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Record the following business transactions in the appropriate journal(s): GJ, SJ, PJ, CRJ and CDJ. Add 12% to all sales, purchases and freight invoices. 2015 Received additional cash investment from Hershey Chan, P230,000 and merchandise worth P75,000. Issued check no. 1781 in payment for the previous month's light and water bills, P2,500. Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%. Issued invoice no. 8121 to Atty. Edward Rudolf for merchandise sold on account, P18,500. Terms: 2/5, n/30. Granted 10% allowance on the merchandise sold to Atty. Rudolf . Purchased merchandise on account from AZ Commodities, P25,000. Terms: 2/5, n/45, Dec. 1 3 4 6. 7 FOB shipping point. Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7, P1,300. 9 Received payment from Atty. Rudolf. Issued check no. 1782 in payment of the account to AZ Commodities. Issued check no. 1783 in payment of the cash purchases amounting P13,800. Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% down payment, balance 5/15, n/60. Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less 5% withholding tax Issued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500. Terms: n/30. 10 12 13 14 15 17 Cash sales, P17,850. Refunded customer for merchandise delivered with defects, P800, (without VAT). Purchased more store supplies on account from Victorino Supplies, P3,900. Terms: 5%/ eom. 18 19 20 21 Received loan proceeds from Worldwide Banking Corporation: principal amount, P120,000; interest deducted in advance, P12,000. Hershey Chan issued prom issory note for this loan Purchased merchandise on account from Optima General Merchandise, P15,000. Terms: 5/10, n/30 Issued check no. 1785 for cash purchases of merchandise, P18,600. Received refund from supplier due to deliveries with defects, P2,000, ( without VAT) Issued invoice no. 8123 to Architect Paulita Vizmonte for sales on account, 23 25 26 28 P7,500. Terms: n/30. Issued invoice no. 8124 to Dr. Renato Wilbert for sales on account, P9,800. 29 Terms: 20% downpayment, 2/5, n/30. Paid amount due Hi-Tech Company for Dec. 14 transaction. Issued check no. 1786 in payment of more store supplies from Victorino Supplies, P2,000. Paid amount due Victorino Supplies for transaction dated December 20 Issued check no. 1787 in payment of the salaries of the employees, P20,000 less 5% Withholding tax, 3% SSS, 1.5 Philhealth and 2% Pag-IBIG. Close input tax against output tax 29 30 31 31 31

Record the following business transactions in the appropriate journal(s): GJ, SJ, PJ, CRJ and CDJ. Add 12% to all sales, purchases and freight invoices. 2015 Received additional cash investment from Hershey Chan, P230,000 and merchandise worth P75,000. Issued check no. 1781 in payment for the previous month's light and water bills, P2,500. Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%. Issued invoice no. 8121 to Atty. Edward Rudolf for merchandise sold on account, P18,500. Terms: 2/5, n/30. Granted 10% allowance on the merchandise sold to Atty. Rudolf . Purchased merchandise on account from AZ Commodities, P25,000. Terms: 2/5, n/45, Dec. 1 3 4 6. 7 FOB shipping point. Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7, P1,300. 9 Received payment from Atty. Rudolf. Issued check no. 1782 in payment of the account to AZ Commodities. Issued check no. 1783 in payment of the cash purchases amounting P13,800. Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% down payment, balance 5/15, n/60. Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less 5% withholding tax Issued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500. Terms: n/30. 10 12 13 14 15 17 Cash sales, P17,850. Refunded customer for merchandise delivered with defects, P800, (without VAT). Purchased more store supplies on account from Victorino Supplies, P3,900. Terms: 5%/ eom. 18 19 20 21 Received loan proceeds from Worldwide Banking Corporation: principal amount, P120,000; interest deducted in advance, P12,000. Hershey Chan issued prom issory note for this loan Purchased merchandise on account from Optima General Merchandise, P15,000. Terms: 5/10, n/30 Issued check no. 1785 for cash purchases of merchandise, P18,600. Received refund from supplier due to deliveries with defects, P2,000, ( without VAT) Issued invoice no. 8123 to Architect Paulita Vizmonte for sales on account, 23 25 26 28 P7,500. Terms: n/30. Issued invoice no. 8124 to Dr. Renato Wilbert for sales on account, P9,800. 29 Terms: 20% downpayment, 2/5, n/30. Paid amount due Hi-Tech Company for Dec. 14 transaction. Issued check no. 1786 in payment of more store supplies from Victorino Supplies, P2,000. Paid amount due Victorino Supplies for transaction dated December 20 Issued check no. 1787 in payment of the salaries of the employees, P20,000 less 5% Withholding tax, 3% SSS, 1.5 Philhealth and 2% Pag-IBIG. Close input tax against output tax 29 30 31 31 31

