1 Mr. Polo invested P 800,000 cash and Office Equipment - P250,000 into the business to buy and sell various merchandise. 3 Purchased on account merchandise, P250,000 terms 2/10, n/30 FOB Shipping point. 4 Purchased Office supplies on account P2,500, 2/10, n/30 5 Sold for cash P 600,000 6 Returned P5,000 worth of defective merchandise purchased on Jan 3 10 Sold on account, P320,000 to customers with credit terms: 2/10, n/30 FOB Destination. 10 Paid the freight charges on transaction made on Jan. 3, P1, 500 11 Paid in 50% the purchases made on Jan. 3. No discount was allowed. 12 Made additional purchases for cash, P 150,000. 14 Borrowed from the bank P 550,000 and issued a promissory note 15 Purchased computer equipment P 65,000 on account terms 2/10, n/30 15 Paid salaries to employees - P 3,500 16 Refunded P 5,000 to customers 17 Sold merchandise for P 650,000 FOB Destination. 20 Paid the freight charges on Jan 10- P1, 000 and 12 - P1, 500 20 Collected from customers on account on Jan 10. 21 Paid in full the balance due on purchases made on Jan 3. 25 Purchased merchandise on account, P 320,000 terms 2/10, n/30 FOB Shipping Point 26 Sold Merchandise, P 350,000 terms 2/10,n/ 30 27 Owner got P 15,500 from the business. 28 Paid the following: Rent - P 4,000; Utilities- P3, 000, Advertising – P1, 500 and salaries P4, 500. 30 Merchandise inventory at the end amounts to P150, 000 Prepare journal entries Post transactions to the ledger Prepare Trial Balance Prepare the Financial statements
1 Mr. Polo invested P 800,000 cash and Office Equipment - P250,000 into the business to buy and sell various merchandise.
3 Purchased on account merchandise, P250,000 terms 2/10, n/30 FOB Shipping point.
4 Purchased Office supplies on account P2,500, 2/10, n/30
5 Sold for cash P 600,000
6 Returned P5,000 worth of defective merchandise purchased on Jan 3
10 Sold on account, P320,000 to customers with credit terms: 2/10, n/30 FOB Destination.
10 Paid the freight charges on transaction made on Jan. 3, P1, 500 11 Paid in 50% the purchases made on Jan. 3. No discount was allowed.
12 Made additional purchases for cash, P 150,000.
14 Borrowed from the bank P 550,000 and issued a promissory note
15 Purchased computer equipment P 65,000 on account terms 2/10, n/30
15 Paid salaries to employees - P 3,500
16 Refunded P 5,000 to customers
17 Sold merchandise for P 650,000 FOB Destination. 20 Paid the freight charges on Jan 10- P1, 000 and 12 - P1, 500 20 Collected from customers on account on Jan 10.
21 Paid in full the balance due on purchases made on Jan 3.
25 Purchased merchandise on account, P 320,000 terms 2/10, n/30 FOB Shipping Point
26 Sold Merchandise, P 350,000 terms 2/10,n/ 30
27 Owner got P 15,500 from the business.
28 Paid the following: Rent - P 4,000; Utilities- P3, 000, Advertising – P1, 500 and salaries P4, 500. 30 Merchandise inventory at the end amounts to P150, 000
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