Homework Help is Here – Start Your Trial Now!
Business
Accounting
2021 APRIL 1 2 5 6 11 13 14 15 16 17 18 20 23 26 27 28 29 30 30 30 The business, JHARA DISTRIBUTORS, was registered as a single proprietorship, Jonathan Andes invested P39,000. Bought computer equipment for P10,000 cash. Bought merchandise on account from JIBT Supply Co. P15,900, terms 2/10, n/30. Bought office supplies on cash basis for P700. Sold merchandise on account P15,200, FOB Destination, terms 2/10, n/30. Paid P200 freight on April 4 sale. Received credit from JIBT Supply Co. for merchandise 300 Paid JIBT Collected from April 4 customers. Bought merchandise on cash basis for P14,400. Salaries paid P1,500. Borrowed money from PNB Bank, signed a promissory note for P12,000. Received refund from a supplier on cash purchase of April 14; P500. Bought merchandise from CASIO, P14,200, FOB Shipping point, terms 2/10, n/30. Paid freight on April 18 purchase, 700 Sold merchandise for P16,400. Bought merchandise for cash P12,300 Paid CASIO on the April 18 purchase, P9,000. No discount allowed on partial payment. J. Andes got cash from the business, P2,008. Made refund to cash customer for defective merchandise, P900 Sold merchandise on account, P13,700, n/30. Paid the following: Advertising, P1,000; Utilities, P400; Rent, P3,500; Salaries. P1,500. Inventory April 30, P25,000.

2021 APRIL 1 2 5 6 11 13 14 15 16 17 18 20 23 26 27 28 29 30 30 30 The business, JHARA DISTRIBUTORS, was registered as a single proprietorship, Jonathan Andes invested P39,000. Bought computer equipment for P10,000 cash. Bought merchandise on account from JIBT Supply Co. P15,900, terms 2/10, n/30. Bought office supplies on cash basis for P700. Sold merchandise on account P15,200, FOB Destination, terms 2/10, n/30. Paid P200 freight on April 4 sale. Received credit from JIBT Supply Co. for merchandise 300 Paid JIBT Collected from April 4 customers. Bought merchandise on cash basis for P14,400. Salaries paid P1,500. Borrowed money from PNB Bank, signed a promissory note for P12,000. Received refund from a supplier on cash purchase of April 14; P500. Bought merchandise from CASIO, P14,200, FOB Shipping point, terms 2/10, n/30. Paid freight on April 18 purchase, 700 Sold merchandise for P16,400. Bought merchandise for cash P12,300 Paid CASIO on the April 18 purchase, P9,000. No discount allowed on partial payment. J. Andes got cash from the business, P2,008. Made refund to cash customer for defective merchandise, P900 Sold merchandise on account, P13,700, n/30. Paid the following: Advertising, P1,000; Utilities, P400; Rent, P3,500; Salaries. P1,500. Inventory April 30, P25,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Create a Trial Balance. 

Transaction for the JHARA DISTRIBUTORS for April 2021 follows: 

