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- A. Cruz, owner of Bingget Trading, invested P2,000 cash, merchandise P4,500, and store equipment with a fair market value of P8,600. Sold P1,200 goods to Bonete Store. Terms: 2/10; n/20. 3 Sold P3,000 worth of merchandise to Rufie Trading. Terms: 2/10, 1/20: n/30. Sold for cash P500 goods. Purchased P1,800 goods and paid freight for the merchandise P50. Bonete store paid its account in full. Rufie Store paid P1,000 in partial settlement of its account. Sold merchandise for P2,500 to Rading Mini Grocery. Terms: 7500 down, P1,000 60-day 6% note, and the balance on account. Rufie paid another 1,000 in partial settlement of its account. Received P250 commission from ABC Store for selling its items. 6 7 . 9 0 2 Rufie Store paid the balance of its account. 3 Received P500 from the tenant of the store. Paid the half month's salary of the helper, P1,000. Create a General JournalThe company purchased appliances for sale worth P4,000,000, VAT exclusive on account under the terms: Less: 10%, 2/10, n/30 FOB shipping point freight collect, P50,000. The buyer paid within the discount period. How much is the final payment paid by the buyer in case he paid the account not within the discount period and if P5,000 worth of goods is returned due to defective deliveries? 3,595,000 4,026,400 3,595,000 4,029,760Described below are certain transactions of XYZ Company:Feb 2 The Company purchased goods from ABC Corp for P150,000, 2/10, n/30. The Company records purchases and accounts payable at net amounts after cash discounts. The invoice was paid on February 25.Apr 1 The Company purchased a truck for P1,200,000 from Bye Motors Corp, paying P120,000 in cash and signing a one-year, 12% note for the balance of the purchase price.May 1 The Company borrowed P2,400,000 from Philippine Bank by signing a P2,760,000 noninterest-bearing note due one year from May 1.Aug 1 The Company’s board of directors declared a P900,000 cash dividend payable on September 10 to shareholders of record on August 31.Required:1.Prepare all journal entries necessary to record the above transactions.2.Prepare any adjusting entries concerning interest that are necessary to present fair financial statements, assuming that XYZ’s financial year ends on December 31 and that no adjusting entries relative to transactions above…
- 36.On Dec 31, 20X1 ABC Corp sold goods at P250,000 on account. The shipping costs was P20,000. The terms of the sale are FOB destination, freight collect. The buyer received the goods on Jan 5, 20X2 and settled the account. How much cash was received from the buyer? 210,000 230,000 250,000 270,000Illustration: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the transactions during the year: Provided P100,000 cash as initial investment. Obtained a P50,000 loan .. Acquired furniture and fixtures for P80,000 cash. Acquired inventory on account for P60,000. (Use perpetual inventory system) Sold goods on cash basis for P200,000. The cost of sales is ?20,000. Sold goods on account for P300,000. The cost of sales is ?30,000. Paid supplies expense for P20,000 cash. Paid rent expense of P180,000. Paid utilities expense of P40,000. Collected P240,000 accounts receivable. Paid P30,000 accounts payable. Made total drawings of P25,000.a) The electronic company started the business with cash of $50,000. b) The electronic company purchased an asset for cash of $5000. c) The goods sold by the electronic company to R's Ltd for the $4000 and the cheque received. d) The materials were purchased by an electronic company from B Ltd for $6000 on credit. e) The expenses for the rent and salaries were paid by the bank for $600 and $300 respectively. f) The goods were sold by the electronic company to the Julie company for $900 on credit. g) Payment made to B Ltd for the materials purchased on credit for $6000. h) The cash was received from the Julie company $900.
- 1 Mr. Polo invested P 800,000 cash and Office Equipment - P250,000 into the business to buy and sell various merchandise. 3 Purchased on account merchandise, P250,000 terms 2/10, n/30 FOB Shipping point. 4 Purchased Office supplies on account P2,500, 2/10, n/30 5 Sold for cash P 600,000 6 Returned P5,000 worth of defective merchandise purchased on Jan 3 10 Sold on account, P320,000 to customers with credit terms: 2/10, n/30 FOB Destination. 10 Paid the freight charges on transaction made on Jan. 3, P1, 500 11 Paid in 50% the purchases made on Jan. 3. No discount was allowed. 12 Made additional purchases for cash, P 150,000. 14 Borrowed from the bank P 550,000 and issued a promissory note 15 Purchased computer equipment P 65,000 on account terms 2/10, n/30 15 Paid salaries to employees - P 3,500 16 Refunded P 5,000 to customers 17 Sold merchandise for P 650,000 FOB Destination. 20 Paid the freight charges on Jan 10- P1, 000 and 12 - P1, 500 20 Collected from customers on account on Jan…Neil Brown is a businessman who buys packages of goods and wholesalesthe package for cash. His business is registered as a Vat Vendor. DuringMarch 2022 he purchased for cash a package of goods for R28 000(exclusive of 15% Vat). Neil used a mark-up of 30% on the cost price andsold the package for R41 860 (Inclusive of 15% VAT). Neil uses the perpetualinventory system to keep records of his trading activities. Required:Record general journal entries for the purchase and sale of the package ofgoods. You do not have to record the dates but must include a brief narrationappropriate for both the purchase and sale of the goods above.Charlet Company sells office chairs to its customers. On May 2, Rutherford Corporation purchased 16 of these office chairs from Charlet for a list price of $300 each. Rutherford returned 4 of the chairs on May 11, paid three-fourths of its bill on May 20 and paid the other one-fourth on May 26. Charlet offers credit terms of 7/21, n/50 to its customers. Calculate the total amount of cash Rutherford Corporation paid to Charlet for its purchase of the office chairs.
- A cellular company purchased $28,800 in cell phones on September 25. The terms of sale were 4/20, 3/30, n/60. Freight terms were F.O.B. destination. Returned goods amounted to $650. What is the net amount due (in $) if the cellular company sends the manufacturer a partial payment of $4,000 on October 20? (Round your answer to the nearest cent.)$ If the manufacturer charges a 4 1/2 %late fee, how much (in $) would the cellular company owe if it did not pay the balance by the net date? (Round your answer to the nearest cent.)$The company purchased appliances for sale worth P4,000,000, VAT exclusive on account under the terms: Less: 10%, 2/10, n/30 FOB shipping point freight collect, P50,000. The buyer paid within the discount period. How much is the amount recorded in the cash payments journal upon issuance of check for payment within the discount period? 3,528,000 3,951,360 4,001,360 Answer not givenShow solutionPhil Appliance Store purchased appliances worth P200,000 and got a trade discount of P4,000. The accountant shouldA. Debit the purchases for P200,000B. Debit the purchases for P196,000C. Debit the purchase discount for P4,000 and debit purchases for P196,000D. Debit the purchase discount for P4,000 and debit the accounts payable for P196,000