Serenity Villa opened SV Merchandising Store. The following transactions occurred during the month of July 2018: 1- Jul Villa invested P128,000 in the business. 2 Acquired Computer Set for P21,000. Villa paid 5,000 and issued a promissory note for the remaining balance. 2 Acquired supplies for cash, P1,200. 3 Purchase P81,900 of merchandise from LOWKEY company on account. Terms: FOB Destination, 2/10, n/30. 5 Sold merchandise to THORE for P48,600 on account. Terms: FOB Destination, 2/10, n/30. The cost of merchandise sold was P28,880. Paid P550 freight on the same day. 7 Received collections from customers billed on sales of P48,600 on July 5. 9 Returned merchandise purchased from LOWKEY Company, P380. 11 Paid the amount due from July 3 transaction. 13 Purchase merchandise P12,300 and additional supplies P450 for cash. 15 Paid 15th month salary, P8,000. 16 Received refund for poor quality of merchandise from a supplier on cash purchase made on July 13, P870. 18 Sold merchandise to various customers, P24,300. The cost of merchandise is P16,500. 19 Purchase 15,800 of merchandise from Eleonor Shop. FOB Shipping point, terms, 2/10, n/30. 23 Receive sales returns, P3,800 from various customers. It's cost is P2,900. 24 Borrowed money from Town Bank, signed promissory note for P13,500. 24 Paid freight on July 21 purchase, P580. 26 Sold merchandise on account for P36,800 terms, 2/10, n/30 FOB Destination. The merchandise sold had a cost of P21,300. 28 Serenity Villa withdrew cash from the business, P9,000. 30 Paid Eleonor Shop in full. 31 Paid Salary to employees, P8,000. 31 Paid News Hub for 1-month advertisement of the store, P1,580. 31 Paid Rent and Utilities expenses for the month, P2,800 and P700 respectively.
Serenity Villa opened SV Merchandising Store. The following transactions occurred during the month of July 2018: 1- Jul Villa invested P128,000 in the business. 2 Acquired Computer Set for P21,000. Villa paid 5,000 and issued a promissory note for the remaining balance. 2 Acquired supplies for cash, P1,200. 3 Purchase P81,900 of merchandise from LOWKEY company on account. Terms: FOB Destination, 2/10, n/30. 5 Sold merchandise to THORE for P48,600 on account. Terms: FOB Destination, 2/10, n/30. The cost of merchandise sold was P28,880. Paid P550 freight on the same day. 7 Received collections from customers billed on sales of P48,600 on July 5. 9 Returned merchandise purchased from LOWKEY Company, P380. 11 Paid the amount due from July 3 transaction. 13 Purchase merchandise P12,300 and additional supplies P450 for cash. 15 Paid 15th month salary, P8,000. 16 Received refund for poor quality of merchandise from a supplier on cash purchase made on July 13, P870. 18 Sold merchandise to various customers, P24,300. The cost of merchandise is P16,500. 19 Purchase 15,800 of merchandise from Eleonor Shop. FOB Shipping point, terms, 2/10, n/30. 23 Receive sales returns, P3,800 from various customers. It's cost is P2,900. 24 Borrowed money from Town Bank, signed promissory note for P13,500. 24 Paid freight on July 21 purchase, P580. 26 Sold merchandise on account for P36,800 terms, 2/10, n/30 FOB Destination. The merchandise sold had a cost of P21,300. 28 Serenity Villa withdrew cash from the business, P9,000. 30 Paid Eleonor Shop in full. 31 Paid Salary to employees, P8,000. 31 Paid News Hub for 1-month advertisement of the store, P1,580. 31 Paid Rent and Utilities expenses for the month, P2,800 and P700 respectively.
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 9MC: A customer just charged $150 of merchandise using MasterCard. Which special journal would the...
Related questions
Question
100%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage