Transactions for the 1st year 200x: Jan 1 Owner invested P1,000,000 cash Feb 1 Purchased furniture worth P120,000 with 8 years useful life and no salvage value Feb 12 Purchases on account, P600,000; terms: 2/20; n/30. FOB shipping point, freight prepaid, P2,000. Mar 2 Sold merchandise on account, P900,000; terms 10; 5/15, n/30. FOB shipping point, freight prepaid, P25,000 Mar 7 Collected 80% of receivable on March 2 Mar 12 Paid purchases made on Feb. 12 Mar 23 Received sales returns, P25,000 from sales on Mar 2 Apr 2 Collected remaining receivables on Mar 2. Dec. 30 Paid Rent, P80,000 and utilities, P16,000 Dec. 31 Accrued salary, P120,000 and merchandise inventory per count P60,000
ASSIGNMENT 05:
Transactions for the 1st year 200x:
Jan 1 Owner invested P1,000,000 cash
Feb 1 Purchased furniture worth P120,000 with 8 years useful life and no salvage value
Feb 12 Purchases on account, P600,000; terms: 2/20; n/30. FOB shipping point, freight prepaid, P2,000.
Mar 2 Sold merchandise on account, P900,000; terms 10; 5/15, n/30. FOB shipping point, freight prepaid, P25,000
Mar 7 Collected 80% of receivable on March 2
Mar 12 Paid purchases made on Feb. 12
Mar 23 Received sales returns, P25,000 from sales on Mar 2
Apr 2 Collected remaining receivables on Mar 2.
Dec. 30 Paid Rent, P80,000 and utilities, P16,000
Dec. 31 Accrued salary, P120,000 and merchandise inventory per count P60,000
Transactions for the 2nd year 200y:
Jan. 15 Paid accrued salary of 200x
Apr 27 Purchased goods on account P480,000. FOB destination, freight prepaid P14,000
May 22 Sold goods for cash to various customers, P450,000
Nov 26 Sold goods on account, P560,000. FOB, destination, freight collect, P36,000
Dec 30 Paid Rent P80,000 and utilities, P12,000
Dec 31 Accrued salary, P140,000 and merchandise inventory per count P66,000
Required: Journalize the above transactions (regular, adjusting and closing entries) using PERIODIC METHOD
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