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s. Cai Monel owned a business named CAI'S GENERAL MERCHANDISE and had the following ansactions for the month of March 2020. Transaction Perpetual Accounts Affected Cr. Dr. Date March. 1 Ms. Monel invested P 500,000 in cash in the business. Purchased goods worth P455,700 on account from Litt Company, terms 2/10, n/30. 4 Purchased P105,800 worth of goods from Harvey Corp on 7 account, with terms 3/15, 2/25. n/30. Sold goods to Robylita Management worth P550,400 in cash. The cost of the goods is P180,900. 10 The company returned P20,000 worth of goods to Litt 12 Company. 14 Robylita Management returned P165,120 worth of damage goods. Cost of the returned merchandise is P54,270. 18 Paid salaries of employees, P27,900. 18 Paid the advertisement worth P93,780 to a local paper. Sold goods to Cabales Inc. P690,800 on account. The cost of goods is P289,590, terms F.O.B destination (freight bill is P2,000). 19 21 Paid Harvey Corp in full. 24 Collected 30% of the account of Cabales Inc. 25 The owner withdraws P55, 890 for personal use. Purchased goods worth P190,800 in cash and sold it to a 27 customer for P450 700

s. Cai Monel owned a business named CAI'S GENERAL MERCHANDISE and had the following ansactions for the month of March 2020. Transaction Perpetual Accounts Affected Cr. Dr. Date March. 1 Ms. Monel invested P 500,000 in cash in the business. Purchased goods worth P455,700 on account from Litt Company, terms 2/10, n/30. 4 Purchased P105,800 worth of goods from Harvey Corp on 7 account, with terms 3/15, 2/25. n/30. Sold goods to Robylita Management worth P550,400 in cash. The cost of the goods is P180,900. 10 The company returned P20,000 worth of goods to Litt 12 Company. 14 Robylita Management returned P165,120 worth of damage goods. Cost of the returned merchandise is P54,270. 18 Paid salaries of employees, P27,900. 18 Paid the advertisement worth P93,780 to a local paper. Sold goods to Cabales Inc. P690,800 on account. The cost of goods is P289,590, terms F.O.B destination (freight bill is P2,000). 19 21 Paid Harvey Corp in full. 24 Collected 30% of the account of Cabales Inc. 25 The owner withdraws P55, 890 for personal use. Purchased goods worth P190,800 in cash and sold it to a 27 customer for P450 700

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 14E: On January 5, 2019, ShoeKing Corp. sells for cash 500 pairs of volleyball shoes to FootAction, a...
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[C] Complete the table: Analyze the transaction made by Cai's General Merchandise for the month of March 2020. Identify the accounts affected following the Perpetual Inventory System.
s. Cai Monel owned a business named CAI'S GENERAL MERCHANDISE and had the following ansactions for the month of March 2020. Perpetual Transaction Accounts Affected Cr. Date Dr. March. 1 Ms. Monel invested P 500,000 in cash in the business. Purchased goods worth P455,700 on account from Litt Company, terms 2/10, n/30. 4 Purchased P105,800 worth of goods from Harvey Corp on 7 account, with terms 3/15, 2/25, n/30. Sold goods to Robylita Management worth P550,400 in cash. The cost of the goods is P180,900. 10 The company returned P20,000 worth of goods to Litt Company. 12 Robylita Management returned P165,120 worth of damage goods. Cost of the returned merchandise is P54,270. 14 18 Paid salaries of employees, P27,900. 18 Paid the advertisement worth P93,780 to a local paper. Sold goods to Cabales Inc. P690,800 on account. The cost of goods is P289,590, terms F.O.B destination (freight bill is 19 P2,000). 21 Paid Harvey Corp in full. 24 Collected 30% of the account of Cabales Inc. 25 The owner withdraws P55, 890 for personal use. Purchased goods worth P190,800 in cash and sold it to a 190,800 in cash 27 customer for P450,700.
Transcribed Image Text:s. Cai Monel owned a business named CAI'S GENERAL MERCHANDISE and had the following ansactions for the month of March 2020. Perpetual Transaction Accounts Affected Cr. Date Dr. March. 1 Ms. Monel invested P 500,000 in cash in the business. Purchased goods worth P455,700 on account from Litt Company, terms 2/10, n/30. 4 Purchased P105,800 worth of goods from Harvey Corp on 7 account, with terms 3/15, 2/25, n/30. Sold goods to Robylita Management worth P550,400 in cash. The cost of the goods is P180,900. 10 The company returned P20,000 worth of goods to Litt Company. 12 Robylita Management returned P165,120 worth of damage goods. Cost of the returned merchandise is P54,270. 14 18 Paid salaries of employees, P27,900. 18 Paid the advertisement worth P93,780 to a local paper. Sold goods to Cabales Inc. P690,800 on account. The cost of goods is P289,590, terms F.O.B destination (freight bill is 19 P2,000). 21 Paid Harvey Corp in full. 24 Collected 30% of the account of Cabales Inc. 25 The owner withdraws P55, 890 for personal use. Purchased goods worth P190,800 in cash and sold it to a 190,800 in cash 27 customer for P450,700.
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