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Date Explanation Debit Credit 2015 01-Dec Cash 230,000 75,000 Merchandise inventory НС Саpital 305,000 03-Dec Accounts payable 2,500 Bank 2,500 04-Dec Cash 30,240 27,000 3,240 Sales revenue VAT payable 05-Dec Accounts receivable 20,720 Sales revenue 18,500 2,220 VAT payable 06-Dec Sales returns and allowances 1,850 VAT Payable 222 Accounts receivable 2,072 07-Dec Merchandise inventory |Input VAT Accounts payable 25,000 3,000 28,000 09-Dec Merchandise inventory Input VAT Cash 1,300 156 1,456 10-Dec Cash 20,350 Sales discount 370 Accounts receivable 20,720 12-Dec Accounts payable Merchandise inventory 28,000 500 Bank 27,500 13-Dec Merchandise inventory 13,800 1,656 Input VAT Cash 15,456 14-Dec Office equipment 50,000 Cash 10,000 Accounts payable 40,000 15-Dec Salaries expense 20,000 Bank 19,000 1,000 Withholding tax payable 17-Dec Accounts receivable 11,760 10,500 1,260 Sales revenue VAT payable 18-Dec Cash 19,992 Sales revenue 17,850 VAT payable 2,142 19-Dec Sales returns and allowances 800 Cash 800 20-Dec Victorino Supplies Input VAT Accounts Payable 3900 468 4368 21-Dec Loan 108000 Interest 12000 Worldwide Banking Corporation 120000 23-Dec Merchandise Inventory Input Vat Accounts Payable 15000 1800 16800 25-Dec Merchandise Inventory Input Vat Cash 16607 1993 18600 26-Dec Cash Purchase Return 28-Dec Accounts Receivable Sales Revenue |Vat Payable 8400 7500 900 29-Dec Accounts Receivable Cash Sales Revenue |Vat Payable 8780.8 2195.2 9800 1176 29-Dec Accounts Payable 40000 Cash 38000 Discount Received 2000 30-Dec Accounts Payable 2000 Bank 1900 Discount Received 100
Transcribed Image Text:Date Explanation Debit Credit 2015 01-Dec Cash 230,000 75,000 Merchandise inventory НС Саpital 305,000 03-Dec Accounts payable 2,500 Bank 2,500 04-Dec Cash 30,240 27,000 3,240 Sales revenue VAT payable 05-Dec Accounts receivable 20,720 Sales revenue 18,500 2,220 VAT payable 06-Dec Sales returns and allowances 1,850 VAT Payable 222 Accounts receivable 2,072 07-Dec Merchandise inventory |Input VAT Accounts payable 25,000 3,000 28,000 09-Dec Merchandise inventory Input VAT Cash 1,300 156 1,456 10-Dec Cash 20,350 Sales discount 370 Accounts receivable 20,720 12-Dec Accounts payable Merchandise inventory 28,000 500 Bank 27,500 13-Dec Merchandise inventory 13,800 1,656 Input VAT Cash 15,456 14-Dec Office equipment 50,000 Cash 10,000 Accounts payable 40,000 15-Dec Salaries expense 20,000 Bank 19,000 1,000 Withholding tax payable 17-Dec Accounts receivable 11,760 10,500 1,260 Sales revenue VAT payable 18-Dec Cash 19,992 Sales revenue 17,850 VAT payable 2,142 19-Dec Sales returns and allowances 800 Cash 800 20-Dec Victorino Supplies Input VAT Accounts Payable 3900 468 4368 21-Dec Loan 108000 Interest 12000 Worldwide Banking Corporation 120000 23-Dec Merchandise Inventory Input Vat Accounts Payable 15000 1800 16800 25-Dec Merchandise Inventory Input Vat Cash 16607 1993 18600 26-Dec Cash Purchase Return 28-Dec Accounts Receivable Sales Revenue |Vat Payable 8400 7500 900 29-Dec Accounts Receivable Cash Sales Revenue |Vat Payable 8780.8 2195.2 9800 1176 29-Dec Accounts Payable 40000 Cash 38000 Discount Received 2000 30-Dec Accounts Payable 2000 Bank 1900 Discount Received 100