100 101 105 115 120 150 200 201 202 300 301 302 100 101 105 115 120 150 200 201 202 300 301 302 CHART OF ACCOUNT (For Journalizing and Posting) ASSET 400 INCOME CASH 401 SALES ACCOUNTS RECEIVABLE 405 SALES RETURNS & ALLOWANCE MERCHANDISE INVENTORY 410 SALES DISCOUNTS SUPPLIES 500 EXPENSES EQUIPMENT 501 PURCHASES LIABILITIES 502 PURCHASES RETURNS AND ALLOWANCES ACCOUNTS PAYABLE 503 PURCHASE DISCOUNT NOTES PAYABLE 504 FREIGHT IN EQUITY 505 ADVERTISING ANDES, CAPITAL 506 FREIGHT OUT ANDES, DRAWINGS 510 RENT EXPENSE 530 SALARIES 540 UTILITIES 601 INCOME SUMMARY CHART OF ACCOUNT (For Financial Statement Preparation) Asset 400 INCOME Cash 401 } Net Sales Receivables 405 Inventories 410 Prepaid Expenses 500 EXPENSES Property Plant & Equipment 501 } LIABILITIES 502 Accounts Payable 503 Notes Payable 504 EQUITY 505 ADVERTISING Andes, Capital 506 FREIGHT OUT Andes, Drawings 510 RENT EXPENSE COST OF GOOD SOLD
Transcribed Image Text:100 101 105 115 120 150 200 201 202 300 301 302 100 101 105 115 120 150 200 201 202 300 301 302 CHART OF ACCOUNT (For Journalizing and Posting) ASSET 400 INCOME CASH 401 SALES ACCOUNTS RECEIVABLE 405 SALES RETURNS & ALLOWANCE MERCHANDISE INVENTORY 410 SALES DISCOUNTS SUPPLIES 500 EXPENSES EQUIPMENT 501 PURCHASES LIABILITIES 502 PURCHASES RETURNS AND ALLOWANCES ACCOUNTS PAYABLE 503 PURCHASE DISCOUNT NOTES PAYABLE 504 FREIGHT IN EQUITY 505 ADVERTISING ANDES, CAPITAL 506 FREIGHT OUT ANDES, DRAWINGS 510 RENT EXPENSE 530 SALARIES 540 UTILITIES 601 INCOME SUMMARY CHART OF ACCOUNT (For Financial Statement Preparation) Asset 400 INCOME Cash 401 } Net Sales Receivables 405 Inventories 410 Prepaid Expenses 500 EXPENSES Property Plant & Equipment 501 } LIABILITIES 502 Accounts Payable 503 Notes Payable 504 EQUITY 505 ADVERTISING Andes, Capital 506 FREIGHT OUT Andes, Drawings 510 RENT EXPENSE COST OF GOOD SOLD
2021 APRIL 1 2 2 3 4 5 6 11 13 14 15 16 17 18 20 23 26 27 28 29 30 30 30 The business, JHARA DISTRIBUTORS, was registered as a single proprietorship, Jonathan Andes invested P39,000. Bought computer equipment for P10,000 cash. Bought merchandise on account from JIBT Supply Co. P15,900, terms 2/10, n/30. Bought office supplies on cash basis for P700. Sold merchandise on account P15,200, FOB Destination, terms 2/10, n/30. Paid P200 freight on April 4 sale. Received credit from JIBT Supply Co. for merchandise 300 Paid JIBT Collected from April 4 customers. Bought merchandise on cash basis for P14,400. Salaries paid P1,500. Borrowed money from PNB Bank, signed a promissory note for P12,000. Received refund from a supplier on cash purchase of April 14; P500. Bought merchandise from CASIO, P14,200, FOB Shipping point, terms 2/10, n/30. Paid freight on April 18 purchase, 700 Sold merchandise for P16,400. Bought merchandise for cash P12,300 Paid CASIO on the April 18 purchase, P9,000. No discount allowed on partial payment. J. Andes got cash from the business, P2,008. Made refund to cash customer for defective merchandise, P900 Sold merchandise on account, P13,700, n/30. Paid the following: Advertising, P1,000; Utilities, P400; Rent, P3,500; Salaries. P1,500. Inventory April 30, P25,000.
Transcribed Image Text:2021 APRIL 1 2 2 3 4 5 6 11 13 14 15 16 17 18 20 23 26 27 28 29 30 30 30 The business, JHARA DISTRIBUTORS, was registered as a single proprietorship, Jonathan Andes invested P39,000. Bought computer equipment for P10,000 cash. Bought merchandise on account from JIBT Supply Co. P15,900, terms 2/10, n/30. Bought office supplies on cash basis for P700. Sold merchandise on account P15,200, FOB Destination, terms 2/10, n/30. Paid P200 freight on April 4 sale. Received credit from JIBT Supply Co. for merchandise 300 Paid JIBT Collected from April 4 customers. Bought merchandise on cash basis for P14,400. Salaries paid P1,500. Borrowed money from PNB Bank, signed a promissory note for P12,000. Received refund from a supplier on cash purchase of April 14; P500. Bought merchandise from CASIO, P14,200, FOB Shipping point, terms 2/10, n/30. Paid freight on April 18 purchase, 700 Sold merchandise for P16,400. Bought merchandise for cash P12,300 Paid CASIO on the April 18 purchase, P9,000. No discount allowed on partial payment. J. Andes got cash from the business, P2,008. Made refund to cash customer for defective merchandise, P900 Sold merchandise on account, P13,700, n/30. Paid the following: Advertising, P1,000; Utilities, P400; Rent, P3,500; Salaries. P1,500. Inventory April 30, P25,000.
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
First time adoption of international financial reporting standards
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.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS