals to record its transactions. The following occurred during the month. Dec 1 Purchased 1,000 items of merchandise inventory costing 55 pesos each from A Corp. The company paid cash hence A Corp. gave the company a 3% discount. Perspective had to pay P1,000 for freight with terms, FOB Shipping Point. The company bought three pieces of laptops amounting to P50,000 each for cash. The laptops will be used by the new Accounting Officers. The laptops are estimated to have a useful life of 4 years with no salvage value. Purchased P130,000 of merchandise on credit with terms 2/10, n/30 from Z Ltd. The company sold 1,200 items to B Inc. for P 90,000 with terms 1/8, n/30. The cost of the merchandise is P67,000. The Company borrowed P500,000 cash by signing a note payable from Metrobank. The note has 45-day maturity and a 12% annual Dec 3 Dec 4 Dec 8 interest rate. B Inc. paid half of the amount due from them. The company paid in full the merchandise from Z Ltd. The company sold 2,000 units of merchandise inventory to Y Inc. Each of the units were sold for the same price as that offered to B Inc. The terms of the sale was 2/10, n/30. Total cost of the merchandise inventory was P114,000. B Inc. paid the rest of the balance. Y Inc, returned 300 defective units to the company. Received payment from Y Inc. The company paid salaries amounting to P350,000 in Cash. Office supplies amounting to P5,000 were paid in cash in preparation for the Inventory count on December 31. The owner withdrew P30,000 cash from the company. Dec 10 Dec 12 Dec 13 Dec 16 Dec 17 Dec 21 Dec 25 Dec 28 Dec 30
Perspective Company uses special journals to record its transactions. The following occurred during the month. Dec 1 Purchased 1,000 items of merchandise inventory costing 55 pesos each from A Corp. The company paid cash hence A Corp. gave the company a 3% discount. Perspective had to pay P1,000 for freight with terms, FOB Shipping Point. The company bought three pieces of laptops amounting to P50,000 each for cash. The laptops will be used by the new Accounting Officers. The laptops are estimated to have a useful life of 4 years with no salvage value. Purchased P130,000 of merchandise on credit with terms 2/10, n/30 from Z Ltd. The company sold 1,200 items to B Inc. for P 90,000 with terms 1/8, n/30. The cost of the merchandise is P67,000. The Company borrowed P500,000 cash by signing a note payable from Metrobank. The note has 45-day maturity and a 12% annual Dec 3 Dec 4 Dec 8 interest rate. B Inc. paid half of the amount due from them. The company paid in full the merchandise from Z Ltd. The company sold 2,000 units of merchandise inventory to Y Inc. Each of the units were sold for the same price as that offered to B Inc. The terms of the sale was 2/10, n/30. Total cost of the merchandise inventory was P114,000. B Inc. paid the rest of the balance. Y Inc, returned 300 defective units to the company. Received payment from Y Inc. The company paid salaries amounting to P350,000 in Cash. Office supplies amounting to P5,000 were paid in cash in preparation for the Inventory count on December 31. The owner withdrew P30,000 cash from the company. Dec 10 Dec 12 Dec 13 Dec 16 Dec 17 Dec 21 Dec 25 Dec 28 Dec 30
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 1PB: Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased...
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Transcribed Image Text:Perspective Company uses special journals to record its transactions. The
following occurred during the month.
Dec 1
Purchased 1,000 items of merchandise inventory costing 55 pesos
each from A Corp. The company paid cash hence A Corp. gave the
company a 3% discount. Perspective had to pay P1,000 for freight
with terms, FOB Shipping Point.
The company bought three pieces of laptops amounting to P50,000
each for cash. The laptops will be used by the new Accounting
Officers. The laptops are estimated to have a useful life of 4 years
with no salvage value.
Purchased P130,000 of merchandise on credit with terms 2/10, n/30
Dec 3
from Z Ltd.
The company sold 1,200 items to B Inc. for P 90,000 with terms 1/8,
n/30. The cost of the merchandise is P67,000.
The Company borrowed P500,000 cash by signing a note payable
from Metrobank. The note has 45-day maturity and a 12% annual
Dec 4
Dec 8
interest rate.
B Inc. paid half of the amount due from them.
The company paid in full the merchandise from Z Ltd.
The company sold 2,000 units of merchandise inventory to Y Inc. Each
of the units were sold for the same price as that offered to B Inc. The
terms of the sale was 2/10, n/30. Total cost of the merchandise
inventory was P114,000.
B Inc. paid the rest of the balance.
Y Inc, returned 300 defective units to the company.
Received payment from Y Inc.
The company paid salaries amounting to P350,000 in Cash.
Dec 10
Dec 12
Dec 13
Dec 16
Dec 17
Dec 21
Dec 25
Dec 28
Office supplies amounting to P5,000 were paid in cash in preparation
for the Inventory count on December 31.
The owner withdrew P30,000 cash from the company.
Dec 30
Journalize the above entries including any adjusting entries which may be required from the
above transactions. Assume that the company uses sales journal, purchases journal, cash
receipts journal and cash payments journal. Use a General Journal if the transaction does not
fall in any of the special journals.
Assume that the Company uses the perpetual inventory method.
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