Record the following business transactions in the appropriate journal(s): GJ, SJ, PJ, CRJ and CDJ. Add 12% to all sales, purchases and freight invoices. 2015 Received additional cash investment from Hershey Chan, P230,000 and merchandise worth P75,000. Dec. 1 Issued check no. 1781 in payment for the previous month's light and water bills, P2,500. 3 Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%. Issued invoice no. 8121 to Atty. Edward Rudolf for merchandise sold on account, P18,500. Terms: 2/5, n/30. Granted 10% allowance on the merchandise sold to Atty. Rudolf. Purchased merchandise on account from AZ Commodities, P25,000. Terms: 2/5, n/45, FOB shipping point. Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7, 4 5 6. 7 9 P1,300. Received payment from Atty. Rudolf. Issued check no. 1782 in payment of the account to AZ Commodities. Issued check no. 1783 in payment of the cash purchases amounting P13,800. Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% down payment, balance 5/15, n/60. Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less 5% withholding tax Issued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500. 10 12 13 14 15 17 Terms: n/30. Cash sales, P17,850. Refunded customer for merchandise delivered with defects, P800, (without VAT). Purchased more store supplies on account from Victorino Supplies, P3,900. Terms: 5%/ eom. 18 19 20 Received loan proceeds from Worldwide Banking Corporation: principal amount, P120,000; interest deducted in advance, P12,000. Hershey Chan issued promissory note for this loan Purchased merchandise on account from Optima General Merchandise, P15,000. Terms: 5/10, n/30 Issued check no. 1785 for cash purchases of merchandise, P18,600. Received refund from supplier due to deliveries with defects, P2,000, ( without VAT) Issued invoice no. 8123 to Architect Paulita Vizmonte for sales on account, 21 23 25 26 28 P7,500. Terms: n/30. Issued invoice no. 8124 to Dr. Renato Wilbert for sales on account, P9,800. Terms: 20% downpayment, 2/5, n/30. Paid amount due Hi-Tech Company for Dec. 14 transaction. Issued check no. 1786 in payment of more store supplies from Victorino Supplies, P2,000. 29 29 30 Paid amount due Victorino Supplies for transaction dated December 20 Issued check no. 1787 in payment of the salaries of the employees, P20,000 less 5% Withholding tax, 3% SSS, 1.5 Philhealth and 2% Pag-IBIG. Close input tax against output tax 31 31 31
Transcribed Image Text:Record the following business transactions in the appropriate journal(s): GJ, SJ, PJ, CRJ and CDJ. Add 12% to all sales, purchases and freight invoices. 2015 Received additional cash investment from Hershey Chan, P230,000 and merchandise worth P75,000. Dec. 1 Issued check no. 1781 in payment for the previous month's light and water bills, P2,500. 3 Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%. Issued invoice no. 8121 to Atty. Edward Rudolf for merchandise sold on account, P18,500. Terms: 2/5, n/30. Granted 10% allowance on the merchandise sold to Atty. Rudolf. Purchased merchandise on account from AZ Commodities, P25,000. Terms: 2/5, n/45, FOB shipping point. Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7, 4 5 6. 7 9 P1,300. Received payment from Atty. Rudolf. Issued check no. 1782 in payment of the account to AZ Commodities. Issued check no. 1783 in payment of the cash purchases amounting P13,800. Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% down payment, balance 5/15, n/60. Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less 5% withholding tax Issued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500. 10 12 13 14 15 17 Terms: n/30. Cash sales, P17,850. Refunded customer for merchandise delivered with defects, P800, (without VAT). Purchased more store supplies on account from Victorino Supplies, P3,900. Terms: 5%/ eom. 18 19 20 Received loan proceeds from Worldwide Banking Corporation: principal amount, P120,000; interest deducted in advance, P12,000. Hershey Chan issued promissory note for this loan Purchased merchandise on account from Optima General Merchandise, P15,000. Terms: 5/10, n/30 Issued check no. 1785 for cash purchases of merchandise, P18,600. Received refund from supplier due to deliveries with defects, P2,000, ( without VAT) Issued invoice no. 8123 to Architect Paulita Vizmonte for sales on account, 21 23 25 26 28 P7,500. Terms: n/30. Issued invoice no. 8124 to Dr. Renato Wilbert for sales on account, P9,800. Terms: 20% downpayment, 2/5, n/30. Paid amount due Hi-Tech Company for Dec. 14 transaction. Issued check no. 1786 in payment of more store supplies from Victorino Supplies, P2,000. 29 29 30 Paid amount due Victorino Supplies for transaction dated December 20 Issued check no. 1787 in payment of the salaries of the employees, P20,000 less 5% Withholding tax, 3% SSS, 1.5 Philhealth and 2% Pag-IBIG. Close input tax against output tax 31 31 31
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