Rov 1- A. Cruz, owner of Bingget Trading, invested 20,000 cash, merchandise 14,500 and store equipment with fair market value of 18,600. Nov 2 - Sold 2,500 goods to Bonete Store,Terms : 2/10, n/20. Nov 3- Sold 6,000 worth of merchandise to Rufie Trading, terms: 2/10;1/20;n/30. Nov 4- Sold for cash 5,000 goods. Nov 5- Purchased 3,600 goods and paid freight for the merchandise, 100 pesos. Nov 6; Bonete store paid its account in full. Nov 7- Rufie store paid 2,000 in partial settlement of its account. Nov 8- Sold merchandise for 5,000 to Rading Mini Grocery, Terms : 1,000 down,2,000 60- day note, and the balance on account. Nov 9- Rufie paid another 1,000 in partial settlement of its account. Nov 10-Received 300 commission from ABC Store for selling its items. Nov 12- Rufie store paid the balance of its account. Nov 15 - Paid the half month's salary of the helper, 2,000. Required : Prepare the journal entries. Write your answers in your columnar notebook.
Rov 1- A. Cruz, owner of Bingget Trading, invested 20,000 cash, merchandise 14,500 and store equipment with fair market value of 18,600. Nov 2 - Sold 2,500 goods to Bonete Store,Terms : 2/10, n/20. Nov 3- Sold 6,000 worth of merchandise to Rufie Trading, terms: 2/10;1/20;n/30. Nov 4- Sold for cash 5,000 goods. Nov 5- Purchased 3,600 goods and paid freight for the merchandise, 100 pesos. Nov 6; Bonete store paid its account in full. Nov 7- Rufie store paid 2,000 in partial settlement of its account. Nov 8- Sold merchandise for 5,000 to Rading Mini Grocery, Terms : 1,000 down,2,000 60- day note, and the balance on account. Nov 9- Rufie paid another 1,000 in partial settlement of its account. Nov 10-Received 300 commission from ABC Store for selling its items. Nov 12- Rufie store paid the balance of its account. Nov 15 - Paid the half month's salary of the helper, 2,000. Required : Prepare the journal entries. Write your answers in your columnar notebook.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 3PB
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