Quarantino Covidap decided to established his own Coviduvidup Hardware Store by investing cash of P150,000. He purchase on account merchandise worth P25,000, 2/10,n/30. Billed sales of P14,300, 2/10, n/30. Cost of merchandise, P7,150 Paid the transportation of goods from the supplier, P220. Returned merchandise to supplier bought last April 1 worth P1,500. Paid transportation fee upon delivery of goods to a customer, P150. Paid the April 1 purchases. Received cash from sales of P6,300. Cost of merchandise, P3,150. Customer who paid in cash returned goods worth P220, costing P150. Sales on account worth P1,500. Cost of merchandise, P750. Conducted year end inventory count worth, P12,200 August 1 9. 14 19 24 29 30 31
Quarantino Covidap decided to established his own Coviduvidup Hardware Store by investing cash of P150,000. He purchase on account merchandise worth P25,000, 2/10,n/30. Billed sales of P14,300, 2/10, n/30. Cost of merchandise, P7,150 Paid the transportation of goods from the supplier, P220. Returned merchandise to supplier bought last April 1 worth P1,500. Paid transportation fee upon delivery of goods to a customer, P150. Paid the April 1 purchases. Received cash from sales of P6,300. Cost of merchandise, P3,150. Customer who paid in cash returned goods worth P220, costing P150. Sales on account worth P1,500. Cost of merchandise, P750. Conducted year end inventory count worth, P12,200 August 1 9. 14 19 24 29 30 31
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 4CE
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Using the chart of accounts below. Prepare a journal entries of Quarantino Covidap under perpetual inventory system. Thank you!
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