1. Prepare Journal Entries 2. Post to ledger Problem 3APEX Company established its merchandising business in January 2, 2020. The following transactionstook place in its first month of operation.Jan. 2 Deposited P500,000 in the company's account.4. Purchased supplies, P10,000 for cash5. Purchased office equipment on account, P40,0008. Paid 1 year insurance< P12,000.10.Purchased goods for cash, P 30,00013.Purchased goods on account, P50,000, terms 3/10, n/30.14. Sold merchandise on account, P40,000, terms 2/10,n/3015 Paid salaries, P15,00016 Paid taxes, P2,00018. Sold merchandise for cash, P30,00019. Paid rent for the month, P15,00020. Returned P2,000 worth of merchandise purchase on account21Paid creditor on account purchased on Jan. 13.22. Received cash from customers on account.25. Purchased goods for cash, P5,00026. Sold merchandise on account, P30,000, 2/10,n/2029. Sold merchandise for cash, P10,000 30. Paid salaries, P15,00031. Withdrew cash for personal use, P10,00031.Returned defective merchandise purchased for cash, P1,000DATA FOR ADJUSTMENTS:1. Supplies on hand, P8,0002. Prepaid insurance expired, P1,0003. Depreciation of equipment, P4,0004. Merchandise inventory end, P30,000Required:1. Journalize the above transactions using the following account titles: CASH, 101; ACCOUNTSRECEIVABLE, 102;MERCHANDISE INVENTORY, 103; SUPPLIES, 104; PREPAID INSURANCE, 105;OFFICE EQUIPMENT, 106, ACCUMULATED DEPRECIATION, 107; ACCOUNTS PAYABLE, 201; APEX,CAPITAL, 301, APEX DRAWING, 302; PURCHASES, 401; PURCHASE RETURN AND ALLOWANCEES,402, PURCHASE DISCOUNTS, 403; SALES, 501; SALES RETURN AND ALLOWANCES, 502, SALESDISCOUNTS, 503; INCOME SUMMARY, 504; INSURANCE EXPENSE, 601, SUPPLIES EXPENSE, 602;SALARIES EXPENSE, 603; TAXES EXPENSE, 604; RENT EXPENSE, 605; DEPRECIAITON EXPENSE, 6062. Post to the ledger.3. Prepare trial balance

Journal entries and ledger are to be made as per the information given in the problem.

Problem 3 APEX Company established its merchandising business in January 2, 2020. The following transactions took place in its first month of operation. Jan. 2 Deposited P500,000 in the company's account. 4. Purchased supplies, P10,000 for cash 5. Purchased office equipment on account, P40,000 8. Paid 1 year insurance< P12,000. 10.Purchased goods for cash, P 30,000 13.Purchased goods on account, P50,000, terms 3/10, n/30. 14. Sold merchandise on account, P40,000, terms 2/10,n/30 15 Paid salaries, P15,000 16 Paid taxes, P2,000 18. Sold merchandise for cash, P30,000 19. Paid rent for the month, P15,000 20. Returned P2,000 worth of merchandise purchase on account 21Paid creditor on account purchased on Jan. 13. 22. Received cash from customers on account. 25. Purchased goods for cash, P5,000 26. Sold merchandise on account, P30,000, 2/10,n/20 29. Sold merchandise for cash, P10,000

Problem 3 APEX Company established its merchandising business in January 2, 2020. The following transactions took place in its first month of operation. Jan. 2 Deposited P500,000 in the company's account. 4. Purchased supplies, P10,000 for cash 5. Purchased office equipment on account, P40,000 8. Paid 1 year insurance< P12,000. 10.Purchased goods for cash, P 30,000 13.Purchased goods on account, P50,000, terms 3/10, n/30. 14. Sold merchandise on account, P40,000, terms 2/10,n/30 15 Paid salaries, P15,000 16 Paid taxes, P2,000 18. Sold merchandise for cash, P30,000 19. Paid rent for the month, P15,000 20. Returned P2,000 worth of merchandise purchase on account 21Paid creditor on account purchased on Jan. 13. 22. Received cash from customers on account. 25. Purchased goods for cash, P5,000 26. Sold merchandise on account, P30,000, 2/10,n/20 29. Sold merchandise for cash, P10,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 3PA: Domingo Company started its business on January 1, 2019. The following transactions occurred during...

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