PROVIDE THE CHART OF ACCOUNT Perpetual MethodNovember 12 - Bought merchandise on account from DOWNTOWN supply 15,900 terms2/10,n/30.-Bought supplies on cash basis 700.00-Bought Computer equipment for 10,000 cash.-Sold merchandise on account 15,200, FOB Destination, terms 2/10, n/30. The costof merchandise sold was 12,200.00.- Paid 200 for freight on November 4 sales.-Received credit from DOWNTOWN supply for merchandise returned 300.003561314-The business, Miraflor Proprietorship, was registered as a single proprietorshipwith the Department Trade and Industry. Miraflor invested P39,000.00.151617182023262728293030- Paid DOWNTOWN supply.- Collected from November 4 customers.- Bought merchandise on cash basis for 14,400.- Salaries paid 1,500.00-Borrowed money from LandBank, signed promisory note 12,000.-Received refund from supplier on cash purchase of November 14, P 500.00.- Bought merchandise from MAZDA, 14,200, FOB shipping point terms, 2/10, n/30.- Paid freight on Novemebr 18 purchase, P 700.00- Sold Merchandise for P 16,400. The merchandise sold had a cost of 10,500-Bought merchandise for cash P 12,300.- Paid MAZDA on November 18, P 9,000.00. No discount allowed on partial payment.Miraflor got cash from the business worth P 2,008.00.Made refund to cash customers for defective merchandise P 900.00- Sold merchandise on account, P 13,700.00, n/10, n/30. Cost of merchandise soldP 11,000.00- Paid the following:SalariesAdvertisingUtilitiesRentP 1,500P 1,000P 400P 3,500

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Description: PROVIDE THE CHART OF ACCOUNT Perpetual MethodNovember 12 - Bought merchandise on account from DOWNTOWN supply 15,900 terms2/10,n/30.-Bought supplies on cash basis 700.00-Bought Computer equipment for 10,000 cash.-Sold merchandise on account 15,200, F

COA stands for chart of accounts (COA) which is tool of accounts or finance that index of each and…

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November -The business, Miraflor Proprietorship, was registered as a single propr with the Department Trade and Industry. Miraflor invested P39,000.00 2 - Bought merchandise on account from DOWNTOWN supply 15,900 term 2/10,n/30. Bought supplies on cash basis 700.00 Bought Computer equipment for 10.000 cash.

November -The business, Miraflor Proprietorship, was registered as a single propr with the Department Trade and Industry. Miraflor invested P39,000.00 2 - Bought merchandise on account from DOWNTOWN supply 15,900 term 2/10,n/30. Bought supplies on cash basis 700.00 Bought Computer equipment for 10.000 cash.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...

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Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.
Purchase-related transactions Journalize entries for the following related transactions of Lilly Heating Air Company: A. Purchased 36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice within the discount period. C. Discovered that 9,000 of the merchandise purchased in (A) was defective and returned items, receiving credit. D. Purchased 5,000 of merchandise from Schell Co. on account, terms n/30. E. Received a refund from Schell Co. for return in (C) less the purchase in (D).
C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: May 2Received 411.60 cash from N. Rojas in payment of April 23 invoice of 420, less cash discount. 5Received 2,085 cash in payment of 2,000 note receivable and interest of 85. 8Sold merchandise on account to G. Soto, invoice no. 862, 830. 9Received 11,838.40 cash from D. Maddox in payment of April 30 invoice of 12,080, less cash discount. 15Received cash from G. Soto in payment of invoice no. 862, less cash discount. 16Cash sales for first half of May, 3,259. 19Received 296 cash from R. O. Higgins in payment of April 14 invoice, no discount. 22Sold merchandise on account to N. T. Jennings, invoice no. 863, 753. 25Received 239 cash refund for return of defective equipment bought in April for cash. 28Sold merchandise on account to M. E. Mueller, invoice no. 864, 964. 31Cash sales for second half of May, 4,728. Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of the debit and credit totals.
Purchases transactions Hoffman Company purchased merchandise on account from a supplier for 65,000, terms 1/10, n/30. Hoffman returned 7,500 of the merchandise and received full credit. A. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment? B. What account is debited by Hoffman Company to record the rerurn?
Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the curr ent year: Aug. 3. Purchased merchandise on account for $33400, terms FOB destination. 2/10. n/30. 9. Issued debit memorandum for $2500 ($2450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/com. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.
The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.